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    Overcoming Your Most Common Construction Business Time Waster

    Posted by Sharie DeHart on Fri, May 13, 2022

    Every day you make financial decisions about your company, which affect how successful and sustainable your construction business is. If you're responsible for the bookkeeping and all the paper management (bills, receipts, estimates, invoices), you could be making errors that affect your decisions. Because of an incorrect decimal place, you may think that you have more money in the bank than you do. Or you may not fully understand how a decision today affects your business tomorrow.
     
    Keeping up with paperwork is a typical construction business time waster we noticed in more than thirty years in the industry. Doing your books often winds up costing you more money in the end, not to mention the time and energy that goes into a task you despise or, at the very least, don't fully understand. 
     
    This is one area that many construction company owners hate to be part of but still choose to take responsibility for.
     
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    Topics: Bookkeeping Services, Construction Bookkeeping And Accounting, Technology For Your Construction Company, Construction Systems And Processes, Contractor Guidance

    How To Balance Profit Centers And Cost Centers In Your Construction Company

    Posted by Sharie DeHart on Fri, May 06, 2022

    Success in operating a profitable construction business is all about maintaining the proper balance of control over both The Profit Centers and The Cost Centers. If either one gets too powerful and is allowed to run your construction company, it can cause more damage than good.
     
    The definition of a Non-Profit Construction Company is one that tries to fix its weaknesses and continues making the same mistakes repeatedly, expecting a different result and continues to struggle until the owner lays down and dies from over-work and exhaustion.
     
    A Highly Profitable Construction Company builds on its strengths and core competencies and continues innovating, growing, and responding to changes in its environment. 
     
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    Topics: Construction Bookkeeping And Accounting, Technology For Your Construction Company, Automated Data Entry, Construction Systems And Processes, Contractor Guidance, Construction Business Budget

    Five Effective Ways To Find New Construction Clients

    Posted by Sharie DeHart on Fri, Apr 29, 2022

    If you want your business to continue growing and thriving, you'll need to find ways to bring in new clients.
     
    Before the internet was commercially available, there were just as many experts advising contractors about the layout and design of yellow page ads and which books to spend money on. I say spend money because that is what it was and is now.
     
    Many of us who owned and operated construction companies spent thousands of dollars on these experts and, based on their recommendations, spent tens of thousands of dollars annually in full-page yellow page ads as close to the first position as possible.
     
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    Topics: Profit and Growth Strategies For Contractors, Construction Marketing, offline marketing for contractors, Contractor Guidance

    Processes To Increase Production And Reduce Injuries At The Job Site

    Posted by Sharie DeHart on Fri, Apr 22, 2022

    Some construction business owners believe in maximizing production by driving everyone from the laborers to the project managers to work harder, longer, faster, hustle, and run. And if they are giving less than 110% to the company, they are not doing enough.

    One thing to consider: Don't let construction workers think too much; they may injure themselves.

    Apprentices and most Journeymen working on a construction job site are better off not thinking but simply following routines and patterns established by management based upon best practices. At first read, this sounds harsh, and yet it comes from our own experiences as a contractor operating multiple job sites with small crews on each from two to ten people; this one concept generated a lot of bottom-line profits and kept injuries very low.

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    Topics: Business Process Management For Contractors, Winning Teams, Construction Productivity, Contractor Guidance, contractor delegation

    Four Key Areas To Evaluate In Your Construction Business Budget

    Posted by Sharie DeHart on Fri, Apr 15, 2022

    With the potential for business life to return to something resembling normal, it's good to look at your budget and see where you may need to shift some of your priorities. Pay attention to how your spending over the past few years affected your business and either helped you achieve or took you away from your overall goals. 
     
    Considering how your business and your employees functioned in recent years can help you predict upcoming trends, enabling you to plan for adjustments. 
     
    There is no better time to reflect and think seriously about your construction business. Excellent organization systems add considerable value to any business because they allow you to spend more time working on your business rather than on it.
     
