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Category: Contractor Chronicles

Improve Communications to Improve Cash Flow

To stay on top of their game, contractors must guarantee profitability. Positive cash flow is one way to ensure success, possibly the most critical way. Conversely, cash-flow concerns will quickly thwart a business owner’s plans. Sometimes, cash management challenges are the result of something pretty great – growth. Other times, they are the result of […]

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Recession-Proof Your Construction Business with Better Business Practices

 The construction industry is enjoying a time of robust growth. According to FMI, Total construction put in place estimates for the U.S. project positive momentum in the top three categories, residential, non-residential, and nonbuilding structures, over the next 5 years Top-performing segments (+5% or more) include office, educational, public safety, transportation, manufacturing, highway and street, […]

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FASB Issues Update to Fair Value

The Financial Accounting Standards Board (FASB) recently issued an Accounting Standards Update (ASU) to clarify implementation guidance and disclosure requirements in leases standard. The update addresses two lessor implementation issues and designates lessees and lessors exempt from a specific interim disclosure requirement associated with adopting the new leases standard. In 2016, FASB released updated guidance […]

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Building Profitable Estimates

Accurately estimating construction costs lies at the heart of a company’s long-term success, which is why the methods and tools that estimators use to arrive at their final bid are so important. Estimates must consider labor, equipment, material, subcontractors, and other direct and indirect costs, such as insurance, permits, and taxes. Omitted or incomplete items […]

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But First, Technology

Recent changes in technology have significantly altered how contractors do business. Specialized software is changing the way estimators produce bids. Building Information Software (BIM) is allowing teams to integrate design with costing. Drones record spatial location, distances, temperature, ambient and material humidity, as well as capture digital photos. These solutions are only three examples of […]

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