For most construction businesses, increasing sales during this time will be very beneficial and may provide some much-needed cash flow relief.
Local search engine optimization (SEO) is an integral part of any online marketing strategy for traditional businesses which serve a specific geographical area.
Local SEO works in much the same way as standard SEO, although some significant differences are considered. Taking the time and trouble to optimize your website for local is essential since about a fifth of desktop queries and more than half of mobile searches have local intent.
To capitalize on this fact, you'll need to make sure that your website appears in local searches. Fortunately, local SEO is somewhat more straightforward than regular SEO, which is significant because it is less competitive.
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Topics:
Pay Applications,
Systems And Processes,
Contractor Operating Tips,
payment issues
The success of any business, large or small, depends considerably on nurturing an efficient, productive workplace.
While improving employee productivity should always be a priority when the ultimate goal is a sustainable and profitable business, the process is easier said than done.
Being a better construction business owner is not just about the habits you practice in front of others. It is often about the habits you practice behind closed doors that make you an easy person to follow.
Whether you work alone or managing a group of people, practicing accountability matters. Accountability is a touchy subject that can make many people feel uncomfortable, but it protects you as a leader and can exponentially increase the level of influence you have over a corporation or group of followers.
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Topics:
Systems And Processes,
Construction Project Managment,
Project Management,
Contractor Operating Tips,
accountability,
Construction Accountability
Billing schemes. Skimming. Check-tampering. Employee fraud is a real risk for businesses with fewer than 100 employees. In fact, according to the Association of Certified Fraud Examiners, small businesses lose almost twice as much per scheme to occupational fraud.
If you Google Search "Construction Bookkeeper Embezzlement," you will see thousands of hits, and most of the problems construction companies suffered could have been avoided if the owner had known about and followed a few simple guidelines.
Unfortunately, until a contractor has gotten to know us, they tend to think of us as just another contractor's bookkeeping service. This means some contractors think we are crazy to suggest that any trusted employee, especially an in-house bookkeeper, would steal money from their company, and so they ignore us until it was too late.
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Topics:
The Contractors Account,
Bookkeeper Embezzlement,
Embezzlement,
Systems And Processes,
Contractor Bookkeeper Embezzlement,
Construction Bookkeeper Embezzlement,
Contractor Tips,
Employee Fraud
You started your contracting company to have fun, be your own boss and do the work you love. Now you are overwhelmed with paperwork, and the fun is gone!
One of the biggest struggles construction business owners deal with is the overwhelming amount of paper they have to organize as part of their everyday tasks. Invoices, receipts, bills, contracts, client records, pay applications, insurances, licenses - are just among the few in the seem to be never-ending "etc."
Keeping essential documents is necessary. Most contractors go from one extreme to the other. One extreme is saving everything for decades, and the other is tossing everything out.
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Topics:
The Contractors Account,
Contractors Bookkeeping Paperwork,
Construction Bookkeeping And Accounting,
Systems And Processes,
Contractor Tips
Some construction business owners find themselves in the difficult position of running a business that appears to be profitable but still having no money in the bank. It's a critical situation to address. After all, a lack of adequate cash flow is one of the leading causes of small construction business failure.
Here are three reasons why profitable construction businesses have little money in the bank and what company owners can do to handle these tricky situations.
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Topics:
Construction Bookkeeping And Accounting,
Systems And Processes,
Contractor Cash Flow Problems,
Construction Company Cash Flow,
Contractor Tips
All construction contractors have experienced bad debt's financial pain, which is defined as a customer who refuses to pay no matter what you do.
We've been there before, and it will probably happen again in the future. Owning and operating any business, including accounting, means sometimes you provide goods and services and not get paid.
Knowing The Answers Helps
"If you know the answers, the questions will not bother you" - Randalism.
When you sat for an exam or a school test and knew the material forwards and backward, it was fast and easy. The exams and tests for the classes you struggled with were the opposite.
In your construction company, it is the same; you need the answers to develop understanding, which helps us all let go of the past and move forward.
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Topics:
Pay Applications,
Systems And Processes,
Contractor Operating Tips,
payment issues
We are all currently experiencing and adapting to present pandemic times. We've probably adjusted our business model to cater to our clients, new and existing. Construction business change is almost always a good thing, but often poor management means that the workforce becomes disengaged and the change process painful. In the worst cases, this results in irreparable damage being done.
It doesn't need to be this way. Follow these steps and empower yourself to lead your contractors through significant organizational change successfully.
1. Understand the change
Make sure you understand precisely what is changing and how it affects your people. Speak to whomever you need to ascertain this properly. You need to know what the impact is on your people and the jobs they do.
Educating yourself will mean you're better equipped to communicate with your staff. It will give them confidence that you are the right person to lead them into the unknown. It will also relieve their anxieties, as they will trust you to keep them informed and look after their individual and collective interests.
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Topics:
Construction Company,
Systems And Processes,
Contractor Tips,
Construction Organizational Change
Still Doing Your Payroll?
At face value, it seems like a great idea.
If you're a small construction business owner with just a few employees, you probably think hiring a payroll specialist is an expense that you can avoid.
You feel that you can handle it yourself. You have the best intentions to keep your staff paid and on time. What could go wrong, right?
Well, lots. Here are 3 reasons why you should stop:
It's a time waster
If you don't have a finance background, you'll likely spend a substantial amount of time calculating employees' work hours, computing for taxes and other deductions, creating payslips, processing, and filing.
Even if you have a bit of a bookkeeping background, are you sure you want to spend your precious time doing these tasks instead of focusing on your construction business's core aspects?
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Topics:
Payroll Processing,
The Contractors Account,
Payroll Options,
Construction Bookkeeping And Accounting,
Systems And Processes,
Contractor Tips,
Payroll For Construction Contractors
Nobody wants their business to fail. Although it's impossible to predict the future with 100% accuracy, a cash flow forecast is a tool that will help you prepare for different possible scenarios in the future.
What is Cash Flow Forecast?
Cash flow forecasting is the process of estimating how much cash you'll have and ensuring you have a sufficient amount to meet your obligations. By focusing on the revenue you expect to generate and the expenses you need to pay, cash flow forecasting can help you better manage your working capital and plan for various positive or challenging scenarios.
A cash flow forecast comprises three key elements: beginning cash balance, cash inflows (e.g., cash sales, receivables collections), and cash outflows (e.g., expenses for utilities, rent, loan payments, payroll).
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Topics:
The Contractors Account,
Systems And Processes,
Construction Company Cash Flow
Making decisions never ends for contractors like you. Being adaptable is one of the basics of good decision-making skills.
Think of decision-making as being in a bumper car. You are continually driving and trying to avoid the other bumper cars. Suppose you hit one you back up and go again (reminder this is the only safe place to hit other vehicles). The rest of the time, life as a contractor feels more like the Indy 500. You are driving as fast as you can, passing other cars, making pit stops, and scrambling to make it to the finish line.
Translate this to a typical daily life of a construction contractor:
- The paperwork, processes, and decision-making are never-ending
- The concept of time is all about 10 minutes
- Your coffee brews in less than 10 minutes
- Take a shower in less than 10 minutes
- Load the dishwasher in 10 minutes
- Take out the trash in less than 5 minutes
- Read your email in less than 5 minutes
- Decide what bills to pay in less than 5 minutes
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Topics:
Ten Minutes A Day To Increased Construction Profit,
The Contractors Account,
Construction Bookkeeping And Accounting,
Systems And Processes,
Contractor Tips
