Real estate sales and marketing are one of the biggest challenges faced by investors in this industry. They have to look for competent marketers who might not understand the tricks to succeed in the industry, and those who do are quite expensive. This is because of the sensitive nature of
There’s no question that the pandemic has dramatically changed the way we live and work, and the impact it has had on different industries has been monumental. Supply chains are just one factor in this equation, however, they’re crucial to the success of many global enterprises. As supply chains become
Accounting will always be a key part of running a business, regardless of the industry you’re in. But when it comes to construction, accountancy might seem like the least of your concerns. When you need to adhere to strict working practices while managing challenging projects that could pose a risk
There are various reasons why you may want to work as a tradesperson, including the opportunity to learn critical and practical skills that are constantly in demand. In fact, we have a veritable shortage of qualified tradespeople in the UK, which is one of the reasons why we’re struggling to
Do you run a stockroom? If so, you’ve probably seen how simple it is for things to get out of hand, especially when it comes to its organization. Stockrooms are busy places, and it’s easy to brush things aside only to have them get lost or mixed up. This can
Thousands of people yearly are injured or die on construction sites around the country. As a result, the Occupational Safety and Health Administration was created more than 50 years ago to ensure as few incidents as possible. The purpose of this authority is to mandate safety standards for workplaces so
Having a contractor business is a great way to make a living. You can flex your creative muscles and your physical muscles and get to see your projects become a reality. You can experience all of that while bringing in big money. However, it’s also a business that comes with
A very important part of managing a construction business is processing the payroll. While payroll processing may seem simple, it requires a lot of attention – because making mistakes when performing it can be very costly, in the sense that it can attract both state and federal fines or penalties.
Construction is a booming industry, and it’s an area that’ll always be in demand. That’s led to more and more people considering starting a construction business. No matter how skilled you may be in the industry, running a company takes a lot more work than you’d think. You’ll need to
If you’re still manually handling your company’s bidding process, you might miss out on the perks of using automation tools or software. With complex documents and tight deadlines, keeping track of various bids can be a real challenge, and using the right tools can make a huge difference between losing
Real estate sales and marketing are one of the biggest challenges faced by investors in this industry. They have to look for competent marketers who might not understand the tricks to succeed in the industry, and those who do are quite expensive. This is because of the sensitive nature of the market. It is also a little bit difficult to capture the attention of potential buyers especially due to the market’s competition. Digitization has also made it difficult to surprise customers with marketing ideas. So what can real estate marketers do? Well, they have to get creative and adapt to the changing requirements of their customers. One way of doing that is by creating outstanding visuals for sales and marketing. Here are a few visual ideas for real estate sales and marketing; Enhancing Visuals Through Storytelling Storytelling is an amazing sales and marketing idea that is rarely used by real estate marketers. You can create amazing visuals and then spice them up with true-life stories that resonate well with potential customers’ memories, emotions, and dreams. For instance, you can tell a story of how a daughter bought a home for her parents and paid in cash. This can appeal to adult kids. You can also tell a story of a homeless person who got his first job and bought a house with one mortgage to give hope to others. When telling these stories, you should add visuals such as photos and videos. Since most people might have reservations about their photos being put up to the public, you can instead turn photos into cartoons and use them. You can even share these photos and stories on social media. eBooks For Target Audience You can use an eBook with visuals such as photos and infographics to solve a single problem faced by your target audience. This does not sell as much as other strategies but gives you an edge over your competitors when it comes to addressing issues faced by your customers. You can use eBooks for things like lead generation and then place them on your landing pages. When preparing an eBook, ensure that you have focused on a single problem and provided a solution to the problem. You then need to ensure that the problem is effectively covered using photos, comparison tables, infographics, charts, and other visuals that make it easy for people to understand you. Do not forget to add CTAs to the eBook. Video Testimonials Trust is gained, and as a real estate business, you need to gain the trust of your existing and potential customers. Trust plays a crucial role for all real estate investors, but is even more important for those who want to buy expensive properties such as luxury homes. One way of gaining trust is by using video testimonials. You can use them to show that you are not only professional but can also be trusted. Using your existing clients, let them share their stories and how amazing working with you has been. They can even mention some of your agents by name, talk about their new property and how happy it makes them, and recommend you to any future clients. They should also mention the benefits of working with your agency. You can share these videos on social media and on your website. Virtual Tours A real estate agency that uses virtual tours when showcasing a property will sell more compared to one that does not. A virtual tour involves taking 360° images that allow potential customers to virtually walk through a property. This way, they can see all corners of the property and ask any questions that they might have. It is also convenient since the clients and real estate agents save a lot of time – they would otherwise have visited the property physically. Virtual Staging Virtual staging is a modern sales and marketing technique that is driven by advancements in technology. You can virtually stage the design of a house and highlight everything good about the house. These are also referred to as the selling points of the house. Initially, real estate agents had to physically stage a home and then take photos. This has now changed. With virtual staging, you can get as many photos as you want, from different angles. These photos can be changed as much as you want until you get exactly what sells. You can even use professionals to remove or add new things to the virtually staged house. This helps you show the potential of the house. Using these images, you can showcase the house to your potential customers. Looking at the visuals discussed above, you will realize that they are all creative ways and can generate a lot of sales for real estate businesses. So, what are you waiting for?
