How to make workers’ comp costs less costly

Employers usually have no choice: You’re required to pay workers’ compensation insurance for W-2 employees. But no one says you can’t look for ways to reduce the cost of coverage. The key is to lower your company’s risk. To that end: Commit to safety. Communicate and enforce safe work rules and establish a task force […]

Building the framework of your succession plan

At some point, we all must hang up our hard hats. But what will happen to your construction company when you retire? Or when you simply can’t work for an extended period, because of illness or injury? Having a succession plan in place is key to ensuring the business will go on. Even if you’re not […]

When to consider builder’s risk insurance

In construction, there’s always risk. No matter how careful an operation is, accidents happen — as well as theft, vandalism, bad weather and natural disasters. And let’s not forget the potential for earth movement during construction or hitting hidden pipes and buried gas lines. The list of unforeseen incidents can get long! While worker’s compensation, […]

Get ready: New lease rules for GAAP-compliant companies

Does your construction company follow U.S. Generally Accepted Accounting Principles (GAAP)? If so, there’s an important deadline coming up later this year that you should start thinking about right now. For annual periods beginning after December 15, 2019, and for interim periods beginning a year later, GAAP-compliant companies must begin following the Financial Accounting Standards […]

You are patient zero: How to diagnose and cure your bidding maladies

Many people outside construction think the hardest part of the job is the labor required to build or renovate structures and infrastructure. But insiders know the toughest part is often bidding on the project itself. No matter how strong your body of work might be historically when it comes to winning bids, any system can […]

TCJA could inspire you to change your business structure

Since its passage in late 2017, the Tax Cuts and Jobs Act (TCJA) has given business owners and their tax advisors plenty to think about. One ongoing item of interest to contractors is whether their chosen business structure still makes sense in light of tax law reform. What’s the deal? The TCJA slashed federal corporate […]

How to become an employer of choice

Spring means a weather warmup and more projects underway. It can also be a time of desperation, when contractors need to hire new employees before the busy season takes hold. With the construction industry continuing to face a nationwide shortage of skilled labor, it’s critical to look for any edge you can find to distinguish […]

Why it’s worth going above and beyond OSHA compliance

Every contractor is aware of the importance of complying with safety rules set forth by the Occupational Safety and Health Administration (OSHA). There are heavy penalties and fines associated with noncompliance. And most construction businesses take steps to at least meet the minimum qualifications. But why be satisfied with the bare minimum? There are several […]

The 411 on IoT: Everything is connected

Once upon a time, there was the Internet. And relatively speaking, it was easy to understand. The Internet was (and is) a network on which any computer on the planet could communicate with other like-connected computers, enabling users to correspond and share files. But the Internet wasn’t (and isn’t) satisfied with connecting only computers. It […]