The economic downturn has only heightened the need for contractors to look for ways to save money and increase revenues. A top-to-bottom review of your operations may reveal some surprising areas where significant savings can be found. Manage Equipment Use More Efficiently Fuel is probably a major expense for you, especially if you are involved…
Long-term contracts can be lucrative for contractors, but sureties can be nervous about the many risks associated with such commitments. Contractors can take a variety of steps to protect their businesses and reassure sureties when assuming the risks of long-term contracts. Subcontractor or Supplier Default What happens to your firm and to the project if…
Many contractors recognize that they need to spend time thinking about the big picture—the growth, direction, and management of their companies. Unfortunately, they are either too caught up in the day-to-day work of running their businesses or too uncertain about their strategic planning skills to give important issues the attention they deserve. If you find…
In competing for jobs, many contractors tend to underestimate and undersell their firm’s strengths. It’s not difficult to understand why: Selling doesn’t come naturally to most contractors. Sales skills tend to be regarded as “soft” skills and viewed as much less important than craft or estimating skills. The reality, however, is that contractors need to…
Cost overruns are a perennial drain on profits. The culprits can range from design changes to weather-related delays, from do-over work to unanticipated increases in the cost of raw materials. Regardless of the source, the end result is less money for the contractor. While there are no guaranteed methods of preventing cost overruns, contractors can…
