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. […]

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 […]

Job Rescue: Best Practices when Playing the Hero

A funny thing has happened on the way to today’s improved economic environment for construction. Many developers and contractors have leapt unprepared into big projects and found themselves unable to complete the work. These misfortunes create opportunities for other construction companies to step in and “play hero.” But before you don the red cape, be […]

Don’t Miscalculate the Accounting Impact of Change Orders

Change orders are a mixed blessing. On the one hand, they present the opportunity to make more money on a construction project because of the additional or more complex work involved. On the other, if they’re mishandled, change orders can lead to conflicts, confusion and even lost money should a change go unpaid. One place […]

KPIs for Contractors: Finding Your Way with Mission-critical Metrics

From the baseball field to the boardroom, metrics and statistical analysis have changed businesses nationwide. And the construction industry is no exception. With proper preparation and guidance, contractors can have at their fingertips a wealth of stats-based insight into how their companies are performing — far beyond the bottom line on an income statement. The […]