Businesses worldwide lose five percent of revenue each year due to occupational fraud committed by their very own employees, according to the Association of Certified Fraud Examiners’ Global Fraud Study for 2016. In 94.5 percent of fraud cases, perpetrators took some effort to hide the fraud by creating or altering physical documents.
Like most businesses, the bottom line of a construction company is extremely important to its owners. But unique to the construction industry is the additional factor of scheduling and the way in which a project’s timeline can impact profit. When an owner is presented with a choice between saving costs or saving time, the choice can be difficult.
A contracting business is a living, breathing organism that needs to be fed. If unhealthy, that organism will put tight constraints on a contractor’s ability not only to grow, but also to make payroll and fund projects. When nurtured properly, the business will flourish, minimizing stress in an inherently high-stress industry.
Bookkeeping Best Practices for a Smooth Tax Season Construction Contractors Must Maintain Accurate Books to Understand Financial Health
As a new year begins, many contractors want to look forward to the future of their business. However, it is important to first look backward to understand how the previous year financially impacted the company.
Industry analysts are optimistic about the construction industry, as non-residential construction spending is forecast to jump by 8.3 percent in 2016 and by 6.7 percent in 2017.
Typically, disruption in the workplace is counterintuitive to productivity. But in terms of creating innovative ways to manage people, processes and technology, the concept of “disruption” isn’t such a bad thing for the construction industry. Change is stirring whether contractors are ready for it or not, and firms that have adopted new ways of managing scheduling and workflows are seeing stellar results—earning the accolades of repeat projects for key clients, as well as happy project partners.
Contractor tool and equipment theft is commonplace. According to the most recently published National Insurance Crime Bureau (NICB) Heavy Equipment Theft Report, thefts are increasing and recovery rates are less than one in four.
With many new green flooring material trends on the rise, choosing the right material for application and LEED certification can be difficult. Following are the top flooring materials to help keep projects LEED-certified.
The New Year has arrived. Goals have been set. Resolutions have been made. 2017 is sure to be full of many wins in life and business. But, the truth is, most contractors will not reach their goals. Most will come out of the gate with fire in their eyes, ready to conquer the world, but will lose steam at some point and settle back into old habits—and the same old results.
GDP growth in 2017 is expected to experience a cyclical rebound before returning to a rate more in line with long-term potential, according to economist Bill Conerly. In other words, some experts believe that real GDP growth in 2017 will outpace last year, but will stabilize in the years following. Is this good news for small construction companies?
Industry analysts are optimistic about the construction industry: Nonresidential construction spending is forecast to jump 8.3 percent in 2016 and 6.7 percent in 2017.
Prepare Now to Meet 2017 Sales Goals A Clear Vision for Can Help Construction Contractors Increase Profits
Top business leaders know the importance of finishing the year strong and building plans for strong execution—beginning right out of gate in January. Successful companies are focused on being ready to start the new year with a clear vision of success and a focus on the first quarter.