From the category archives: Business

Business

Smart Growth

How does a company grow from nearly nothing into something big? For some businesses, it happens gradually. For others, a shift might happen in a matter of weeks. Either way, the best way to deal with a growth spurt is to be ready for it.

‘Unlevel’ the Playing Field to Gain a Competitive Advantage

  When marketing a construction company, don’t strive to be equal to everyone else. Strive to stand out.

From College Graduate to Electrical Apprentice to CEO

Matthew Romanoff talks about taking risks, building his own open shop business and attracting young people to the construction industry.

The Challenges of Credit Management

In many cases, the payment of a company’s own bills must be put on hold until it receives payment from the parties above
it in the contracting chain. The further down the chain a project participant is, the more opportunities there are for hiccups or abuses in the payment process.

Compensation Analysis Reveals Higher Pay and Lower Bonuses

A recent FMI analysis of more than 75,000 salary records for calendar year 2013 reveals that construction professionals’ pay indexes have increased more than 10 percent since 2008, but bonuses are down as much as 50 percent.

DOL Increases Hourly Minimum Wage On Federal Contracts

  The DOL's Wage and Hour Division issued a final rule in October to implement Executive Order 13658, which would establish an hourly minimum wage of $10.10 for workers on covered federal construction and service contracts.

Using Contingent Skilled Labor to Reduce Unemployment Expenditures

Smart companies are careful not to repeat the sins of the past—hiring full-time employees for short-term periods—knowing that layoffs can negatively impact their SUTA rates, which are finally starting to trend downward.

Why Is Underwriting So Complicated and Thorough?

Surety companies prequalify contractors to guarantee the company has the capital, capacity and character to complete the project. The surety will use its money, up to the amount of the bond, to make the owner of the construction project whole if the contractor does not perform or does not pay its suppliers or subcontractors. To offer that guarantee and stand behind the contractor, a good surety underwriter will understand the complexities of construction accounting and use a thorough underwriting process.

How Can Suppliers Collaborate With Construction Teams to Help Projects Run More Efficiently?

In this age of communication through the use of so many electronic devices, there is still no better method than an old-fashioned meeting between suppliers and construction teams. If they partner right from the planning stage, the benefits are tremendous for both groups.

To Add a Co-Surety or Not

The decision to add a co-surety to a company’s bonding program is never an easy one, nor is it usually straightforward. It is important to consider capacities, loyalty, personalities and even feelings.

 

Bringing Balance Back to the NLRB
Although its purpose is to interpret the National Labor Relations Act in a fair...

2018 Regional Construction Outlook
Starting in 2012, the construction sector generally has turned in stronger growth...

The DNA of Giving Back
This month marks 89 years in business for Vogel Bros. Building Co., a fifth...

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