As communities shift their focus to building “smarter” cities, a huge opportunity exists in the construction industry. In fact, 37 percent of municipal leaders prioritize “smart buildings” as an area for future investment, according to Smart City/Smart Utility, a 2017 Strategic Directions Report by Black & Veatch.
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.
You know who they are. Those unengaged employees who simply show up, do their jobs and then go home, not giving their work a second thought. However, the fully engaged employees also are obvious—those who are clearly passionate about what they do, why they do it and the impact their work is having on the world around them.
There’s nothing worse than investing money into a Telematics solution only to find out later that it is not what you expected. There are many variables to consider when choosing the best Telematics solution for your business. Some variables you expect, but it is the unexpected ones that can wind up costing you big money and causing headaches. Continue »
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.
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.
The construction industry is facing a serious challenge. Its workforce is aging faster than any other industry in the country, according to the U.S. Bureau of Labor Statistics (BLS), and construction companies nationwide are looking to fill multiple positions. Companies are desperate for new talent because employees who have been with them the longest are transitioning out, and there is not an adequate pipeline of new candidates to take their place.
From bid preparation through project development, completion and maintenance, drones offer ways to speed results and reduce costs on heavy/highway construction projects.
Construction input prices collectively rose by 1 percent on a monthly basis and 3.8 percent on a year-over-year basis, according to analysis of U.S. Bureau of Labor Statistics data released today by Associated Builders and Contractors. This represents the fastest year-over-year rate of materials price inflation since the beginning of 2012. Nonresidential input prices rose 0.9 percent for the month and are up 4 percent year over year.
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.
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.
In today’s construction landscape, contractors won’t run out of work; but if their accounting strategies aren’t up to par, they will run out of money. The good news is: this is an avoidable issue. The bad news is: many contractors aren’t properly managing cash flow, and with time (approximately five to 10 years), 70 percent of small- to medium-size contractors will be closing their doors.