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How you can make your construction company more profitable. A 'must read' before you price your next project.Many construction companies fail despite the hard work and knowledge of their managers and owners. Some companies even start well, earning good profits, building successful projects, and the company grows - only for it all to come crashing down, often leaving a mountain of debts behind. So why do construction companies fail? Is it due to bad luck?This book explores important aspects of managing a construction company that impact its success and profitability. Obviously managers should have an understanding of running a business as well as the appropriate technical skills. But, it's usually more than this. The chapters in this book focus on the importance of selecting the right project, how to find projects, tendering correctly, winning the project, delivering the project, avoiding unnecessary costs, increasing revenue, financial and contractual controls, managing the company, the importance of good people, growing the company and ensuring the company has a good reputation.The chapters are set out in an easy to read format, filled with practical tips, which provide a step-by-step guide to growing profits, remaining profitable and running a successful construction company.
Revised edition of Start your own construction and contracting business, 2013.
Take control of your construction contracting business and manage it through the natural highs and lows of the construction market. Learn from a team of construction business veterans led by Thomas C. Schleifer, who is commonly referred to as a construction business "turnaround" expert due to the number of construction companies he has rescued from financial distress. His financial acumen, combined with his practical, hands-on experience, has made him a sought-after private consultant. His experience and no-nonsense philosophy have truly given him a unique perspective. Important topics covered include: Understanding the primary areas of construction business failure in the next decade Minimizing business risk with real-world examples Developing a positive and competent management attitude and strategy Discover how to maneuver through this complicated and risky industry by using the authors' research and proven success strategies to sustain and grow your business.
This detailed overview of the construction contracting business delivers an invaluable collection of best practices, forms, templates, and checklists designed to reduce risks and increase profits. Contractors will learn everything they need to know about the make-or-break areas of estimating, pricing, bidding, project management, and financial management. The author is well-known in the industry, with a weekly newsletter, website, online digest, regular column for Contractor magazine, and 70-plus seminar bookings for 2006 Extensive examples and illustrations help readers apply the insights offered
This book bridges the gap between the theoretical and practical and includes chapters on planning the project, starting it, scheduling, running the projects, completing it, people, materials, equipment, quality, safety, subcontractors, contractual and financial. These chapters are broken into multiple sections providing a step-by-step guide to successfully managing a construction project, and, including what-not-to-do to avoid costly mistakes.--COVER.
"The Contractor Fight" is what HGTV host and best-selling author Tom Reber calls the battle between your ears. We all have stories and experiences that have formed us into who we are. We are what we think, and the battleground is our mind. The Fight is not with the people you think are "cheap customers." It's not with the unlicensed competitors or the "illegals," as many contractors think. The Fight is with yourself. Sadly, most of the struggles contractors have are self-imposed. It's friendly fire. The negative ways we think about ourselves and our worth... friendly fire. The growing debt, working too much, small bank account... friendly fire. Winning the Fight is a choice. You're noble and full of integrity. You bend over backward to serve your family and clients. You have taken it on the chin more times than you can count. Now, it's time to get yours. Earn what you're worth. Create a business that serves you and energizes you, instead of one that beats you down. Choose to own your crap and get better today.
