Construction Business Owner

AUGUST 27, 2023

Harness the Power of Estimating Data to Grow Your Business ccapoccia Sun, 08/27/2023 - 12:23 Estimating is the foundation of every profitable construction business. But if you’re submitting bids without analyzing past project data, you’re missing out on valuable insights to prepare the most accurate estimate.

Estimating 296

Estimating Bidding Profitability Foundation 296

Viewpoint Construction Technology

SEPTEMBER 8, 2017

No one wants to experience profit fade. You want to maximize your profit on every job, and eliminate wasteful practices and spending. This increased profitability begins with good communication. But you don’t want to pay well over your competitors, lest you start to lose jobs when you send out bids.

Profitability 214

Profitability Software Software Bidding 214

Construction Business Owner

AUGUST 25, 2017

If you are a commercial construction business owner planning your bids for spring and summer of 2018, controlling fuel expenses for your fleet is a major consideration. How do construction businesses stay profitable when one of the largest expenses—fuel—is a moving target?

Bidding 240

Bidding Profitability Commercial Plans 240

Viewpoint Construction Technology

JUNE 12, 2013

One of the biggest stumbling blocks, though, is often at the beginning of a project – during bidding – but there are key areas to avoid in order to make sure your teams stay on track. All of these expenses are important to include for your bid to be accurate. Missing the Mark on Profitability. Overlooking Your Indirect Costs.

Bidding 325

Bidding Profitability Construction Cash Flow 325

Construction Business Owner

DECEMBER 2, 2016

1 challenge many contractors face is profit shrinkage or profit margin fade. This recurring problem appears when final construction job cost comes in higher than the bid or contract project budget. I often hear company owners say that they bid using a 15-percent markup for overhead and 10 percent for profit.

Profitability 120

Profitability Overhead Bidding Income 120

Construction Business Owner

FEBRUARY 9, 2024

You can’t bid projects right unless you know your job costs, production rates, actual overhead and profit goal. How to Set Financial Targets to Achieve Business Goals ccapoccia Fri, 02/09/2024 - 13:22 The key to building a successful construction business: knowing and managing your numbers.

Overhead 156

Overhead Bidding Profitability Budgeting 156

Construction Business Owner

JUNE 26, 2013

How many times have your estimators or you uttered the phrase, “That firm is bidding below cost”? While not all contractors are responsible bidders, if you are facing credible competition that seems to be bidding below cost, you probably need to ask yourself if you know your costs to execute work. Understand Your Costs.'

Bidding 207

Bidding Profitability Estimating Contractors 207

Construction Dive

JUNE 14, 2019

Be able to spot profit-generating projects from a mile away. Learn from shared tips on how to choose which projects to bid on, and how to run them more profitably.

Profitability 99

Profitability Bidding 99

Construction Dive

APRIL 5, 2023

The London-based contractor is benefiting from the Infrastructure Investment and Jobs Act, a strong backlog and selective bidding.

Profitability 94

Profitability Bidding Infrastructure Contractors 94

Viewpoint Construction Technology

OCTOBER 24, 2012

Intense bidding competition is driving prices so low that contractors cannot both make a profit and perform quality work. The answers ranged from finding quality employees to wanting more control over project documents. One theme, however, seemed to dominate the thread.

Bidding 246

Bidding Profitability Documentation Construction 246

Levelset

MARCH 11, 2022

Prioritizing a low bid over contractor performance is a lose-lose procurement strategy. Unfortunately, low bidding is an accepted practice for both owners and contractors alike. Owners will say that focusing on the lowest bid possible ensures they get a good price. Who’s responsible for low-bid procurement?

Bidding 98

Bidding Cash Flow Contractors Procurement 98

Autodesk Construction Cloud

APRIL 24, 2023

By taking proactive steps and adopting the right tools, you can mitigate and safeguard your firm’s profits. ” Clearly, technology can enormously influence your projects’ productivity and profitability. Little to no project or business predictability Most construction projects are like a unique snowflake.

Profitability 97

Profitability Construction Autodesk Forecasting 97

Lets Build

NOVEMBER 15, 2019

Many construction companies struggle to stay profitable. A lot of business leaders focus on bidding on contracts and winning jobs rather than making a profit in order to keep up. One major reason behind this is the way the industry works. Many clients, especially in the public sector, tend to award contracts to the lowest.

