From the category archives: Business

Business

Four Questions to Ask to Identify Accounting Inaccuracies in a Contract Schedule

Construction business leaders should ask four questions when reviewing a contract schedule for accuracy. 

Tackling Mental Health and Suicide Prevention in the Construction Industry

  Historically, the construction industry has been characterized by a stoic, tough-guy culture. After generations of this old school mentality, the times are changing as progressive contractors weave mental health and suicide prevention into a dominant “new school” culture. 

Winning Strategies in the War for Talent

  Companies can use several strategies to help retain current employees and attract new ones: evaluation and feedback, mentoring and training, succession planning, competitive wages and benefits, and alternative scheduling.

A Prescription for Reducing Workers’ Comp Costs

  The epidemic of prescription painkiller addiction is correlated to the uptick in workers’ compensation claims, with the greatest amount coming from the construction industry. 

Safety: A Near-Perfect Alignment Between Doing the Right Thing and Enhancing Profitability

Firms with better safety records are less exposed to lawsuits and claims for workers’ compensation. Trained workers are more likely to stay on the job. Better safety means fewer expenses to repair damaged equipment and reputation. And, safe companies eliminate the costs of investigation, potential workplace interruptions and impacts on morale.  

Building a Positive Cash Flow Floorplan

Building a cash flow system from the ground up starts by following a management floorplan. The biggest challenge is not aligning the core principals, but rather keeping up with these recommendations over time. Setting up a strong system will benefit the business in the long and short term.

The Best Kept Secret for Financing Construction Projects

  Most companies face the question of how to best meet the need for long-term financing for capital projects. As it turns out, owners—often along with their contractor partners—can utilize bond financing for land acquisition, construction and even equipping a wide range of improvements.

Protecting and Preserving Payment Rights Can Lead to a Healthier Bottom Line

  Experience tells the prudent contractor that certain processes can increase the likelihood of protecting and preserving payment rights. Payment issues and concerns typically arise during three construction phases: pre-, during and post-performance. 

Put More Muscle in Your RFPs

The goal of any RFP is to provide contractors and consultants with the necessary parameters to understand the scope of the project, such as square footage, cost and estimated number of components, but flexible enough to give contractors some latitude to differentiate themselves from their competitors. 

Exceeding Expectations

In any industry or company, the poor actions of a few can overshadow the good work of the majority. To combat this in the construction industry requires consistency, dedication and a commitment to getting the job done right the first time. Just take it from McGann Construction and Trunnell Electric, two contractors that have built a reputation for consistently producing high-quality work. 

 

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...

View this month's Digital Edition
Construction Executive
Print magazine published 10 times per year covering news, market developments and business issues impacting the construction industry 

eNewsletters:
Managing Your Business
Biweekly eNewsletter covering management and financial best practices

Tech Trends
Biweekly eNewsletter covering the latest construction technology trends and products

Risk Management
Biweekly eNewsletter covering surety bonding, insurance, safety and compliance.