There’s no question that the pandemic has dramatically changed the way we live and work, and the impact it has had on different industries has been monumental. Supply chains are just one factor in this equation, however, they’re crucial to the success of many global enterprises. As supply chains become increasingly disrupted, it’s important to have a risk management protocol in place so that your business remains functional. If you own a business that relies on international product shipments or industrial supplies, keep reading to learn how you can prepare for a potential supply chain disruption. What Disrupts a Supply Chain? Before the pandemic, supply chains still faced disruption and shortages, hindering both international and local businesses. Things such as natural weather disasters, environmental concerns, human error and labour shortages all played a factor. Financial concerns also cause supply chain issues, with suppliers experiencing unexpected changes in funding which can upset their processes. Changes in regulatory environments and sociopolitical concerns are also huge risks to supply chains—a major concern for people on a global scale. While some of these things are within our control and could be addressed fairly quickly, many of them are not within our control: for example, a global pandemic. A global pandemic created unprecedented labour shortages as people who were required to complete manual labour tasks either became ill or were forced to stay home for their own safety. On top of labour shortages, an increase in demand sent many businesses in a tailspin trying to keep up with new consumer spending habits, as people increasingly shopped online or ordered products in bulk. Many businesses are still recovering from this upset, and it could take a while before things go back to any semblance of normalcy. Common Strategies to Mitigate Risk There is no way that your business will not be impacted by supply chain issues at some point or another, so you must have a risk management protocol on hand. Once you’re aware of the risks that could cause a supply chain to experience disruptions, you’re able to consider which ones are most related to you and your business. For example, if you rely on materials from a company that you know is located in a country that experiences common environmental concerns, it would be best to focus on strategies that align with those issues. It might take some research on your part before you begin creating strategies so you’re able to make educational choices. The best way to approach supply chain risk management is by looking at prevention, preparedness, response, and recovery. Prevention In this step, you’ll want to think about all the different ways you can be proactive about supply chain risks. This includes conducting research about your industry and staying on top of the latest news—if anything seems like it could have the potential to be damaging, you’ll know to keep your eye on it. Which of your operations are the most vulnerable to a supply chain disruption? Are you dealing with rare, difficult to find products or materials? Was there a recent election in a country that you deal with on a regular basis? These are all things that you’ll want to think about so you can make adjustments or change course before you’re forced to. Prepare It’s always important to have a backup plan in case a Plan A doesn’t follow through. Even if you feel that your business is rock solid, something could always come up and set you into a tailspin. In this case, build relationships with local suppliers of similar products to set up alternatives in case something falls through. Also, set up tracking data if you can so that you receive alerts ahead of time that there are delays. You can even ask providers to give you insight into their risk management protocols so you can align with their ideas. Response So you’ve gone through some preventative measures and you’ve thought about how you’ll prepare. But now it’s time to walk through how you’ll actually respond to a crisis. Counteracting risk by having a chain of command set up in times of crisis is imperative. This means practicing or running drills with a polished plan to ensure it’s air-tight. Establish a clear and easy line of communication between you, your employees, and your distributors to make sure everybody is on the same page. One of the only things that can make a crisis worse is having a confusing, unplanned response. Recovery After you’ve responded to a crisis, it’s important to look at what you could have done better or what you did right. Conduct an audit of your mock response tactics and see what worked and what might be a red flag. The recovery period is just as crucial to your risk management protocol because it helps maintain all the hard work you put into responding to a crisis. This can include consistent monitoring to make sure everything is in order, swapping out distributors, and asking your team what could have been done differently. Be Proactive and Catch Issues Before They Occur No matter what industry you’re in, there will also be unknown factors disrupting