Construction Industry
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:…
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…
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…
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…
A buy-sell agreement is a critical tool for owners of closely held construction companies. It ensures an orderly ownership and management transition when an owner dies, becomes disabled or otherwise…
Remember the Consolidated Appropriations Act (CAA)? It was signed into law on December 27, 2020, providing relief to individuals and businesses affected by the COVID-19 pandemic. In addition to reducing…
Blockchain is the technology that powers Bitcoin and other cryptocurrencies, but its value extends far beyond the world of finance. Although this technology may not be ready for prime time…
For most construction businesses, workers’ compensation insurance is a significant expense. Here are five tips for reducing or at least better controlling these costs: 1. Make sure employees are classified…
For any business owner, contractors included, putting together a succession plan may seem like an overwhelming task. Often, among the most difficult things to conceptualize is precisely how to connect…
In the current economic environment, cash flow is a precious commodity. Construction companies need to make the most of depreciation deductions that can reduce their tax bills. Fortunately, several provisions…
Managing accounts payable is a critical task for any business, but it’s particularly important for construction companies. Most contractors juggle payments to a variety of subcontractors, suppliers and other entities.…
When many contractors read the term “financial reporting,” they may naturally think of their financial statements. However, another important aspect of financial reporting is the regular and consistent handling of…
Many construction companies have taken advantage of the Paycheck Protection Program (PPP) loans during the COVID-19 pandemic. Established under the CARES Act, the PPP provided eligible businesses with loans —…
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…
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…