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12 Pitfalls New Contractors Should Avoid. New contractors face big challenges - is your new business built for success? New contractors, like all contractors, face challenges around workload: cashflow, staffing and contracts. Here are 12 common pitfalls contractors face when starting out. .
Restoration contractors can spend a lot of time waiting for payment. Even though the insurance company isn’t your customer, the property owner may be depending on that insurance check to pay for your work. Poor cashflow management is the number one reason why construction businesses fail. Plan out your cashflow.
For example, if you completely own a piece of equipment, you probably estimate the amount of fuel that it uses on a job, but may not consider including the depreciation, insurance, maintenance, and other costs associated with running it. Some contractors might say that bidding is a science — you crunch the numbers and stick to them.
INSURANCE |. 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. STRATEGY |. MANAGEMENT |. ACCOUNTING |.
INSURANCE |. Many State and Federal projects require a contractor to be bonded. In a way, a surety bond is like insurance; it is a three-part agreement between the contractor, the organization requiring the bond (e.g. This report illustrates how a contractor bills a client versus the work they have actually completed.
Construction is one of the hardest industries to manage cashflow in, with contractors often facing large up-front costs and frequent, long delays between expenses and payment. The basics of retainage Retainage, also called retention, is an amount withheld from the contractor until a later date.
INSURANCE |. 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. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. February 2009.
INSURANCE |. » Relationship between the designer and the contractor. One part of our industry that I simply cannot get my head around is the oftentimes adversarial relationship that exists between the building design professionals and the building contractors on a particular job. STRATEGY |. MANAGEMENT |. ACCOUNTING |.
INSURANCE |. A lot of contractors have asked me about Section 179. Most of these contractors are considering an investment in equipment or software, and they want to know if it can actually help their construction business. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management.
Construction contractors face potential loss with each project they take on. When a loss occurs, it can put a real crunch on a contractor’scashflow. Project loss insurance has the potential to save contractors from devastating project losses, no matter the cause. Project loss insurance coverage.
INSURANCE |. It crystallizes our mission to make contractors’ jobs easier and we put that mission into our own words: “When better is possible, good is not enough.” For instance, Foundation Software’s vision is this: “To provide the best in accounting software and service for the labor intensive contractor.” STRATEGY |.
However, before starting work on a building financed with a construction-to-permanent loan, both property owners and contractors need to understand the risks. Contractor risks with a construction-to-permanent loan. These risks should be a non-issue when contractors have a comprehensive risk management plan in place.
In recent years, inflation, supply chain issues, and labor shortages have only increased the likelihood of project delays, performance issues, and contractor default. While general contractors commonly use performance bonds to reduce the risk of default, a bond ultimately protects the property owner, not the GC.
INSURANCE |. You know, lots of contractors using an off-the-shelf accounting program ask me the same question: Why is construction-specific accounting software so much more expensive? Construction-specific systems allow contractors to instantly track and analyze job progress and performance. STRATEGY |. MANAGEMENT |. SOFTWARE |.
INSURANCE |. One problem that even the most savvy contractors deal with is profit fade, when a job continues to incur additional costs that are not factored into the estimate. In turn, profit fade can dramtically affect cashflow and hinder the possibility of booking new jobs. STRATEGY |. MANAGEMENT |. ACCOUNTING |.
Remodel Contractors Have Unique Bookkeeping Needs : Not Just Any Bookkeeper Will Do - Too often remodel contractors hire the wrong bookkeeper mistakenly believing all bookkeepers are the same. There is only one method that will help manage cashflow and save money on taxes. Contractor Invoicing. Sales Tax Returns.
INSURANCE |. I know a lot of contractors are getting into bidding season, and this got me thinking about communication. I know from my days as a general contractor that plans and specifications are altered continuously as subcontractors become involved, materials are changed, and change orders are issued. STRATEGY |. SOFTWARE |.
INSURANCE |. Mid-January is a time of reflection for many contractors. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance. Construction Law. People Management. Green Building. Construction Safety. Compliance/Regulations. Sales/Marketing.
INSURANCE |. This, after all, is the foundation of the insurance industry. And risk can be a profit center, since insurance companies obviously make money. So what do construction and insurance companies have in common? Well, consider the business model of the insurance industry. STRATEGY |. MANAGEMENT |.
INSURANCE |. Many contractors go into business because they’re great at what they do. I know a successful excavating contractor that took over his father’s grave digging business when he was younger. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology.
