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Construction companies face more cashflow challenges than just about any other industry. No two projects look the same, and even the best-prepared estimates give contractors and clients only a partial picture of the actual scope of work and the costs involved. Process ChangeOrders Quickly. Speed Up Receivables.
Who couldn't use more cash during the holiday season? No matter the season, however, construction companies rely heavily on cashflow to fund their operations. Cashflow depends on so many variables, but there are a few that you can control. ProjectManagement Tips. Written Contract.
While there are numerous reasons to change software applications, there are two that regularly come up in our discussions with prospective clients: cashflow control and project cost control. Back to CashFlow. What other problems do you consider when deciding if it’s time to switch your software?
Data Security in the Cloud » Collaborating on Cashflow. The topic of cashflow never seems to get old – after all, sustained negative cashflow often results in slashing budgets, personnel, and in the worst cases shutting down of a company. Technology for Collaboration & CashFlow.
Construction companies face more cashflow challenges than just about any other industry. No two projects look the same, and even the best-prepared estimates give contractors and clients only a partial picture of the actual scope of work and the costs involved. Process ChangeOrders Quickly. Speed Up Receivables.
« A Change (Order) for the Better? Judging Tipis » Some Advice on ChangeOrders. I was talking with John Chaney this week, and he mentioned that he was going to blog about how changeorders affect construction management. He replied, “Well, that depends on the projectmanager.”.
For example, you might require projectmanagement, but if you do a quick search, you’ll find there are numerous projectmanagement solutions that range from simple to complex. Job Cost & CashFlow. Committing Intentional Project Communications. changeorders. construction management.
Construction sites these days have no shortage of data: design and BIM data from the planning stages of a project, jobsite data collected by wearables, mobile devices and sensors on equipment/materials, accounting and job progress data from the office, projectmanagement data and much more. Bidding Smarter and Winning More Work.
Cashflow can make or break any business, especially in the construction industry. To successfully grow, construction firms need to effectively managecashflow to procure materials, pay vendors and salaries, fund new projects, and finance other day-to-day business operations. Properly managechangeorders.
Other common reports bonding agents will look at include income statements, balance sheets, statements of cashflow, and job specific invoice aging reports. Committing Intentional Project Communications. Better ProjectManagement through Better Communication. changeorders. construction management.
In turn, profit fade can dramtically affect cashflow and hinder the possibility of booking new jobs. Learn how better changeordermanagement and forecasting can help prevent profit fade. Chuck Elyea, Viewpoint Software’s market development manager and CBO will conduct a webinar on April 28 at 1 p.m.
Research has readily demonstrated the correlation between the maturity level of an organization and project failure, i.e. excessive time spent upon changeorders/rework, budget overruns, and overall client and/or participant dissatisfaction with outcomes. ProjectManagement Constraints. ORGANIZATIONAL MATURITY.
Some Advice on ChangeOrders » A Change (Order) for the Better? When clients ask me about changeorders, I’m reminded of a well-circulated photo. The yacht is named “ChangeOrder.” Discussion about changeorder difficulties tends to be one of two types.
Built-in AIA billings, time and material and unit price billings, projectmanagement, equipment tracking, service dispatch, scheduling and dashboards for specific performance reporting are just a few of the other perks that construction-specific systems can offer. Committing Intentional Project Communications. changeorders.
Legal language is often unclear, resulting in differences in interpretations that can disrupt and delay projects, increasing costs. Also make sure your projectmanagers understand the contract language fully. Remember that your leverage is strongest before the project is finished. Was your initial estimate off?
Rarely does a finished project exactly mirror the original plans. I know from my days as a general contractor that plans and specifications are altered continuously as subcontractors become involved, materials are changed, and changeorders are issued. Committing Intentional Project Communications. changeorders.
Collaborating on Cashflow » The Year of Mobile Technology? Committing Intentional Project Communications. Better ProjectManagement through Better Communication. changeorders. construction management. construction management software. document management. Management.
Public Exposure and Liability on Construction Sites » Better ProjectManagement through Better Communication. Last week, I discussed three important areas of projectmanagement and ended by briefly discussing project communication – or the glue to a project. changeorders. Management.
Some projectmanagers tend to think of safety in the workplace as one of those things that we do “when we get a chance.” In fact, projectmanagers should worry about implementing more safe practices because it can affect the way they bid on jobs. Committing Intentional Project Communications. changeorders.
Not too long ago, or so it seems, we were more than ecstatic at the idea of being able to call our projectmanagers in the field on mobile phones. We all know that, projectschange constantly, which means your workers and your office need to be equipped with the most up-to-date information. changeorders.
An effective approach to sharing project documents must include a way to ensure that everyone is using the same (and latest) version, and that there is structure to the way the documents are presented – so folks like my electrical contractor friend can quickly find the information that matters to them. changeorders. Management.
Today, new software applications – in job cost accounting, projectmanagement, estimating, etc. Committing Intentional Project Communications. Better ProjectManagement through Better Communication. changeorders. construction management. construction management software. Management.
When you approach your chosen lender(s), be open about your financial situation, including any typically slow work and cash-flow periods. Committing Intentional Project Communications. Better ProjectManagement through Better Communication. changeorders. construction management. Management.
And for good reason, since the way accounting and business management use software is much different from the way construction operations and projectmanagement use it. Committing Intentional Project Communications. Better ProjectManagement through Better Communication. changeorders.
A Change (Order) for the Better? Committing Intentional Project Communications. Better ProjectManagement through Better Communication. changeorders. construction management. construction management software. document management. Management. project collaboration.
Most of all, I learned that workforce management and structuring your company appropriately is one of the biggest challenges contractors face. What I heard is that finding the right person for an estimator and a projectmanager is crucial to success. Committing Intentional Project Communications. changeorders.
Gregg is a consultant with FMI and specializes in the areas of productivity and projectmanagement. Committing Intentional Project Communications. Better ProjectManagement through Better Communication. changeorders. construction management. construction management software. Management.
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