It’s safe to say that 2020 has pretty much been a dumpster fire of a year. The coronavirus pandemic and subsequent shelter-in-place and stay-at-home orders and other health precautions has significantly impacted how we work and live. This year I’ve found myself with, not necessarily more free time, but less things to do to occupy that time like going to the movies, traveling, attending sporting events and concerts, and hanging out with friends and family.

Thrive With the Information Advantage The speed, volume, and variety of digital data produced in the construction industry continue to advance as more technologies are used in the design, planning, and construction phases. The need for construction businesses to uncover insights from the vast universe of relevant project data is a mission-critical task for the industry to achieve better productivity and quality outcomes.

The construction industry is a dynamic and intricate sector that requires precise financial management to thrive in today's competitive landscape. Therefore, accurate accounting processes are not just necessary; they are a strategic advantage for construction companies looking to maximize profitability and comply with ever-evolving regulations.

As a general contractor, you have to be selective when it comes to the subcontractors you work with. You want to choose companies that have a dependable skilled workforce, strong management, financial stability, and can perform quality work to your company’s standards. To do this, you need to have an established subcontractor prequalification process in place. As with any business decision, picking subcontractors to work with requires you to do your due diligence. You should be prequalifying every subcontractor you’re considering working with to reduce risks that could impact your business, such as subcontractor default or substandard work.

Construction is a risky business. Each construction project is unique and comes with its own set of challenges and opportunities. Identifying and managing construction project risks can be tricky, but not impossible with careful planning and execution. When a risk turns into reality it can disrupt and derail a project which is why construction risk management is so important. In order to avoid disaster, you need to be able to properly assess, control, and monitor risks once they’ve been identified.

“To bid, or not to bid, that is the question.” It ain’t exactly Shakespeare, but the decision to bid on a project shouldn’t be taken lightly. You invest a great deal of time and resources into putting together a bid, so it’s important to make sure you are carefully identifying the right projects to go after. One way to do this is by conducting a thorough bid/no-bid analysis that meets your company’s goals and is in line with your long-term strategy.

Before we say goodbye to 2024, we want to look back at our most helpful blog posts of the year.

Raise your hand if you want to win more construction bids this year.

Federal government construction project contracts are a great way for commercial construction firms to make money. The total construction spending from all government levels totaled $476 billion in 2023. That’s almost a 25% increase from $383 billion in 2022. 

Raise your hand if you want 2025 to be your business’ best year yet. Yes, it’s easier said than done, but all it takes is strategy, preparation, and a little help from technology.