Managing cash flow in the construction industry is difficult in any economy, but during a recession, specialty contractors face even more financial challenges than usual.
During the Great Recession, more than 150,000 construction firms closed their doors, and 2
Construction is a risky business by almost any measure: It not only has one of the highest business failure rates of any industry, but construction work also sits atop the list of the most dangerous jobs. In 2019, the construction
Construction activity is incredibly intensive work — creating the built environment is inherently disruptive to the natural environment. Governments balance the needs of both by requiring contractors, property owners, and others involved in construction to mitigate the effect of building
At any given time, an electrician could be performing work on a construction project that involves high stakes. For example, a faulty connection somewhere along a circuit could trigger a fire that causes significant damage or total loss to the
When a property owner wants to finance the construction of a new building, they typically have to obtain two loans: one loan for the mortgage on the completed home, and another for the land purchase and construction expenditures.
A construction-to-permanent
If necessity is the mother of invention, consider scarcity and inflation the grandparents of throwing your hands in the air and saying “Well, what can I order?” In recent years, material shortages and volatile material prices slowed so many projects
Plumbing contractors should include business insurance as an integral part of their financial strategy. When you tackle the jobs you’ve secured, it’s also important to plan for the unexpected.
With numerous policies available, the plumbing contractor’s insurance landscape offers many
To help your business remain viable, contractor’s insurance should be a crucial part of your financial strategy. Insurance also puts other parties’ minds at ease when they want to hire you as a specialty contractor. Before you can get hired
Insurance is one part of a strategy to keep your carpentry business financially healthy. You can practice safety and use common sense on the job, but there’s no way to predict when accidents or injuries might occur. To minimize any
As a commercial specialty contractor, it can be frustrating to have the crew, time, and skills you need to take on construction projects but not enough cash to purchase materials. Add in being denied a bank loan, and the frustrations