Many growing construction contractors fall into the same pattern without realizing it. They wait until the month-end close before having meaningful conversations about job performance. On the surface, this feels reasonable. Month-end WIP is when the numbers are “final,” and final numbers feel safer. But in practice, this approach often delays decisions that should be happening during the month – when there’s still time to course-correct. What’s surprising is that, in many cas

This is the second part of a three-part series examining the business side of the construction business. You can see the first part, How to Learn the Business Side of the Construction Business , by using the link.  Know Your Numbers Understanding the business side of the construction business begins with the vital component of knowing your numbers. It is a core skill for construction company owners. It is: The foundation for making informed decisions  The walls for understand

The Piano Example When I was a youngster, I bugged my mom for several weeks to let me take piano lessons. She finally agreed, found a piano teacher, and arranged for my first lesson. Imagine my surprise when I learned that my piano teacher expected me to know such odd things as where the C note was on the keyboard, what each symbol on the row of lines represented, how long my fingers should remain on any individual key, and all sorts of other rigamarole.   And on top of that

Putting Strategy in Its Place The strategy involved in planning begins with an understanding of how to reach goals.  The goal  is the main “big thing” you want to accomplish.  A strategy  is the path you take to achieve a goal.  Built into your strategy will be objectives .  The tactics  you use to reach each objective are the tools that make it happen. Example: Planned Weight Loss Think of it this way. Say your goal is to lose weight. Goal:  Lose 20 pounds in 4 months Strate

Talking About Construction Industry Robots You know about these “robots”: they’re all about technology. From drones to robotic PPE,...

Labor Burden Belongs Factual labor burden should be included in creating estimates because it affects how your construction business...

Construction Estimating is Hard Construction estimating is complex. It requires a blend of detailed mathematical calculations, in-depth...

The first part of this four-part series laid the foundation concerning cash flow . The second part discussed essential components of cash...

What Knowify Is Knowify is an end-to-end construction project management software for subcontractors.    What Knowify Does Provides...

Auditing Employee Expenses In the first part of this 4-part series concerning auditing expenses in your construction business, I...

It’s Right There Just the other day, someone pointed out a good quality my grandson has that I know about, but I sometimes take for...

When you want information, confirmation, or illumination, you draw from a supply of resources. Perhaps your mentor, a fellow contractor,...

It’s Here! On November 11th, we announced the Construction Junction podcast was coming soon. Well, soon has arrived. Today, Wednesday,...