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    Reasons Why Contractor Startups Fail And How To Avoid Them

    Posted by Sharie DeHart on Fri, Jul 08, 2022

    Many surveys and reports show that nearly half of all new construction companies close their doors within the first five years of opening them. When we speak with contractors who failed, most say it was due to a lack of cash flow. It was pretty obvious, yet when questioned, all of them said they were "Blind-Sided" and were not aware they were running out of cash until it was too late.
     
    There is a point when a contracting company starts to fail, and nothing short of a massive cash infusion can stop it, and a domino effect begins, which is when a series of similar or related events occur as a direct and inevitable result of one initial event.
     
    Planning is essential to give your business the best chances for success. Planning means anticipating challenges and developing ways to successfully address them, so they don't upset your startup. 
     
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    Topics: New Contractors, Start Construction Company, Profit and Growth Strategies For Contractors, New Business Startup, New Business, Contractor Guidance, Construction Business Goals

    How High-Profit Jobs Can Make Or Break Your Construction Company

    Posted by Sharie DeHart on Fri, Jun 17, 2022

    Knowing which jobs have the highest probability of success and profit before getting involved moves your construction company from an unpredictable roller coaster to a peaceful merry-go-round.
     
    You have what appears to be a high-profit job, and now you think you have it made, and I hope you are right!
     
    The problem is that high-profit jobs can turn into low or no-profit jobs. In some cases, they can bankrupt your construction company because you bid on the project using whatever model you are accustomed to using, and in the end, you wind up with cash flow problems.
     
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    Topics: High Profit Construction Projects, Profit and Growth Strategies For Contractors, Contractor Guidance, Construction Business Goals

    Construction Business Mid-Year Reminder For Setting And Reviewing Goals

    Posted by Sharie DeHart on Fri, Jul 02, 2021

    How are you and your construction business? Have you considered what you'd like to achieve in the coming twelve to eighteen months? Or maybe your set of priorities for the next half of 2021?
     
    Contractors like you are typically highly creative and optimistic; thus, you often have difficulty narrowing down your ideas from among all the exciting possibilities, whether it's an opportunity to expand to a new market or choose a better time management strategy. 
     
    While some of you love planning, others feel overwhelmed by the process. So how do you decide on just a handful of goals that take priority, with so many moving parts that make up a construction business?
     
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    Topics: Construction Strategy, Systems And Processes, Secrets Of Highly Successful Contractors, Contractor Operating Tips, Construction Business Goals

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