Remove Accounting Remove Industrial Remove Profitability
article thumbnail

How to Use Driver Accountability to Increase Profitability

Construction Business Owner

For any company with a fleet of light- or medium-duty vehicles, from service contractors to vendors and those in the transportation industry, increasing profitability often comes down to fostering an environment of greater employee accountability.

article thumbnail

Tips for Staying Profitable in the Construction Industry

Viewpoint Construction Technology

Mountjoy Chilton Medley LLP is a CPA firm with a team of accountants dedicated to construction accounting. The presentation was titled Adjust, Adapt, Act: Winning Stories for the Post-2007 Construction Industry. The following are some great takeaways from the presentation.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How Construction Business Owners Can Overcome Digital Hurdles

Contractor Bookkeeping

The construction industry has also experienced a significant transformation in recent years, driven by technological advancements. From project management software to drones and Building Information Modeling (BIM), construction business owners leverage these tools to enhance productivity, improve safety, and boost profitability.

article thumbnail

Construction Bid Win Percentage

Job Order Contracting

According to industry data, the average bid win percentage for a commercial contractor is 25%, meaning for every 10 bids submitted, they would win 2-3 projects. The industry average of 25% largely reflects the inefficiencies in bid preparation, lack of trust in cost estimates, and inconsistencies in pricing.

Bidding 147
article thumbnail

The Difference Between Success & Failure in Accounting

Construction Business Owner

Today’s volatile construction industry, dominated by demanding owners, labor shortages, increasing competition and shrinking profitability, leaves many contractors wondering “How can we survive amidst growing risk and uncertainty?”

article thumbnail

Monitoring Your Financial Position to Succeed in the Construction Industry

Viewpoint Construction Technology

While many businesspeople swear by hard work and technical proficiency as the key ingredients of success, within the construction industry, there is a broader understanding that success is built on more than just structural expertise and hard work. Sometimes this erodes profit, but in some scenarios, it can mean losses or even worse.

article thumbnail

7 Ways Contractors Can Save Money

Viewpoint Construction Technology

Planning for construction costs can mean the difference between making a decent profit and barely breaking even. When you’re dealing with jobs that are in the six, seven, and even eight figure budgets, project management can become very complex with many variables to account for. Design effectively. Invest in technology.

Viewpoint 214