Construction & Real Estate
In today’s challenging economic environment, many construction companies are looking for a competitive edge that distinguishes them from other contractors in their markets. One way to differentiate yourself is to offer customers value-added services beyond your usual functions on a job site. Life-cycle cost analysis (LCCA), for example, can create a new source of revenue…
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The COVID-19 pandemic has disrupted steel supply and demand throughout the world. The problem was especially bad in the early months of the crisis. As the global economy and steel industry have reacted, steel prices have generally risen. Although prices are expected to stabilize at some point, contractors may still see occasional spikes. Here are…
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Many construction company owners might assume that a tax credit related to research and development is out of their reach. Au contraire — contractors can and have claimed the research credit for improving construction techniques or developing industry-related software. Here’s a refresher on this potentially valuable tax break. Making the grade Essentially, the research credit…
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A new retirement plan option to consider For construction companies struggling to find skilled labor, a generous benefits package that includes a robust retirement plan can be a powerful recruiting tool. But providing cost-effective, high-quality retirement benefits for employees can be a challenge — especially for small businesses. One new option to consider is a…
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It’s not unusual for a contractor to seek damages when an owner’s actions delay completion of a project. The contractor may pursue a variety of increased costs flowing from the delay, such as increased bond or insurance premiums, extra supervision costs, additional equipment or utility costs, and higher home office overhead. In some cases, however,…
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Even before the COVID-19 pandemic, construction businesses were increasingly relying on mobile devices, cloud-based applications, online collaboration, and Internet-connected vehicles and equipment. The pandemic has only accelerated the adoption of these technologies. As the number of entry points into your company’s network increases, so does your cybersecurity risk. Fight Complacency Many of the most infamous…
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If you own or co-own a construction business, it’s likely the most valuable asset in your possession. But the question is and will remain throughout your tenure as an owner: Just how valuable is it? The answer is variable because, as you’re likely aware, the value of a company rises and falls depending on a…
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If your construction business has struggled because of the COVID-19 pandemic, you may have received a forgivable Paycheck Protection Program (PPP) loan through the Small Business Administration (SBA). But if those funds have run out — or if you have expenses that a PPP loan doesn’t cover — you may want to explore other funding…
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Customer relationship management (CRM) systems offer many benefits to businesses, including stronger customer relations, service and retention. For construction companies, this software can provide all these advantages. However, it may be most valuable in managing the business development process and focusing your company’s limited resources on winnable projects that will most likely generate profitable returns.…
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General contractors now face two primary challenges: 1) recover from project shutdowns and slowdowns caused by the pandemic, and 2) capitalize on what could be a much stronger economy in the months ahead. In this environment, vetting subcontractors for quality of work and financial stability is more important than ever. Strength of ownership The first…
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