To grow a construction business, contractors often pursue larger projects. However, larger projects come with greater risks and additional challenges. Some contractors watch as their gross profit margins decrease when they take on larger jobs. Large, multi-year projects are also
In the construction industry, where credit is an integral part of companies’ processes, credit teams have to assess the creditworthiness of their customers individually, and it’s neither a straightforward nor simple process. In fact, many contractors and credit managers
Construction insurance can be confusing. Each contractor and party to the project has their own insurance, which may or may not be adequate to protect the work they’re performing. With so many policies on a project, there’s a good chance
There’s a lot to think about when it comes to starting your own architectural firm. It can be scary just to think about the amount of work and the risks involved. We spoke with Lucas Gray, a business consultant
Running an architectural firm is a bit different than other companies in the construction industry. You’re providing a service to your customers, but your contracts are often lump-sum, and billings are often determined by the percentage of completion.
Construction is booming, so more workers are needed to help meet the industry’s high labor demands. Yet many construction companies struggle to find and retain a top-notch labor force.
The construction labor shortage and escalating inflation are causing stress and
Construction companies need capital to get off the ground, stay in business, and keep growing. The term capital is used across industries to represent all of a company’s financial assets, including cash, inventory, equipment, and more.
Several different types of
If you’re looking to start a roofing business, it’s the perfect time to flip the switch. Industry research notes that the US roofing industry consists of more than 80,000 businesses employing 250,000 people — and annual industry revenues exceed $50
In order to perform construction work, many states require contractors to be “licensed and bonded.” What does that mean? Well, every state sets its own rules for contractor licensing, and contractors often must purchase a surety bond in order to
If you’re looking to start a painting business, it’s time to get rolling — or brushing, or spraying. Industry research reveals that the US painting industry includes over 255,000 businesses with total annual revenues exceeding $35 billion. It’s an excellent