This authoritative text provides a detailed insight into how construction companies manage their finances at both corporate and project level. It will guide students and practitioners through the complexities of the financial reporting of construction projects within the constraints of accepted accounting practice. The book is written for non-accountants and from a contractor’s perspective and is equally relevant to subcontractors and main contractors. The authors examine the relationship between the external annual accounts and the internal cost-value reconciliation process. CVR is covered in depth and the authors consider issues such as interim payments, subcontract accounts, contractual claims, final accounts, cash flow management and the reporting of the physical and financial progress of contracts. A broad perspective of all the financial aspects of contracting is taken along with related legal issues and the authors explain how things operate in the ‘real world’. They describe good practice in financial control while at the same time being honest about some of the more questionable practices that can - and do - happen. The approach taken is unique as the financial management of construction projects is considered from the perspective of the contractor’s quantity surveyor. The book deals with the real issues that surveyors have to address when using their judgment to report turnover, profitability, cash flow, and work in progress on projects and the financial problems faced by subcontractors are frankly and pragmatically explored. The payment and notice requirements of the Construction Act are explained in detail and relevant provisions of JCT2011, NEC3, ICC, DOM/1 and other standard contracts and subcontracts are also covered. Financial Management in Construction Contracting addresses the wide variety of external factors that influence how construction companies operate, including government policy, banking covenants and the financial aspects of supply chain management. Cost reporting systems are described and real-life examples are used to illustrate cost reports, accrual systems and how computerised systems can be employed to provide the QS with information that can be audited. Examples drawn from practice demonstrate how work-in-progress (WIP) is reported in contracting. Cost value reconciliation reports are featured and the book demonstrates how adjustments are made for overmeasure, undermeasure, subcontract liabilities and WIP as well as explaining the processes that contractors use when analysing external valuations. This is the ideal core text for final year degree and post-graduate level modules on Quantity Surveying, Commercial Management, Construction Management and Project Management courses and will provide an invaluable source of reference for quantity surveyors and others who may be engaged in the financial management of construction projects. The book’s companion website at www.wiley.com/go/rossfinancialmanagement offers invaluable resources for students and lecturers as well as for practising construction managers: end-of-chapter exercises + outline answers PowerPoint slides for each chapter ideas for discussion topics links to useful websites
This incisive, practical guide provides a thorough breakdown of the ins and outs everyone needs to know when turning contracting skills into a business. From summoning the motivation to start your own business to the intricacies of being your own boss, Claudiu Fatu artfully turns his personal experiences and those of other successful contractors into advice on every aspect of building a business. The chapters focus on: Developing a business structure, including bank accounts, tax registration, insurance, and branding Handling legal and accounting hurdles Managing employees and dealing with clients Using marketing systems to find and book work Estimating and bidding on jobs Writing contracts Creating invoices and a billing system Controlling costs, keeping records, and understanding profit margin Planning retirement and other benefits for the self-employed By teaching contractors to anticipate problems that can arise when dealing with clients, and to build a business plan that can support a contractor’s talents in the best way possible, Starting Your Career as a Contractor is the ultimate manual to getting the job done right! Allworth Press, an imprint of Skyhorse Publishing, publishes a broad range of books on the visual and performing arts, with emphasis on the business of art. Our titles cover subjects such as graphic design, theater, branding, fine art, photography, interior design, writing, acting, film, how to start careers, business and legal forms, business practices, and more. While we don't aspire to publish a New York Times bestseller or a national bestseller, we are deeply committed to quality books that help creative professionals succeed and thrive. We often publish in areas overlooked by other publishers and welcome the author whose expertise can help our audience of readers.
Written by experienced and innovative projects lawyer Arent van Wassenaer, this book explains what the critical success factors are for construction projects to be completed on time, within everyone’s budget, to the right quality, with all stakeholders satisfied and without disputes. In so doing, van Wassenaer discusses how such projects could be structured, tendered for, executed and completed, and what legal and non-legal mechanisms are available to achieve success in construction projects. Using examples of real projects, A Practical Guide to Successful Construction Projects provides tools for those in leading and managerial positions within the construction industry to change – where necessary – their usual operational methods into methods which are aimed at achieving project success.
Only 43 per cent of U.S. construction firms remain in business after four years. Why? Inadequate management, according to the U.S. Small Business Administration. This is surprising because most construction firms are formed by ambitious construction project managers, executives and tradesmen who have excelled at what they have been doing. But as experienced as these entrepreneurs may be, they are not likely prepared to take on the full range of responsibilities forced on them in managing the business of construction in its entirety. While this business failure rate and its causes are based on U.S. experience, available data from a number of other industrialized countries shows they are similar. This book describes in detail what the business side of the construction equation requires of the construction firm owner. The contractor who quickly learns these requirements can identify and avoid or manage around the pitfalls that cause the high failure rate in our industry and put his or her construction firm on a level playing field with the best-run companies in the business. The detailed duties of the owner, whether in the U.S., U.K., Australia or Canada, are a common theme throughout the book. The author, Nick Ganaway, speaks peer-to-peer, and the book is sprinkled with supporting examples from his own experience. He is immersed in the industry and this book is "based on the things I've learned, used, and refined as a light-commercial general contractor in the course of starting and operating my own construction firm for 25 years." The contractor doing $5 million or $50 million or more in annual sales or the equivalent amount in other countries, or the entrepreneur who is just starting up, can use the tried and proven material in this book to build a business that is profitable, enjoyable, and enduring. Additionally, the book devotes a chapter to specializing in chain-store construction.