September 2017
How service relationship management helps boost your bottom line
The proliferation of the internet of things (IoT) and the promise of big data have made it easier for business owners to detect when something is amiss with their equipment. However, many still have blind spots when it comes to using these technologies to drive uptime, reduce administrative costs...
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...
A visualization of key performance indicators to drive superior results
Leaders are continually told to transform their organizations into a data-driven business. Construction firms are not exempt from this concept. There are countless figures a firm can use to create awareness and further its strategic goals. However, business leaders are constantly trying to...
4 skills you need to compete in the new hiring landscape
Throughout the last decade, it has become painfully apparent that, while most CEOs recognize there is a drastic talent optimization problem, they have absolutely no idea how to fix it, nor do they have time to take it on by themselves. Many CEOs address workforce issues like a hot potato—they want...
Learn how to enjoy the benefits of business ownership
The top two reasons entrepreneurs go into business are for the pursuit of freedom and wealth. This includes freedom from working for someone else and the ability do business as they please; freedom to say no to bad customers, jobs, employees or contracts; and the freedom to go to work if and when...
4 ways your equipment dealership can help you stay in the green
Similar to scheduling an annual checkup with your physician, completing regular maintenance for heavy equipment is one of the best ways to keep your fleet in the best shape possible. Most daily maintenance can be completed by your operators following the instructions provided in the manufacturer’s...
Improve your business operations & gain an edge in your market
For every operational advantage, progressive contractors need an accompanying strategy to fully exploit that advantage. FMI has worked with many of the industry’s best contractors, including those that consistently outperform their peers. The following article explains six operational cornerstones...
How you can build an effective business strategy to incorporate this technique
As we collectively look into the crystal ball to determine where the construction industry is moving, there is one thing that most of us can agree on: the war for talent is only going to continue to intensify and play an increasingly larger role in every contractor’s success. One way smart...
How to win more projects with critical path method & lean construction
While continued strength in the construction sector offers a wealth of opportunity, it also presents an unwelcome paradox for a growing number of enterprises. While both projects in progress and future starts remain strong, the sector is increasingly squeezed by a shortage of skilled workers and...
4 questions to help reduce workers’ compensation premiums
The first step in evaluating workers’ compensation costs begins with a clear understanding of the Experience Modification Factor (EMF) and its direct impact on premium. Equally critical is a complete understanding of an organization’s key loss drivers and the effect individual claims have on the...
What is the most important piece of equipment in a construction fleet?
Tony Hamilton Vice President, Construction Administration...
Understand the importance of operator training & continued education
According to the 2016 Travelers Business Risk Index, construction professionals believe they are more at risk of something bad happening to their businesses than their counterparts in other industries. Sixty-two percent of construction professionals said their greatest concern is the changing...
Understanding the early signs of project distress & what you can do to fix it
The risk-to-reward ratio in construction is among the most unbalanced of any mature industry. The disproportionate downside, risks associated with an extremely bad project, far outweigh the upside gained from even the most successful projects. At their worst, truly disastrous projects can cost...