Think about licenses before working out of state

Construction markets can turn on a dime. One new manufacturing plant or infrastructure project can transform a sluggish region into a booming economy. Problem is, these hot markets often ignite across state lines. In such cases, you may rush to commit valuable time and resources to preparing a bid. Among the many small details that […]

Using your financial statements to recalibrate your estimates

Offering a fair price for quality workmanship lies at the heart of every contractor’s long-term success. Finding this critical balance begins with the estimating process. Over time, however, even the most sound approach to estimating can slip a little bit and require recalibration. The good news is that the tools for the job lie right […]

PATH Act bonuses for smaller construction companies

If yours is a smaller construction company, you may think you’re even further behind the eight ball when it comes to claiming the research tax credit. After all, large businesses can presumably allocate staff and resources to innovation more readily. But smaller construction businesses should still give it a try — and the Protecting Americans […]

How contractors may claim the research tax credit

The research credit (often called the “research and development” or “R&D” credit) incentivizes businesses to step up their investments in research. Although calculating the break isn’t exactly easy, the end result can be well worth the effort. Generalities and specifics To be eligible for the research credit, an innovation-seeking business activity generally must: Relate to […]

The challenge of quantifying lost productivity damages

Stick around the construction business long enough and it will happen to you. Maybe it already has. We’re referring to the unfortunate circumstance of, through no fault of your own, a project getting severely disrupted. In such cases, you might eventually need to file a claim in court against the owner for lost productivity damages. […]

Beyond theft: The human side of jobsite security

When the topic of security on a construction site comes up, the discussion usually revolves around one word: theft. How do we keep people from stealing stuff? But there’s another aspect of jobsite security that tends to get relatively little attention: the human side. All too often, construction company owners don’t recognize these risks until […]

Bidding made better with go/no-go analysis

To bid or not to bid? For contractors, this is always the question. When times are tough, you may be tempted to bid on anything and everything. During a more stable economic climate, however, you can and perhaps should be as selective as possible. How to make this critical decision is the question beneath the […]

Improve your bottom line with accurate contract schedules

Tracking the financial minutiae of your contract schedule requires great attention to detail. But do you know what else requires great attention to detail? Construction projects! In the hustle and bustle to win, work on and complete jobs, it’s understandably easy to make accounting mistakes with your contract schedule or to simply lose perspective on […]

Numbers matter: The finer points of your succession plan

When it comes to succession plans, construction company owners often focus on when they intend to leave the business or who will replace them. But, remember, numbers play an important role as well — particularly if you intend to sell the business to help finance your retirement. Obtain an appraisal A business valuation is a […]