Profitability 84

Profitability Bidding Construction Contract 84

Construction Business Owner

SEPTEMBER 17, 2019

Therefore, when pricing and estimating projects, you must include the time and money required for each in your bids. Whether you are a general contractor, builder, specialty contractor or subcontractor, it takes labor, equipment and materials to complete a contract’s scope of work. Here's how to do that properly. .

Profitability 249

Profitability Bidding Estimating Equipment 249

Fieldwire

FEBRUARY 14, 2022

Anyone who has managed a construction company, department, or project knows profitability can be challenging. Intense competition, fluctuating market conditions and other factors often result in tight profit margins. Even with numerous challenges, specialty contracting can be profitable. In-Demand Expertise.

Profitability 98

Profitability Contractors Management Contract 98

Construction Enquirer

JULY 23, 2023

Veteran house builder Jolyon Harrison has been appointed as CEO at cash-strapped Inland Homes in a bid to turn the business around. I look forward to the Inland team helping me to turn the business round which will take a while, but we are looking forward to a profitable future.”

Bidding 80

Bidding Housing Banking Profitability 80

Autodesk Construction Cloud

OCTOBER 21, 2022

Construction bids are critical to winning more work, so it pays to have a solid understanding of what they entail and what you can do to improve your bidding performance. . In this comprehensive guide, we’ll cover everything you need to know about construction bids. What is the Construction Bidding Process?

Bidding 52

Bidding Construction Contractors Contract 52

Autodesk Construction Cloud

JULY 31, 2023

To fulfill project and profit expectations consistently – and provide fulfillment for workers themselves. In The Construction Executive's Guide to Protecting Margins , we asked six industry leaders (and a colleague in engineering) how they’re managing profits, projects, and people. If anything, we have the opportunity to build smarter.

Profitability 52

Profitability Construction Innovation BIM 52

Construction Business Owner

SEPTEMBER 18, 2019

Safety performance affects your ability to bid and win work and to negotiate contracts. As such, safety is a key driver of a construction company’s productivity, quality and profitability. Smart contractors understand that safety must be both a core value and a strategic priority.

Safety 320

Safety Negotiation Bidding Profitability 320

Construction Business Owner

MAY 16, 2023

These estimates provide management with a foundation to effectively interpret costs, profitability and bid processes. Understanding this basic principle sheds light on the most fundamental element at the heart of every construction firm’s finances: accounting estimates, specifically related to job costing.

Accounting 156

Accounting Estimating Finance Bidding 156

Construction Business Owner

MARCH 23, 2023

In the construction business, it means winning more than 33% of your bids and making a minimum of 5% to 10% net profit. How to Expect, Demand & Achieve Excellence ccapoccia Thu, 03/23/2023 - 09:07 In baseball, achieving excellence means hitting over.300. In golf, it means shooting par. Are you achieving excellence in your business?

Bidding 156

Bidding Profitability Innovation Plans 156

Construction Business Owner

DECEMBER 10, 2019

With projects becoming increasingly complex and new challenges being introduced regularly, developing accurate bids informed by data is critical for subcontractors looking to protect their profitability.

Bidding 224

Bidding Profitability 224

Mr Ethics

APRIL 23, 2014

Dear Mr. Ethics, When we submitted our bid to the project owner we accidentally included a copy of our final bid sheet. We discovered our error when the project owner called to advise us that we are the lowest bidder but they want to discuss lowering our number because of the bid sheet. Respectfully, Mr. Ethics

Bidding 100

Bidding Profitability Legal US 100

Mr Ethics

APRIL 23, 2014

Dear Mr. Ethics, When we submitted our bid to the project owner we accidentally included a copy of our final bid sheet. We discovered our error when the project owner called to advise us that we are the lowest bidder but they want to discuss lowering our number because of the bid sheet. Respectfully, Mr. Ethics

Bidding 100

Bidding Profitability Legal US 100

Mr Ethics

APRIL 23, 2014

Dear Mr. Ethics, When we submitted our bid to the project owner we accidentally included a copy of our final bid sheet. We discovered our error when the project owner called to advise us that we are the lowest bidder but they want to discuss lowering our number because of the bid sheet. Respectfully, Mr. Ethics'

Bidding 100

Bidding Profitability Legal US 100

Construction Law

JUNE 28, 2022

The CMA says that bids were being rigged through firms agreeing to submit tenders that were designed to lose. This made the winning bid, which might well have also been higher than it otherwise might have been, look acceptable.

