While most companies hope and pray for a large contract to come in, the truth is it can put a company under financial stress. Once a supplier or contractor receives a purchase order from their customer, they need to purchase
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Hiring & Paying Subcontractors: A Construction Guide
Without subcontractors, the construction industry wouldn’t exist. General contractors rely on subs’ specialized licenses, expertise, and ability to deliver their portion of a project on time. And, for their efforts, subcontractors need to get paid. Hiring and paying your subcontractors
Contractor’s Guide to License Reciprocity: Working Across State Lines
When it comes to growing a construction company, there are two routes to take: take bigger projects or take more projects. For many contractors, their growth plan includes taking on jobs in different states. Whether it’s to take a one-off
General Contractor Insurance: What You Need and Why
Insurance protects companies from risk — and general contractors have many risks involved in their work. Some companies may try to save money by not purchasing insurance. This works, until there’s a problem, and then the company pays for it.
What Is a Contractor Bond?
Construction is one of the most highly regulated industries, and there are tons of requirements that contractors must meet. One such requirement is securing a contractor bond, which many states, counties, and cities require in order to obtain a license.
How to Handle a Renovation Boom: 9 Growth Tips for Remodeling Companies
Homeowners are spending more time inside due to COVID-19, and many are considering renovation projects as a result — and the current renovation boom may make it harder for the construction industry to keep up.
In 2021, 84% of homeowners
Construction Communication: 9 Tips to Reduce Delays & Get Paid Faster
Communication is difficult in construction mostly because of preconceived ideas, misguided assumptions, and bad habits. Not asking for change orders is a bad habit; assuming that your GC will respond negatively to a payment reminder is a preconceived idea. It
Best of 2021: Top Construction Lawyers in Miami
Miami is consistently one of the country’s fastest-growing cities, keeping construction companies busy year-round. But despite booming business, contractors in The Magic City carry a lot of legal risk. The building industry is complex, and disputes over payment, delays, or
How to Calculate & Manage Working Capital in Construction
Effective evaluation and management of working capital is a critical component of construction business management and a primary determinant of success for many contractors. In this article, we will discuss what working capital is, why it’s important for construction businesses,
From Spreadsheets to Software: How a Contractor Cut Time Spent on Paperwork in Half
West Coast Drywall and Paint is a highly-rated subcontractor in Southern California. Their Chief Financial Officer (Keith Caneva), Controller (Julie Hammack), and Contract Administrator (Elizabeth Gonzalez) all have a lot on their plates when business is booming, as it often