Construction contractors should be careful to properly classify workers, pay prevailing wages and certify payroll on government projects, as well as pay state and local employment taxes at the right rate and for the correct amount of time a worker is on the job.
Get It Right or Lose Payment Rights
Most public projects are bonded, which offers payment protection to subcontractors and suppliers. Subcontractors and suppliers on unbonded private projects can file a lien on the property in the event of nonpayment.
Cloud-Based Financial Software Puts Project Managers in Control of the Bottom Line
Understanding exactly where the project stands against the budget saves time and effort and establishes reasonable financial guard rails to maintain a healthy portfolio of projects that company executives will appreciate.
Working Backward From a Construction Budget With Target Value Design
Target value design lets the budget drive design decisions early in preconstruction. The concept allows the entire preconstruction team to begin with a validated, estimated cost in mind and then work backward from that amount to maximize the owner’s budget.
Twelve Financial Strategies for Construction Contractors
A successful contractor does everything possible to run a lean, financially sound company. Finding ways to save money while increasing margins, improving cash flow and operating more efficiently is key. Following are 12 financial strategies to help contractors stay financially healthy.
Private Equity’s Ability to Improve Cash Flow and Further Business Growth
As the economy remains solid and businesses generally are doing well, most construction contractors have likely thought about ways to continue growing their companies. By investing in a minority stake in a business, strategic equity partners can provide capital for growth or shareholder liquidity, and help take the business to the next level.
Verify Clients’ Credit History and Cash Flow to Protect the Bottom Line
When contractors extend payment terms and are not paid in advance, they could be taking on the financial challenges of the new and existing clients without even knowing it. By verifying clients' creditworthiness and managing payment terms, contractors can avoid cash flow problems.
Preconstruction Tips to Keep Construction Projects Under Budget
The lead person of the preconstruction team is tasked with having a big-picture view with an eye for every detail, especially the budget. Follow these guidelines to help turn your projects into a win-win every time.












