From the category archives: Business

Business

Beyond the Basics: Three Overlooked Bonds to Keep Projects on Task and on Target

There are numerous types of bonds to consider depending on the size and scope of a project. Don't forget about wage and welfare bonds, transactional commercial surety bonds and subdivision/completion bonds.

An Overly Soft Credit Environment Can Adversely Affect Small Contractors

Fast bond products or “quick issue” bonds have sped up the process of obtaining a bond for smaller projects. Quick turnaround and minimal underwriting—sometimes solely based on credit score—allow for speedy answers when time is of the essence. That’s the upside. The downside of this softer credit-based underwriting is that the relationship-building and counseling process can suffer. 

Crafting a Strategy for Benefits Management

Construction leaders should evaluate the medical and non-medical benefits they offer and spend some quality time with their workforce to get clarity on desired benefits choices. Enrollment season is not far away, making it a great time to reassess the company’s benefits package, fill any benefits gaps, and educate the workforce to ultimately increase loyalty and commitment and create happy and productive employees. 

Property Leasing Vs. Owning: What Makes Sense for Your Business?

  Leasing versus buying is a choice that can significantly change a firm’s future cash flow, tax strategy and net equity on the balance sheet. Both approaches have pros and cons, and it is important to understand the potential impacts of each option before making a decision.

Paving the Way for Female Leaders

There are key things male-dominated industries like construction can do to address the gender imbalance, provide advancement opportunities for female talent and drive a more diverse workforce. The need to do so is more critical than some realize. 

New Overtime Rule Raises Exemption Threshold to $47,476

  The Protecting Workplace Advancement and Opportunity Act (S. 2707/H.R. 4773) has been proposed to require the DOL to examine the impact on stakeholders, including the public sector, before implementing any changes to the exemptions. The employer community is expected to redouble its efforts in support of this legislation and other solutions. 

No Bounds to Success

  Women business leaders at ABC and throughout the industry will agree, there is no one path to the top. 

Cyber-Phishing With New Lures

  If the wire transfer has been initiated by an approved company employee, there is not much chance of recovering the funds. The bank is not held liable as long as it follows the proper protocols. Once the fraud is discovered, contact the bank’s fraud department immediately and direct it to stop the payment and freeze the recipient account. Typically, the funds are cleared out within hours of the transfer, so acting fast is imperative.

Capitalizing on Market Intelligence

In construction, contractors build their strategy on market data that illustrates trends, shifts and projections. This intelligence can lead to tactics for taking advantage of a certain market using the flexibilities of being open shop, plus utilizing technology onsite to ensure profitability and success. 

What Type of Leadership Is Needed to Sustain a Family-Owned Business Through Economic Changes and Generational Differences?

As leadership in successful companies is passed from generation to generation, the foundational principles that made the company great must be maintained. However, it is critical that those who may have been a part of the early establishment be willing to yield to strengths and innovative insights brought by new talent. 

 

Mitigate Risk by Managing Information
Modern building and infrastructure projects generate a lot of data, and it’s...

Rethinking Health Care Construction
Outpatient and walk-in urgent care facilities are far less costly for organizations...

Pave It Forward
In September, The PHILLIPS School in Annandale, Va., debuted $150,000 worth...

2017 Construction Outlook
For now, it’s tempting to maintain a somewhat pessimistic outlook. A combination...

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