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12 Pitfalls New Contractors Should Avoid

Construction Business Owner

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: cash flow, staffing and contracts. Here are 12 common pitfalls contractors face when starting out. .

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Restoration: How to Manage Cash Flow While Waiting for an Insurance Check

Levelset

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 cash flow management is the number one reason why construction businesses fail. Plan out your cash flow.

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4 Mistakes to Avoid in Construction Bidding

Viewpoint Construction Technology

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.

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Construction Business Owner Blogs

Construction Business Owner

INSURANCE |. Data Security in the Cloud » Collaborating on Cash flow. The topic of cash flow never seems to get old – after all, sustained negative cash flow often results in slashing budgets, personnel, and in the worst cases shutting down of a company. STRATEGY |. MANAGEMENT |. ACCOUNTING |.

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Obtaining the Proper Bonding for Government Jobs

Construction Business Owner

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.

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7 Things Contractors Need to Know About Retainage

Fieldwire

Construction is one of the hardest industries to manage cash flow 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.

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Construction Business Owner Blogs

Construction Business Owner

INSURANCE |. While there are numerous reasons to change software applications, there are two that regularly come up in our discussions with prospective clients: cash flow control and project cost control. Back to Cash Flow. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. February 2009.

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