That escalated quickly! This oft-quoted movie line could apply to a number of aspects of construction, one of which is materials costs. If you’ve been struggling in this area recently, there’s a tweak to your contract language called an “escalation clause” that might help.
Could Including an Escalation Clause in Your Contract Help With Your Materials Costs?
Posted by bgoricki on Jan 12, 2017 11:11:59 AM
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Topics: materials costs, Advisory, Construction, contracts, escalation clause, Uncategorized
Good news, contractors: You should have plenty of options when it comes to bonding this year. A strong surety market has drawn new players to the field and spurred competition among carriers. When it comes to obtaining a bond and expanding your bonding capacity, however, the game remains the same.
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Topics: bonding, Advisory, construcrtion, Construction, surety market, Uncategorized
What’s the Difference Between Nonprofit and For-Profit Accounting, and How Does it Impact the Fiduciary Duties of Board Members?
Posted by bgoricki on Dec 19, 2016 1:17:12 PM
There are many opinions on what the fiduciary responsibilities of nonprofit board members are. The National Council for Nonprofits discusses that boards should:
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Topics: Advisory, fiduciary duty, nonprofit board, Nonprofits, Uncategorized
As competition increases among nonprofits for new donations, there is one advertising avenue worth exploring: Google Ad Grants advertising. Whether you are trying to attract volunteers, drive or increase donations, or achieve greater recognition for your nonprofit’s mission and initiatives, Google Ad Grants can provide you with a free tool for creating a custom marketing strategy. The best news? Nonprofits may qualify for up to $10,000 per month for free AdWords, Google’s online advertising tool.
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Topics: Advisory, Marketing, Nonprofits, Uncategorized
Philanthropic Planning: Donor Advised Fund vs. Private Foundation?
Posted by bgoricki on Dec 18, 2016 11:45:31 AM
Donor advised funds (DAF), which are often alternatives to establishing a private foundation, have received much attention in recent years. Their rise in prominence has prompted financial institutions and other public charities to offer DAF arrangements. There are several considerations in choosing a DAF or a private foundation to fulfill a donor’s philanthropic needs. Some of the considerations include:
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Topics: philanthropic planning, Advisory, Nonprofits, Uncategorized
Thirty years ago, “lean” manufacturing was an innovative concept, imported from Japan. The theory was intuitive: Make products as efficiently as possible, using the least possible staff time, equipment and working capital. Borrowers who mastered lean fundamentals increased profits and used assets with greater efficiency. The secret to staying lean, however, is continuous improvement.
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Topics: Advisory, Commercial Banking, Commercial Lenders, lean manufacturing, Uncategorized
On Monday morning, you receive two phone calls from business owners wanting to borrow money from your bank. The first is an existing customer who needs $1 million to build a new warehouse. Her company has never missed a loan payment with your bank, and it has a solid business credit score. The other has never applied for a bank loan. Instead, the owner has borrowed money from wealthy family members to grow his business. This borrower needs $1 million to build a warehouse. Which banking opportunity sounds more attractive?
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Topics: Advisory, Commercial Banking, Commercial Lenders, due diligence, Uncategorized
Interpreting Financial Statement Footnotes: What to Watch Out For
Posted by bgoricki on Dec 9, 2016 12:09:43 PM
Financial statement footnotes can provide a wealth of useful information. Too often, however, no one bothers to read them. Experienced bankers know to look beyond the numbers and read the footnotes to find out qualitative details and narrative disclosures, as well as what’s not being said. Omissions often forewarn of financial uncertainty and even fraud. Here are some examples that bankers should watch out for.
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Topics: Advisory, Commercial Lenders, commerical banking, financial statement disclosures, Uncategorized
A contractor in a busy suburb was hired to do a large-scale home remodeling project because of his reputation for performing quality, timely and reasonably priced work. He promised the owner that the project would be completed before a family wedding in six months. Unfortunately, nothing went as planned.
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Topics: Advisory, Construction, construction advisory, Uncategorized
Making Your Case: The Power of Audited Financial Statements
Posted by bgoricki on Dec 4, 2016 8:57:18 PM
When trying to grow their companies, business owners often find themselves having to convince others of the viability of their plans. As a contractor, you’re no different. Whether you need financing from your bank, greater bonding capacity from your surety or just the strategic support of your managers, you’ve got to make your case. Something that can really help: audited financial statements.
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Topics: Advisory, Construction, financial statement audit, Uncategorized