Bidding 52

Bidding Compensation Contract Office 52

Construction Business Owner

OCTOBER 26, 2012

Try these bidding strategies to save time and make your construction company more profitable.

Bidding 120

Bidding Profitability Construction 120

Job Order Contracting

JULY 26, 2017

16 Things Every Contractor Should Know When Bidding a Job Order Contract is just an introduction to anyone interested in JOC. 16 Things Every Contractor Should Know When Bidding a Job Order Contract is just an introduction to anyone interested in JOC. Typically, how many general contractors are invited to bid on a JOC project?

Bidding 100

Bidding Contract Contractors Electrical 100

cnstrctr

OCTOBER 17, 2018

Construction is a cut-throat industry, and making your construction business more profitable can be a challenge. Making more money isn’t rocket science, by following our five tips you’ll be increasing your profits in no time! Understanding your competition is key to making your construction business more profitable.

Profitability 60

Profitability Change Orders Construction Schedule 60

Contractor Bookkeeping

JULY 9, 2019

Estimating and submitting bids are one of the most stressful and nerve-wracking sides of your construction business. With poor bookkeeping, misguided judgment, and clerical errors come bad decisions on what projects to bid and not to bid on until eventually, you'll run out of time and money.

Bidding 51

Bidding Contractors Profitability Accounting 51

Viewpoint Construction Technology

MAY 11, 2017

Using a web- or cloud-based software solution is also the best way to increase your estimate accuracy and improve profitability. It should be a part of your strategy to win more bids. If you’re still using paper to estimate and bid, you know it can be a slow moving, time draining process. Bid Day tool.

Estimating 130

Estimating Bidding Viewpoint Construction 130

Construction Dive

JULY 21, 2016

By Bruce Jervis A bid is unbalanced when it fails to rationally allocate cost, overhead and profit among the various work items. As a general rule, a public project owner may accept a “mathematically unbalanced” bid unless it creates unreasonable risk for the owner.

Bidding 48

Bidding Overhead Profitability Risk 48

Constructonomics

APRIL 12, 2011

I feel like public construction bidding, especially small ones are like the minor leagues of construction projects. Over the past two years, I swear I’ve bid about thirty of these damn things. You fill out a bid form that has you basically sign your life away and then go up against eight to twelve other bidders.

Bidding 123

Bidding Michigan Contractors Profitability 123

Construction Business Owner

SEPTEMBER 29, 2021

How Construction Companies Can Boost Cash Flow and Profitability. How your company pays for purchases and manages expenses impacts your employees, your customers, and your key business metrics, including profitability. Track job costs more accurately for better profit margins. project profitability. Greg Ragsdale.

Management 291

Management Virgin Islands Cash Flow Puerto Rico 291

Autodesk Construction Cloud

DECEMBER 12, 2021

Below, let’s discuss the importance of construction KPIs and critical metrics your company should be measuring to affect profits and productivity. Similarly, although basic construction project metrics concern costs and time, profit isn’t the only performance issue to measure. Key Takeaways.

Profitability 52

Profitability Products CFMA Construction 52

Job Order Contracting

MARCH 1, 2022

Items included in a JOC coefficient (also known as a “Bid Factor”). General / Prime Contractor Profit and risk. Labor (Both during Normal Work Hours and Outside of Normal Work Hours). Materials. Equipment. Subcontractor costs. Subcontractor mark-ups. General / Prime Contractor Overhead. projects valued over $35K; 9.

Insurance 233

Insurance Compensation Overhead Security 233

ENR Construction

AUGUST 1, 2022

Reflection claims in its lawsuit that it has lost more than $13 million in profits from lost bids due to LeVan companies misrepresenting and exaggerating the efficacy of the Talon Wall system. .

Claims 69

Claims Bidding Profitability 69