processes. Preparing for the unknown is practically impossible, but there are steps that you can take outside of continuously having to play defense. Risk management strategies are great, but what’s even better is performing an audit and finding ways your company can improve even before a crisis hits. Do you solely rely on international companies to supply you with industrial equipment, and can you maybe look for industrial suppliers in Canada? Consider the way you communicate with distributors—do you have a good connection with them and are they trustworthy? The old adage that “a best defense is a good offense” rings true when it comes to managing supply chain disruptions. Sometimes, it’s not how you react, it’s how you prepare. Protect Your Business and Mitigate Risk Supply chains have always been complex and disruptions happen, so it’s important to keep
Accounting will always be a key part of running a business, regardless of the industry you’re in. But when it comes to construction, accountancy might seem like the least of your concerns. When you need to adhere to strict working practices while managing challenging projects that could pose a risk to the health and safety of your workers, it’s easy to push paying your taxes to the back of your mind. However, accounting encompasses much more than simply filing a tax return and a combination of the right tools and a solid organisational system can put your business in good stead to not only survive but succeed. If you’re a construction professional working as a contractor or on the verge of starting your own business within the industry, then this guide to accounting will help you to get started on the right path. The importance of accounting in construction Business structures in the construction industry are variable, with every big project hiring a different combination of contractors and full-time staff. This can make paying the right amount of tax and keeping track of payroll challenging, especially if contractors are being hired on a day-to-day basis and subcontractors are routinely brought in to support with specialised tasks. This level of changeability requires construction professionals to pay close attention to their finances, as failing to maintain their accounts will result in missed payments, cash flow problems and, eventually, debt or shortages in capital. This contractor’s guide to ask for deposits can help professionals mitigate some of these costs, but a robust payroll system is the only real way to prevent shortfalls. Getting started with accounting The earlier you begin implementing an effective accounting system, the easier it will be to avoid all the challenges that come with working in the construction industry. Some of the basic considerations you must take include: Investing in the right tools Taking a manual approach to accounting in an industry that’s as changeable and multifaceted as construction will result in wasted time and complications arising from human error and ineffective organisation. Digital tools such as accounting software are by far the best way to manage not only your day-to-day finances, but your annual tax return, monthly payroll, and cash flow. Due to the high number of contractors you’re likely to be working with, it’s smart to invest in an accounting solution that can take care of invoicing, send out payment reminders and log the details of every worker for more efficient tax calculations. Not only will this ensure that you are always getting paid on time, but it will reduce the number of queries and complaints from contractors that either haven’t received any money or want to know when they will. If you aren’t sure whether accounting software is for you, you could get started with a builders invoice template, which will help you to improve payment communications through formatting. Over time, you can decide to integrate templates with software for a more seamless process. While accounting software does give you the power to manage your finances yourself, you may also want to consider hiring a bookkeeper or accountant as your business grows. This will help you to make full use of any expenses or allowances that are available to you, saving you tax in the long run. Understanding the regulations The construction industry is often subject to specific tax laws and regulations that can make its accounting processes more involved than they are in other sectors. These will vary depending on the country you’re based in and the type of project you’re undertaking. If you’re primarily carrying out work in the UK, you will need to familiarise yourself with the Construction Industry Scheme, which stipulates contractors are responsible for collecting any tax owed from subcontractors on the government’s behalf. This means that not only are they responsible for paying their own tax, but they also need to calculate and pay taxes for the contractors they hire, not unlike an employer would. In most other industries, contractors or freelancers are responsible for only their own taxes, which lessens their accountancy burden. In addition to construction-specific regulations, you will need