Stagnation, or the sustained period of minimal to no growth, is a universal risk in the construction industry. While your business may have thrived in recent years, a sudden plateau in profits is not unheard of.
When your business is running smoothly, and you don’t anticipate any issues, you’re very likely to put off any type of preparations for the future. Why put time and energy into succession planning when it doesn’t look like you’ll need it any time soon?
The use of telematics in construction helps optimize resources and continue to advance construction businesses’ profitability
Over the last decade, construction companies have begun making use of more and more technology.
One of the most stressful parts of being in the construction industry is that work is never certain. You’re a contractor, and that means you bid on jobs. If you lose ten or more bids in a row while your other jobs are wrapping up, it may seem like you’re about to have no work at all.
As the owner of a construction company, you’re keenly aware of every cent you spend. Cost is likely on your mind often, especially when it appears that you’re spending more money than you should.
Keeping your equipment in great shape is undoubtedly essential to the success of your building business. The costs of upkeep are often much less than the cost of purchasing a new piece of equipment, especially for heavy machines and new technology.
Are you ready to grow your business or take on more jobs and customers? Are you financially where you believe you should be? Are your company’s finances balanced at all? Don’t get overwhelmed –financial performance benchmarking can help you answer all of these questions.
Following a 2017 survey compiled by the USG Corp and the U.S. Chamber of Commerce, the Commercial Construction Index revealed that the United States is on the precipice of what could be one of the largest labor shortages in decades.
As the owner of a construction company, you know that maintaining your machinery and other equipment is necessary. If a machine breaks down in the middle of a job, it can bring everything to a halt and leave you unable to continue work until it’s repaired or replaced.
The first step to building an outstanding construction crew is to find and hire skilled, knowledgeable employees. Once you hire these skilled workers, however, you have to make certain that you can keep them on your crew.