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    Topics: Construction Bookkeeping And Accounting, Technology For Your Construction Company, Automated Data Entry, Construction Systems And Processes, Contractor Guidance, Construction Business Budget

    Delight Your Online Prospects - Converting Visitors Into Clients

    Posted by Sharie DeHart on Fri, Apr 08, 2022

    Businesses are increasingly moving online to expand their reach and provide the best possible experience to their customers. Being online, however, means more competition, so business owners must come up with ways to amp up their game to gain a more significant market share. 
     
    You won't build a loyal client base if you can't earn your visitors' trust, so companies value social proof so highly. But proving your construction business's value online takes a unique skill set, one you can nurture by learning from the marketing industry professionals.
     
    Great news for construction business owners like you since you're hyper-local and offer your services based on your location, which means you can target your online audience and optimize for better search engine results.
     
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    Topics: Marketing Ideas For Contractors That Work, Construction Marketing, Inbound Marketing For Contractors, Contractor Guidance

    QuickBooks Clean Up To Reduce Taxes And Fees For Contractors

    Posted by Sharie DeHart on Fri, Apr 01, 2022

    Contractors who ask for help in Cleaning Up their QuickBooks Files before filing taxes have better results than those that do not. The Tax Accountant is happier because the QuickBooks file is clean and easier to work with. They will likely find more deductions that can save you money and, in some cases, mean the difference between success and failure in your construction company.

    • Because the QuickBooks file is clean, the Tax Accountant will have fewer questions for you.
    • Because the QuickBooks file is clean, the Tax Accountant can easily find the reports needed to file your tax return.
    • Because the QuickBooks file is clean, the Tax Accountant can focus on saving you money.
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    Topics: QuickBooks Cleanup, QuickBooks Contractors Financial Reports, Construction Bookkeeping And Accounting, QuickBooks Construction Accounting, Contractor Guidance

    Solutions To Reduce Debtor Days For Construction Business Owners

    Posted by Sharie DeHart on Fri, Mar 25, 2022

    Steady, reliable cash flow is crucial for the survival of your construction business – so taking steps to ensure your customers pay promptly is a key priority.
     
    Debtor days refer to the length of time it takes clients, on average, to pay you for the work you've done. A higher number of debtor days means clients take longer to pay you. A lower number of debtor days means clients take less time to pay you, which means there's more cash available for your business to use. 
     
    In the construction industry, debtor days can average as long as almost three months. Shortening that length can have a significant impact on your cash flow.
     
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    Topics: Outsource, Do What You Do Best And Outsoure The Rest, Invoicing, Winning Teams, Clients, Contractor Guidance, contractor delegation

    Best Construction Employee Retention Secrets Revealed

    Posted by Sharie DeHart on Fri, Mar 18, 2022

    Most construction workers are good decent people who enjoy working with their hands making, building, repairing, remodeling, and fixing homes and commercial buildings.
     
    Good construction workers will not tolerate chaos or unfair labor practices. They will try out many construction companies until they find a contractor with a system. Preferably with documented processes and procedures.
     
    Desirable construction workers have these five traits in common:
    • High Self Esteem
    • Strong Work Ethic
    • Always Learning
    • Loyal To Family And Friends
    • Law Abiding Citizen
    Read More

    Topics: Hiring Employees, Outsource, Winning Teams, Contractor Guidance, contractor delegation

    How To Win Your Clients Back And The Secrets To Getting The Best Projects

    Posted by Sharie DeHart on Fri, Mar 11, 2022

    Construction company owners - predominantly service-based businesses with monthly or yearly client subscriptions, likely deal with some level of customer churn, especially given the COVID-19 pandemic. Even customers who love your business and services may have lapsed for various reasons. 
     
    Whatever their reasons for leaving, it's still a great idea to win them back. Why? This is mainly because winning back a lost client still has a higher success rate than converting a prospect into a customer. After all, they've already hired your service once, so you don't have to convince them of the need. And you don't need to build brand awareness; they already know you exist. 
     
    Even if you can't win everyone back, those yo u can bring back to your business will affect your bottom line–and will do so at less expensive overall. 
     
    Read More

    Topics: QuickBooks For Contractors Financial Reports, Profit and Growth Strategies For Contractors, Contractor Guidance, contractor delegation

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