Professional liability insurance provides contractors coverage from financial losses that happen as a result of their errors, mistakes, or negligence. For instance, a plumber who fails to properly lay a pipe could cause water damage that leads to an expensive repair for the general contractor.
INSURANCE |. » Contractors Seeking Credit Should Prepare to be Prepared. Bank lines of credit are lifelines for many contractors, yet convincing a bank to provide or renegotiate a line of credit is not easy. Many contractors negotiate payment due dates with their vendors to get themselves out of short-term cash binds.
Plumbing contractors should include business insurance as an integral part of their financial strategy. With numerous policies available, the plumbing contractor’sinsurance landscape offers many ways for you to protect your physical and financial business assets. What is plumber’s insurance? Worker injury.
INSURANCE |. For those of you contractors doing government work: relish the competition involved with bidding. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance. Construction Law. People Management. Green Building. Construction Safety.
Errors and omissions (E&O) insurance covers contractors against financial loss resulting from mistakes, errors, or claims of negligence. While general liability insurance covers against claims related to injury or property damage, errors and omissions insurance protects from lawsuits related to financial loss.
INSURANCE |. The contractor doing the work was working for the city at the time. Points to Ponder: It is the contractor’s responsibility to create a work area and zone free from hazards that could cause injury or harm to persons or property. The city was the “general contractor” and owner of this project. STRATEGY |.
INSURANCE |. Contractors in today’s marketplace are caught in the middle of a paper and paperless culture. Many contractors haven’t taken advantage of digital document solutions, and the ones that have are still dealing with high volumes of data. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |.
INSURANCE |. There is just something special about being around contractors. One of the things I enjoy most about my position at ComputerEase is that I have the opportunity to deal with different contractors everyday and have the opportunity to help them with their construction software needs. STRATEGY |. MANAGEMENT |.
INSURANCE |. I was in a conference room full of general contractors a couple of years ago, and the presenter asked, “How many of you prequalify your subcontractors?” When I was a general contractor, I sent out invitations to bid, but the communication didn’t end there. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |.
INSURANCE |. What happens when construction expert George Hedley gathers 15 different contractors from all over the country, puts them in a room for 2 days and leads an open discussion? Ideas start flowing and problems are solved. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management.
INSURANCE |. One of my favorite parts of this job is getting to talk with professionals in the industry who work with contractors for a living. And, let’s face it: the kind of individual driven to be a general contractor is often not the kind that relishes tedious office work and long hours spent analyzing numbers. STRATEGY |.
INSURANCE |. One of my favorite books is Good to Great by Jim Collins, which crystallized our mission to make contractors’ jobs easier, characterized by the quote, “When better is possible, good is not enough.” STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology.
INSURANCE |. Relationship between the designer and the contractor » The Difference Between Selling Used Cars and Selling Software. They just plod along telling unsuspecting contractors that their software can do everything imaginable. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |.
INSURANCE |. I know a lot of construction business owners (especially contractors who have grown their small businesses into medium-sized companies) who were once “digging graves with a shovel.” STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance.
INSURANCE |. Contractors need to proactively evaluate and address how project teams – including subs and vendors – are communicating. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance. Construction Law. People Management.
INSURANCE |. Contractor, do for me? It is up to us, the contractor, to shape the message effectively and communicate to the client what the building will cost, an estimated time line to completion and any inherent issues that need to be addressed as early in the project as possible. STRATEGY |. MANAGEMENT |. ACCOUNTING |.
INSURANCE |. Let’s look at a few important improvements that most contractors can make. It’s obviously to your advantage if your partners have easy access to your project documents – from owners or other contractors employing you to the subs and vendors you employ. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |.
INSURANCE |. Connection between our company and our customers, between industry peers, between contractors and their project teams. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance. Construction Law. People Management. Green Building.
INSURANCE |. « Relationship between the designer and the contractor. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance. Construction Law. People Management. Green Building. Construction Safety. Compliance/Regulations. Sales/Marketing.
INSURANCE |. Venture tools are built to give contractors visibility and control over three key areas of construction operations: Documentation. I remember the amount of time I used to spend as a general contractor following up on project notifications and issues. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |.
INSURANCE |. With web-based software, these mobile devices are capable of running complete versions of a company’s enterprise software, resulting in real-time information flowing freely from the field to the office and a true collaborative environment. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |.
INSURANCE |. As a former general contractor, I have a lot to say about the operations side of change orders. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance. Construction Law. People Management. Green Building. Construction Safety.
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