Construction & Real Estate

construction tech

5 Construction Tech Strategies for the New Normal

Even before the COVID-19 crisis, tech was transforming the way construction companies go about their business. Whether this transformation was happening rapidly or gradually is up for debate, but there’s little doubt that change was (and is) occurring. The pandemic will likely accelerate the tech (r)evolution as contractors look for ways to work more safely…

Read More
construction planning for the future

Apply the Lessons of Crisis and Prepare for the Future

The COVID-19 pandemic is unlike any other crisis we have faced in decades. As contractors continue to work back toward normalcy, it’s critical to learn from recent experience and apply those lessons to preparing for the inevitable disasters and economic downturns of the future. Review jobs, backlog and expenses Take inventory of current jobs and…

Read More
managing construction project scope

Managing Project Scope: It’s a Full-Time Job

Construction projects often look solid on paper. But put boots and equipment on the ground and suddenly — or, more often, gradually — the job can go soggy as additional, unanticipated work seeps into other tasks. Sometimes you can get paid for this additional work if the owner will sign off on a change order.…

Read More
CARES Act

CARES Act Provisions May Boost Cash Flow

The Coronavirus Aid, Relief, and Economic Security Act (known as the CARES Act) may be best known for its provisions designed to shore up the economy as the nation copes with the COVID-19 pandemic. These include distributing Economic Impact Payments to individuals and offering Paycheck Protection Program (PPP) loans to businesses. But the act also…

Read More
construction industry labor shortage

Labor Shortages: Where Are the Potential Employees?

Labor shortages are a universal hurdle facing the construction industry. High demand for construction creates a high demand for workers to carry out these projects. In the current environment most construction companies are struggling to find these workers. The current situation is most often attributed to what can be summarized as the 4 R’s –…

Read More
CARES Act and Construction

Keeping an Eye on Taxes: CARES Act and Construction

The federal government’s response to the novel coronavirus (COVID-19) has included many tax law changes. To simplify matters, let’s look at three issues that contractors should keep an eye on in light of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Maintaining payroll As of this writing, some construction work was continuing, but…

Read More
RPA

The Potential of Robotic Process Automation (RPA)

Robotic process automation (RPA) isn’t new, but improvements in the technology and shrinking costs have made it more accessible than ever. By taking over repetitive, mundane, time-consuming tasks, RPA can reduce costs, increase efficiency and productivity, minimize errors, and free up employees to focus on higher value activities. The technology holds promise for construction companies,…

Read More
avoiding construction disputes

7 Tips for Avoiding Construction Disputes

A single construction dispute can turn a profitable job into a loss; multiple disputes can put a contractor out of business. Here are seven strategies for avoiding them: 1- Draft contracts carefully. Ambiguous contract language is probably the most common cause of legal wrangles for contractors. Pay close attention to provisions that affect your right…

Read More
construction family business succession plan

Respond Quickly to Succession Plan Troubles

Family-owned construction businesses often face distinctive challenges when it comes to creating a succession plan. Emotions can run high, and the business owner’s lifelong working legacy may be at stake. Once you’ve chosen a successor, and put a basic succession plan in place, it’s important to respond quickly if trouble starts brewing. Form your team…

Read More
leases hiding in your contracts

New Accounting Standard: Are There Leases Hiding in Your Contracts?

Late last year, the Financial Accounting Standards Board granted a one-year reprieve from new lease accounting rules to private companies that comply with Generally Accepted Accounting Principles (GAAP). This means that GAAP-compliant construction businesses with a calendar year end now have until 2021 to implement Accounting Standards Codification (ASC) Topic 842, Leases. (Contractors with a…

Read More