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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

The Challenges Of Construction Business Partnership

Posted by Sharie DeHart on Fri, Jul 23, 2021

Randalism: A Partnership is the only ship designed to sink.

However, we understand your preference, so I would like to talk about it in this blog post.

Joint ventures are a bit like change orders. They can be an incredible opportunity to make or lose much money very quickly. Almost as quick as betting money on a roulette wheel in a casino.

Joint Ventures have their own accounting rules. The devil is in the details. How costs and profits are shared among the participants depends on how the joint venture is structured and the terms of the agreement.

Contractors with annual sales of less than $10,000,000 often get together to work on a specific project. They find a friendly competitor to supply labor and equipment for a percentage of the job, hourly fee, or a flat number. This could technically be a "Joint Venture"; however, the time and scope are generally short and sweet. For example, a concrete contractor may have a large project requiring more finishers than on staff.

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Topics: Construction Bookkeeping And Accounting, Contractor Tips, construction business partnership, business partnership

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