Want three ways to cut Workers' Compensation premiums? Safety, safety and safety. Make it a priority and charge everyone who works for you with responsibility. One company, which made a top-down commitment to safety, reduced accidents and injuries by 50 percent in five years and saved more than $800,000 in Workers' Comp premiums.
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Job costs are the lifeblood of your construction business and accurately estimating them will determine if a project will make money. Managing job costs across the life of the project will ensure that your firm makes money on every job. Moreover, those job-by-job profits make the office and your executive salary possible.
Construction project financing and cash flow management are unique for several reasons.
Construction employers are fined millions of dollars each year for OSHA violations. The citations that result in fines are often overlooked by supervisors. Although employees usually receive generic information about OSHA standards in most workplaces, it's important to implement training procedures that make OSHA's rules clear.
Throughout the year, businesses like yours need to be able to provide verified financial results to others. This may be your tax preparer, a lender or investor, a potential purchaser of your business -- should you decide to sell -- or another interested party. Not to mention that you, as the company owner should know your books are being done with accuracy and completeness.
Construction ebbs and flows like the tides. That's why many construction business owners say: "When it rains, it pours," and "it's always feast or famine." To help, here are 10 steps to consider which can bring in vital cash when work slows down, and your firm doesn't have a lot of building projects going on.
Best practices for containing insurance costs are critical because insurance is one of the biggest costs in the dangerous construction environment.
Here are 10 ways contractors may be able to save money on insurance:
Joint ventures are common in the construction industry, especially with large long-term projects. These collaborative arrangements allow construction firms to work together, for a limited time period, on one or more construction projects.
Construction projects require coopeation and coordination among a long list of participants including architects, contractors, subcontractors and others. So it's not surprising that even the most straightforward construction projects can result in disputes and ultimately, costly litigation.