ConstructConnect Blog

The accuracy in which you estimate the cost (and profitability) of your construction work will either make or break your business.

The amount of technology available geared specifically toward the construction industry is mind-boggling. There’s drones, robots, smart hard hats, wearables, ruggedized smartphones and tablets, and 3D printers. Soon we’ll have autonomous (self-driving) heavy equipment hitting construction sites. Not to mention the hundreds of software and mobile applications available for nearly every aspect of running a construction business from the office to the field.

The construction industry has gotten a bad rap for being notoriously slow at adopting new technology. Despite the proliferation of new tech that has hit the market in the last decade, many construction firms continue to underinvest in technology. Being unwilling to embrace the industry’s current tech revolution is no longer a sustainable business model for construction firms.

When a firm is just beginning, the business owners can feel a range of emotions. It's exciting to start your own business venture, but it can also be an intimidating process. There are so many things that could happen in the future, especially when the business is new and trying to grow.

I’ve written about the importance of a vendor payments strategy for companies in today’s business climate. But the reality is it’s twice as imperative for construction companies to implement this process because the industry’s payment challenges are bigger—and so is the opportunity. Payments are at the center of two critical areas of the construction business—vendor relationships and job progress. So getting strategic about how you pay can make a big impact.

If you work in construction, you’re probably used to the long wait to get paid after completing a job. You wait patiently for payment from the general contractor (GC). You try calling, sending emails and invoice reminders. Nothing seems to get their attention, in fact, they seem annoyed that you keep asking. Then you ask yourself: Is there anything I could have done to establish a relationship earlier on in the project? In fact, there is: Sending a preliminary notice is one of the best ways you can improve communication and build a stronger relationship from the start.

The construction industry has a history of sticking to tried-and-true traditions, but the shiny newness of the digital age is making its way in. Many construction managers might be receptive to implementing new tech, but need strategies on how to secure companywide buy-in. Investigating options and benefits allows every worker to reap the benefits of a streamlined workplace.

As this next generation of children begins to reach adulthood, the push to get a four year college degree is seen as the only solution to achieve career success. Any other direction is frowned upon by parents and society. Unfortunately, this leaves a huge void in the labor market and ignoring a promising opportunity for today's youth.

One in five Americans struggles with a mental health condition. Society has created a schema of those at risk for psychiatric disorders— women, teenagers, abuse victims and so on. It's not unusual for this schema to give less regard to men — even with changing mental health initiatives — because many people assume men are stronger and less vulnerable to mental health struggles.

Data makes the world go round. With access to high-speed, readily available information, companies across a range of industries can ensure smart decision making and better investments. Even the construction industry isn't immune to data and digital transformation.