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Increasing Construction Company Profitability Through Better Practices

Posted by Sharie DeHart on Fri, May 05, 2023

If you feel overwhelmed by the sheer volume of technological gadgets, never mind apps and other digital "solutions,"; you're not alone. Technology sprawl and the rabbit hole of more and more information available all the time makes productivity—and healthy downtime—a real challenge for many of us.

Although we may be quicker at completing redundant tasks, more time is wasted managing all our different apps and technologies—and more of us live in a near-constant state of distraction.

An epidemic of distracted workers

Maintaining focus on the job is increasingly difficult in the era of social media, chat apps, games, and the ability to search for anything at any time—whether related to the task at hand or not.
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Topics: Project Management, Construction Productivity, Construction Systems And Processes, Boost Construction Profitability

The Problem With High-Profit Jobs In The Construction Industry

Posted by Sharie DeHart on Fri, Apr 21, 2023

Many problems can be traced back to the "Halo Effect," which happens when a contractor thinks, "We are so good at (fill in the blank) we should expand into (fill in the blank)."

The most common situation is when a residential remodel contractor with a reputation and a substantial company generating 15% or more profits decides to start building custom homes. Or the opposite, a home builder who decides to branch out into residential remodeling.

Residential Remodel Contractor Building A Home

The processes, tools, equipment, materials, skills, and invoicing procedures required to build a house from the ground up differ entirely from modifying a home with people living there.
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Topics: High Profit Construction Projects, High Return On Investment, Clients or Customers, Boost Construction Profitability

Growing Your Construction Company Through Collaboration And Partnership

Posted by Sharie DeHart on Fri, Feb 03, 2023

Operating and growing your construction business requires more than functional and skilled employees, but it's an excellent start. You need a steady stream of quality, paying clients to keep your company afloat. Likewise, deciding on an online marketing plan can be overwhelming for company owners like you who are looking for affordable ways to nurture consistent, sustainable growth. With time in short supply, the key is to find one or two growth strategies that will get results at a minimal cost.

Building a construction business requires collaboration and partnership. The deployment of employees in a way that allows them to work together to problem-solve and act with a shared sense of urgency; and increasing brand awareness through an alliance with people in the industry are simple, cost-effective ideas for building your company within, in the office or job site, or externally through referral and online connections.
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Topics: Profit and Growth Strategies For Contractors, Construction Bookkeeping And Accounting, construction business partnership, Boost Construction Profitability, Construction Collaboration

Seven Tips To Help Your Construction Business Adjust For Inflation

Posted by Sharie DeHart on Fri, Jan 27, 2023

Inflation has ballooned worldwide in recent months, and there's no question that small construction businesses are feeling the pinch. Supplies cost more, employees are hard to find, and your profits are shrinking.

This can lead to operating at a loss - spending more money than you make. Otherwise, you will eventually run out of cash reserves and be out of business. And while it's not uncommon, especially for new companies, it's still not ideal and shouldn't continue in the long term.
Be aware of what's going on in your industry and adjust. Customers judge a business based on perceived value. If you're at the bottom of the pack price-wise, they're likely to skip over you to get a good deal. Price yourself accordingly to attract quality clients.
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Topics: Construction Bookkeeping And Accounting, Contractor Tips, Improve Construction Cash Flow, Boost Construction Profitability, Inflation, Construction Business Inflation

The Advantages of Paperless Payroll In Your Construction Company

Posted by Sharie DeHart on Fri, Jan 13, 2023

When you think of payroll, you might still envision paperwork and envelopes given to employees by hand. Even with direct deposit being the norm for years, there is still a significant paper component to manage.

You won't find a contractor using inefficient tools on the job site these days. The hammer or the nail gun? No question. While every contractor recognizes the flaws of using ineffective tools, they may still be losing money due to inefficient payroll tools and processes.

As with most things, payroll is going digital – for a good reason. There are many benefits to digital payroll for construction business owners and staff alike. Read on to learn why switching to paperless payroll could be right for you.
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Topics: Construction Cash Flow, Construction Bookkeeping And Accounting, Key Performance Indicators, Contractor Tips, Improve Construction Cash Flow, Boost Construction Profitability

Setting Construction Business Financial Goals For 2023

Posted by Sharie DeHart on Fri, Jan 06, 2023

The new year is a natural time to decide what you want to achieve and how. Businesses tend to progress more consistently if the owner sets financial goals and makes a plan to achieve them. 
Your construction business (and personal) budget is one area where you should keep your resolutions from slipping. While it’s true that there’s also next year when it comes to your financial goals, putting it off has real consequences that equal less money and more work. So here are seven steps you should take in January to start your 2023 budget.
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Topics: Construction Cash Flow, Construction Bookkeeping And Accounting, Key Performance Indicators, Contractor Tips, Improve Construction Cash Flow, Boost Construction Profitability

Year-end Closing And Planning For Construction Business Owners

Posted by Sharie DeHart on Fri, Dec 30, 2022

The end of the year is typically a reflective time. Something about that lull between holiday festivities and New Year's Eve sets the stage for introspection and review. While you're busy reflecting on the year ending and making plans for the new one about to begin, make sure you take some time to consider your finances. 

Preparing your End of Financial Year (EOFY) information often feels stressful—there are receipts to sort out and reports to review. You must ensure you have all the necessary information about your income and expenses. It can be overwhelming, and it can make the EOFY feel daunting.

The end of the financial year isn't just a time to collect receipts and find invoices. It's also a time to reflect on how your past year went, what went well and what didn't, and what you can change for next year.
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Topics: Construction Cash Flow, Construction Bookkeeping And Accounting, Key Performance Indicators, Contractor Tips, Improve Construction Cash Flow, Boost Construction Profitability

Key Drivers To Improve Construction Profitability And Cash Flow

Posted by Sharie DeHart on Fri, Dec 09, 2022

Enlightened contractors like you understand the value of developing your own unique Construction Contracting System, a collection of documented repeatable processes and operation manuals. The key is continuously refining your construction company's practices and procedures.

Your office ensures your contracting company has a steady flow of projects. Proper accounting and bookkeeping develop timely financial reports to show which jobs are profitable so you can pursue more. Thus, you can focus more on the following:

  • Acquiring the right clients
  • Doing the project as close to on time and on budget as possible
  • Get job deposits and timely progress payments
  • Follow-up with clients to monitor satisfaction and line up new projects

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Topics: Construction Cash Flow, Construction Bookkeeping And Accounting, Key Performance Indicators, Contractor Tips, Improve Construction Cash Flow, Boost Construction Profitability

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