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
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
Contractors often use sophisticated digital technology to participate in project design, communicate with project partners and conduct daily operations. While these electronic tools can improve collaboration and streamline the building process, they may also expose you to perhaps unfamiliar liabilities.
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Topics: Construction, construction industry, financial statement audit, Uncategorized
Looking Toward the Future: Developing Leaders in the Construction Industry
Posted by bgoricki on Dec 4, 2016 8:34:50 PM
Many people start construction businesses because they want to control their own destinies. They’re willing to work hard and put in long hours, knowing their efforts will directly influence their companies’ success and their own financial rewards. Some are inspired and mentored by business owners they’d worked for earlier; others go out on their own to escape incompetent or oppressive managers.
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Topics: Advisory, Construction, development, leadership, Uncategorized
Construction Success Story: Residential Builder Upgrades Accounting Software While Sticking to Sensible Budget
Posted by bgoricki on Sep 21, 2016 5:27:43 PM
A residential builder in a fast-developing area had seen his business grow substantially for the past few years. He hired more employees, expanded his fleet of equipment and even redesigned the signage on his job sites. One morning, his longtime bookkeeper asked to meet with him. She said she was glad to see him investing in the business but wondered whether he might turn his attention from the field to the office.
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Topics: Accounting, accounting software, Construction, Uncategorized
Preventing accidents and promoting safe practices on jobsites are among the highest priorities of any responsible contractor.
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Topics: Advisory, Construction, construction policies, contractor safety, Uncategorized
Year-End Tax Planning for Contractors: Take Advantage of These Depreciation-Related Tax Breaks
Posted by bgoricki on Sep 21, 2016 4:34:43 PM
With a few months left to go in 2016, it’s a good time for contractors to consider their tax situations for the year and to take steps that may help reduce their prospective tax liability. Notably, the passage of the Protecting Americans from Tax Hikes (PATH) Act of 2015 extended or made permanent a number of breaks with the potential to provide significant savings.
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Topics: Construction, contractor, Tax, Tax Breaks, Tax Planning, Uncategorized
Once a project is underway, it’s easy to focus on other tasks rather than the actual numbers. But job cost reporting — the process of coding and allocating project expenses to track financial efficiency and profitability — is a mission-critical activity. Here are a few best practices to keep in mind.
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Topics: Accounting, Construction, contractor, job cost reports, Uncategorized