Whether your construction company has one estimator or a team of estimators, easily and efficiently managing your bid pipeline is key to identifying the right opportunities to bid and winning more contracts to build a healthy backlog to grow or maintain your business.
When it comes to construction, it is extremely important to have control over finances. Though it is one of those industries that have shown significant growth during the last two decades, construction firms are expected to face maximum loss on profit margin due to improper project control.
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It’s Bid Day and do you know how accurate your numbers are? Construction industry insider George Hedley estimates 80% of construction owners don’t know the true cost of doing business. Even if you have a backlog of work, bidding more does not always translate into winning the right projects—especially if you’re using bad numbers.
The construction industry is one of the few left in the world where you can start your career as a laborer and advance through various levels similar to the metaphorical corporate ladder in white-collar jobs. While it's impossible to do this entirely on your own merit, obtaining construction certifications can make those promotions easier to achieve. Here is a list of certifications you might consider if you want to level up your career potential:
The introduction of technology into the construction industry has paved way for automated time tracking solutions. However, these time tracking solutions are no longer restricted to their traditional purpose, i.e., calculating work hours and managing payrolls.
The construction industry has always been important because of its fundamental role in building society as we know it. However, the industry is facing some critical issues that will be crucial for its future development. Here are some of the most essential issues impacting the commercial construction industry.
With the spread of COVID-19, the construction industry has gone through drastic situations with the continuous loss of business and the suspension of projects. Considering these difficult times, the construction authorities and the government have imposed strict control regulations even for the construction declared essential.
Money talks. Cash is king. Bill early and often, and collect all billings. For most business owners, these are more than simple catch phrases. They are the rules of business that spell the difference between success and failure. And perhaps nowhere is that truer than in the construction industry.
The construction industry can be volatile and unpredictable at the best of times. With the coronavirus pandemic sweeping the globe, construction work is taking a hard hit. Projects are getting delayed and even canceled as regions open and close to try to slow the virus's spread.
As a general contractor you have to be selective when it comes to the subcontractors you work with. You want to choose companies that have a dependable skilled workforce, strong management, financial stability and can perform quality work to your company’s standards. As with any business decision, picking subcontractors to work with requires you to do your due diligence. You should be prequalifying every subcontractor you are considering working with to reduce risks that could impact your business such as subcontractor default or substandard work.