June 2017
Updating the rules of revenue recognition
After years of work, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued ASU 2014-09, the Revised Revenue Recognition Model. The model is intended to harmonize what had been a collection of over 200 specialized revenue recognition...
Proper maintenance keeps your tools running longer
Jobsites are generally dirty, unforgiving places. They are the product of a hard day’s work, and the reason why so much emphasis is now placed on dust-control solutions. But at the end of a day’s worth of grinding, sawing and drilling, keeping your equipment running in the best possible shape comes...
How to learn from competition & fill in the holes in your operations
We live in a competitive world. Who has the most marketing leads? Who won the bid? What is your safety record? Pertaining to your self-performed work, what are the actual production rates compared to the budgeted production rates? Is work being performed on time, and with the level of quality that...
Preparing your workforce for future success
General contractors don’t have the time or resources for excessive rework while working on large projects. This means that implementing new technology tends to get pushed to the back burner, because new technology means training yourself and your team on how to effectively use the tools. With...
Breaking through estimation limitations with specialized software
When pencils, paper and calculators were the go-to tools for estimating, spreadsheets represented a major breakthrough to contractors looking for a smarter solution. Now, contractors who rely on spreadsheets find themselves at a disadvantage when they compete against companies equipped with...
3 ways to gain a competitive advantage using telematics for training
Aforecast from PwC, also known as PricewaterhouseCoopers, estimates the volume of construction output will grow by 85 percent to $15.5 trillion worldwide by 2030. Such growth presents both a challenge and an opportunity for companies. Faced with increasing pressure and razor-thin margins,...
Why equipment operation is one of this year’s biggest areas of risk
Thanks to new technology, our vehicles are getting smarter and safer every day, with programs to help manage everything from GPS navigation and blind spot detection to lane-departure notification and emergency braking. Yet, even as equipment has become safer, highway fatalities are increasing at an...
Keeping your company fit for competition
Experts will tell you that the mergers and acquisitions market is ripe for activity. Several current conditions lend themselves to creating an attractive marketplace. First, the industry is seeing continued, positive traction in revenue growth. Secondly, the demand for construction services,...
How a dealer can contribute when your compact equipment needs help
As a business owner, unexpected maintenance can place financial strain on your company and directly impacts profitability. To make matters worse, you or your equipment operators may not have adequate service training or access to an on-site mechanic for the repairs that get your compact equipment...
How telematics & mobile capabilities can protect your fleet
The role of your company’s work trucks in delivering materials to a construction site quickly, efficiently and safely can make or break a project. To enable the many steps in a construction process to stay properly sequenced and on schedule, intricate vehicle timing is essential. By contrast, any...
We asked the experts how they manage and organize paperwork.
Sarah Mueller Director of Human Resources, SHRM-SCP Shapiro...
Guiding principles to help navigate construction surety
Surety bonds were created to protect owners, taxpayers, subcontractors and suppliers from performance and payment risk during the construction phase of a project. Sureties use the underwriting process to determine which contractors are capable of completing a contract. Whether the contractor can...
AIA Architectural Billings Index, Annual Value Update & more
Each month, the Construction Business Owner team compiles statistics from several different sources, including the American Institute of Architects (AIA) and the United States Census Bureau, to give you a better understanding of the current state of affairs for the construction industry. The...
What to consider when networking & litigation collide
According to a recent Pew Research study, roughly 8 in 10 Americans use Facebook, and it comes as no surprise that a large percentage of employed Americans are utilizing a variety of social media platforms on a daily basis. As this technology segment continues to grow, employers must follow state...
Using low-level lifts on the jobsite to help eliminate injuries
Ladders and scaffolds have long been the go-to solutions for elevated work. They are simple to transport, and they don’t cost much to purchase or rent. While they excel in these areas, ladders and scaffolds continue to lag in one major, costly area: safety. According to 2014 data from Liberty...
6 steps to transition your company to the next generation
A construction business owner’s exit options include closing, selling or transferring the company to a family member. Over 80 percent of business owners prefer to eventually transition their company to the next generation in the family. However, a good succession plan might take a minimum of 2 to 3...