Construction Business Owner, November 2012
The growing prevalence of cloud-based apps on smartphones and tablets enables project team members to deliver higher-quality results.
Industry statistics on the growth of mobile data worldwide speak for themselves. According to the “Cisco Visual Networking Index: Forecast and Methodology, 2011-2016,” global mobile data traffic will increase 18-fold over the next five years, reaching 10.8 exabytes per month by 2016 (one exabyte =...
Ruggedized handhelds are changing the way contractors do business.
We’re going through a radical shift in the way people work and use computers. Increasing availability and affordability of wireless broadband is, for the first time, giving the global workforce true mobility. Many businesses will soon use mobile rugged computers instead of traditional laptops for...
Don’t let employee theft catch you off guard.
No construction firm is immune to employee dishonesty or crime losses. While crime exposures for some businesses can be measured and quantified by the amount of cash or other valuables on hand, employee fidelity claims in the construction industry and the losses arising out of such acts can be...
Understand common missteps to lessen risk and better gauge profitability of your construction business.
Often, it’s not until a project is complete that one determines its profitability. And profitability at the time of completion can vary significantly from expectations at the time of the bid. The ideal scenario is that a construction business owner can gauge profitability before the project even...
Keep these basic principles in mind when selecting fall arrest systems to reduce injuries and boost your safety record.
A construction business owner must juggle several responsibilities at once. Not only do you need to manage profitability and quality of work; you must safeguard your employees. It is paramount that you protect your workers’ safety to ensure the viability of your company. Falls remain the largest...
Closely assess your surety provider as the economy recovers.
Although the economy is showing modest signs of improvement, many observers believe that the construction industry is years away from full recovery. Construction business owners should be aware that even as the economy improves, developments could occur that adversely affect their surety...
Update your online presence and watch your clientele grow.
Business owners with a social media presence share the same basic interest—drawing traffic to their websites. In fact, a company’s website is the first thing many potential clients scrutinize before deciding where to take their business, so it pays to maintain one that provides consistent and up-to...
Understanding professional liability exposure
Construction business owners undoubtedly have restless nights over business risks associated with operations, not to mention other concerns. But what these individuals often overlook are the uninsured or underinsured risks, such as professional and vicarious liabilities. It’s important to evaluate...
Proactive strategies for working with lenders
The contractor on the other end of the phone was desperate for help. He had been in business for 20 years and never lost money. However, last year his company showed a slight loss, and within days of reporting his financials to the bank, he lost the very means that the company relied upon to stay...
Traditional insurance policies do not cover this risk.
You have probably been hearing more about the concept of cyber liability from your insurance broker. Your construction firm is not likely selling products or services over the Internet, so you may be wondering why you would need cyber liability insurance.Consider some examples from high-profiles...
Apply business fundamentals to give your construction firm a competitive edge.
Editor’s Note: This is the first in a six-part series titled “The Project Manager’s MBA,” which analyzes six key components of leading business practice and applies them to the construction industry.Managers and executives of every facet of business have embraced the Master of Business...
Try these strategies to save time and make your construction company more profitable.
Your “bid-hit ratio” is the scoreboard showing the percentage of jobs you have bid on and won. If your scoreboard shows a 4-to-1 bid-hit ratio, you are averaging one contract award for every four jobs you bid on. A low bid-hit ratio is ideal; it indicates that the company is able to win work by...
How contractors are making a difference in their communities by using their unique skills
It’s once again the time of year in which we actively take note of the things for which we are thankful. And often, as we do so, we tend to feel inclined to give something back to those around us. Though many stories are untold, construction business owners and their staff are especially poised to...