When you first became a construction contractor or construction service business owner it was pretty simple – get a job, do the job, get paid, see how much money you made. Now, things are different. You have people working for you, people who rely on you in order to make a living. Knowing the whats, hows, and whys of construction accounting has become much more difficult. Following are 5 critical problems Schulte and Schulte solves for clients on a regular basis. Not knowing

So . . . your kid is on his high school football team. And your team is in The Game! They’re playing well! And so is the other team. It is exciting! They’re in the last few minutes of the fourth quarter. Your team has been given the ball. If they make this touch down your team wins! The entire crowd (all those parents, siblings, and friends  wearing the school colors) is standing, waving, shouting. You’re becoming hoarse with the yelling, you’re tense in every fiber of your b

When you’re in the construction contracting business a lot rests on your ability to present an accurate bid. Before you bid your next job consider how your financial records and reports can and should strengthen your bidding accuracy. It isn’t about the luck of the draw, nor is it about hoping you get close. It is about knowing and understanding the basic numbers (i.e. how much the materials cost, how many people it will take, how many hours will be involved) as well as a sle

You’ve already figured out that when you own a construction contracting or service business your world is colorful. Some of the myriad of “things” on your mind are job sites, retainage, percentage completed, purchase orders, prevailing-wage rates, payroll, change orders, subcontracts, AIA billings, and equipment usage. But did you know about the contractor’s friend called Job Costing? Did you know job costing is really designed to make all the above “things” take their rightf

A successful construction contracting or service business means having great people on your team. Finding and keeping those great people is a vital part of maintaining the success. So, how do you go about not only finding them, but also keeping them around? Long term thinking Of course, people who are looking for a job are concerned with both salary and benefits, yet those two items are only part of the equation. Just as on the sales side of your company it is important to bu

Ever wondered which common traits shape successful owners of construction companies and construction service businesses? Here are seven foundational traits which are found in the “closets” of savvy construction contractors. Garment #1 They are Servant Leaders The following quotes will give you food for thought concerning how savvy contractors lead. “If your actions inspire others to dream more, learn more, do more and become more, you are a leader.” John Quincy Adams “You don

A construction contracting company or construction service business is a reflection of its owner; it is also a signifier for where the owner is going. The ideal construction contracting company reflects the owner’s skills and competence built on a foundation of hard work and integrity. With thanks to Jeff Foxworthy, I submit the following: You might own an ideal construction business; If you’re Competent in your trade and in running your business. If you’re known in your soci

Becoming an entrepreneur, starting your own construction contracting or service business is the beginning of a journey. It is likely you saw one, a few, or all of the following actions as reasons for becoming your own boss. Calling your own shots. Taking care of your family. Providing jobs for others. Providing value to customers. Making a profit. Becoming professionally accomplished. Leaving a legacy. Enduring the process takes seeing the value of the destination As a constr

In the beginning you had to: Figure out the legal, financial, and operational aspects of your business Understand how to communicate and negotiate Learn how to promote your business, yourself, and your products or services Comprehend how to keep the accounts, stay organized, and run the office Grasp the responsibilities of entrepreneurship Now, you’re ready to scale Not simply running with the big dogs – being a big dog. You’ve mastered so much already and the time has come t

If you missed part 1 with the first 5 qualities needed for scaling your construction contracting or service business you can find it here. 6. You will need to focus on helping others – on every side of the coin Customers and potential customers Think: What do they need? Perhaps information concerning what to expect when they hire you to perform a service for them. How can you give it to them? Flyers, brochures, website, social networking sites. Yet, always be on the lookout f

This is the fifth in a five-part series concerning Steps to Scaling Your Construction Contracting Business. You can see the introduction to the series (with links to each article) by clicking here. In his article for Forbes magazine, Eric T. Wagner, shares some insight gleaned from Kelsey Ramsden who is the president of Belvedere Place Contracting Ltd.  In 2012 and in 2013 Kelsey Ramsden, was awarded Canada’s #1 Top Woman Entrepreneur by Profit Magazine – a very prestigious a

In this monthly post, it’s my pleasure to introduce you to one of the many apps that we at Schulte and Schulte endorse and recommend to our customers. As a firm of construction accounting specialists, we love to help companies in the construction industry with their books and finances, part of that help is finding different apps or software that can help our clients out.  During this monthly feature, we take a look at several apps that we love at Schulte and Schulte, LLC, and

In this monthly post, it’s my pleasure to introduce you to one of the many apps that we at Schulte and Schulte endorse and recommend to our customers. As a firm of construction accounting specialists, we love to help companies in the construction industry with their books and finances, part of that help is finding different apps or software that can help our clients out. During this monthly feature, we take a look at several apps that we love at Schulte and Schulte, and dig a

At Schulte and Schulte, our passion is in working with any company that fits under the construction umbrella.  This includes construction service businesses like plumbers, HVAC techs, roofers, landscape techs, etc.  Some of the apps that have been, and will be, featured in this blog series are feature filed and do have elements that would be beneficial to construction service businesses.  However, we feel strongly about finding an app or software solution for each of our clie

Escalating your business to the next level So, you’re ready to scale your construction contracting business. It is time to move to a new level. You have plans, thoughts, and ideas about moving into the big league. Read on, because there is a brief primer ahead to help you begin to work through that process. But, before we go any further, I’m going to tell you the same thing my dad had to remind me of on more than one occasion. If it was easy, everybody would do it Scaling isn

Do your financial reports measure up? Because your financial reports should tell you much more than what you’ve already done. Because your financial reports are more than numbers for the tax-man or the banker. Because your financial reports are all about guiding you to scale your business. We’re glad you stopped in. Check Us Out! Since Schulte and Schulte, LLC came into being we’ve been construction-accounting-centric. We have knowledge and understanding concerning what const

I’ve discovered Construction Contractors and Subcontractors are among the most adept and proficient folks around. They wear such a profusion of hats (skilled tradesman, project manager, marketer, salesman, HR manager, supply-chain manager, customer-service representative, PR manager) it can be mind boggling. Yet there are 10 Personal Tools they need to use no matter which hat they happen to be wearing at any given time. The quality traits (tools) of excellent construction con

Yes, you know high on our priority list at Schulte and Schulte is helping our construction contractor clients ditch the paper. Yet, here I am saying, “No! Get some paper and a pen. We’ve got work to do.” Sometimes scaling your contracting firm is aided by something as simple as a pen and a piece of paper. The truth is, there are a number of reasons for putting pen to paper when it comes to the short list of action items you need to be reminded of each day. I’ll mention the fo

Because you own or manage a construction contracting business, you have a legitimate desire to oversee every aspect of that business yourself. Yet even the savviest contractor sometimes makes mistakes, especially when it comes to bookkeeping. There’s no question that maintaining accurate financials is a fundamental part of maintaining a healthy contracting business. And, being aware of the most common bookkeeping mistakes can save you from time loss, headaches, and even poten