Home Our View: A Look Back at 2021 and a Look Ahead at 2022 for the U.S. Construction Industry This year is nearly in the books, and by all accounts, it’s been a challenging year for construction as it has been for many industries. So here’s our look back at 2021 and look ahead to […]
Home Construction Managers: Improve Your Project Communication, Improve Your Bottom Line Construction managers: Poor communication causes rework, cost overruns, delays, and unhappy stakeholders. Improving communication can improve your bottom line. Poor communication is a leading cause of conflict in the construction industry. According to Project Management Institute (PMI) research, as much as $75 million of every […]
By most accounts, the skilled labor shortage won’t be leaving the construction industry any time soon. According to a recent Commercial Observer article, the worker shortage may only worsen, especially if any infrastructure projects kick off any time soon. The labor deficit in construction has been building over many years, and it will take time to mitigate. On top of the spiraling labor challenges, burnout is a real consideration for the people you already have in place.
So, as a construction business owner, you must always find ways to be the most productive with the people you have. And if you do manage to attract new talent to fill vital roles, those new team members need to be effective as rapidly as possible. Fortunately, you can take some simple steps to make onboarding new workers less time-consuming and reduce training costs.
Simple technology systems can help your general contracting or sub-contracting business overcome “technology hesitancy,” increase productivity, add to your bottom line, and demonstrate a healthy return on the initial investment. When one poorly documented change order could cost your company thousands, possibly hundreds of thousands, of irrecuperable dollars, the ROI for construction management technology becomes evident. If you are currently facing “technology hesitancy,” here are some simple steps you can take to implement new solutions into your business in a thoughtful and meaningful way.
Cut Operating Costs While Improving Productivity: The New Construction Industry Normal—Same as it Ever Was
If you are among the construction business owners looking to improve your operational performance to increase profitability, one area you can focus on is the cost of construction management software. Successful builders, general contractors, and sub-contractors all have some construction management software in place. But are you getting the most out of it? You may be substantially overpaying for the features you use because you’re only using a small fraction of the application’s complete set of features.
Pay Apps That Are Incomplete, Inaccurate, or Late Can Cripple Your Construction Project and Impact Your Bottom Line
When pay apps are incomplete, submitted incorrectly, or late, the construction project can falter and possibly grind to a halt. Because the unfortunate truth of the construction industry is this—contractors do not get paid for the work they complete—they get paid for the work they can document! This point should hammer home the importance of correctly prepared pay apps. They can quite literally make or break the financial health of the project and your bottom line.
One of the leading issues on construction job sites affecting profitability is change orders. Unfortunately, they are also typically unavoidable despite your project management team’s best efforts. Do you know how to make the change order management process as pain-free and profitable as possible?
Documenting your safety training meeting minutes can protect you from costly OSHA regulatory compliance penalties and worker liability issues. CMPRO can help your on-site project management team record and report job site safety meeting minutes quickly and easily.
According to a recent article on CNBC’s website, construction costs grew in July, exposing a slight chink in the armor of builder confidence across the United States. From a regional perspective, according to the article, builder sentiment in the Northeast fell 4 points to 75. The index dropped 1 point to 71 in the Midwest and fell 2 points to 87 in the West. Builder sentiment in the South held steady at 85.