to decide on the best structure for your business. The way you file your taxes will change depending on whether you’re a limited company, sole proprietor or part of a partnership. Taking out insurance Insurance might not seem like it’s directly linked to your accounting processes, but it will certainly help you maintain your business’s financial health should anything go wrong. You may need to take out multiple types of insurance in the event that there’s an accident on the construction site you’re working on and a contractor or employee is hurt. It can also be a good idea to insure expensive equipment or machinery for accidental damage. Without insurance, an accident could spell the end of your business, regardless of how well you’ve been managing your accounts and cash flow. Paying attention to your cash flow Many construction businesses have experienced financial difficulties due to a poorly managed cash flow. This is partially due to the amount it takes for some construction projects to be completed. If you’re going to be working on a site for many months or the best part of a year, there’s an increased chance of your client running out of funds, pulling out of the project or even going bankrupt. If you’ve already invested in all the materials and equipment needed to complete the work, you may find it difficult to take on new work if you lack funds after receiving only partial payment. To avoid cash flow issues, it’s important to spread payments across a project, sending invoices to your clients regularly and asking for advance payments instead of investing your own capital to buy equipment and materials. Accounting software will help you to keep track of your income and expenses, highlighting when it’s time to remind your client to make a payment or press pause on ongoing work. Take
There are various reasons why you may want to work as a tradesperson, including the opportunity to learn critical and practical skills that are constantly in demand. In fact, we have a veritable shortage of qualified tradespeople in the UK, which is one of the reasons why we’re struggling to build the requisite level of housing to meet demand. This is despite the fact that the number of women who work as tradespeople jumped from 15,000 in 2009 to 33,000 just 10 years later, and the influx of trained labourers from overseas. But what are the main benefits of working as a tradesperson? We’ve outlined three of the most prominent below: Enjoy a Varied Career As a tradesperson, you should note that no two days are ever the same. Even though you’ll have a defined skill with fixed parameters, the nature of the work that falls within your wheelhouse can be broad and varied. If you’re a plumber, for example, you may attend a residential home to fix a leaking faucet. The next day, you could find yourself installing a complete shower room at a gym, which is a far more complex and immersive challenge. This creates a certain level of interest and job satisfaction, particularly if you enjoy travelling to work in different places and meeting new people and customers on a regular basis. Over time, it can also help with the cultivation of brand-new skills or lead to the enhancement of existing knowledge and practical experience. Benefit from Constant Demand As we’ve already touched on, the UK is in the midst of an ongoing skills shortage in trades such as plumbing and electricians. This is not only leading to a scenario where the UK government is unable to deliver enough public or private sector housing on these shores, but it’s also leading to wider workforce shortages that impact on both residential and commercial projects. Because of this, there’s an almost constant demand for skilled tradespeople in the UK, both in terms of building new homes and maintaining those that already exist. In fact, tradespeople are crucial from the perspective of keeping businesses open and functional at all times, and qualifying as a plumber, electrician or plasterer almost guarantees a steady flow of work. Enjoy a Competitive Salary As a skilled job that’s in high demand, you can bank a competitive salary when working as a tradesperson. The imbalance between supply and demand in the most important trades has certainly seen the earning potential of tradespeople increase in recent times, particularly in relation to individual projects and those who work on an independent basis. Certainly, a self-employed tradesperson can make a relatively large amount of money in the current economy, so long as you can justify your costs and create a competitive price premium that the market can bear. This is an important consideration, as you don’t want to undervalue your skills or price yourself out of the market when compared to your competitors.
Do you run a stockroom? If so, you’ve probably seen how simple it is for things to get out of hand, especially when it comes to its organization. Stockrooms are busy places, and it’s easy to brush things aside only to have them get lost or mixed up. This can make it harder for workers to find items and could even lead to you losing money if you cannot keep track of your inventory. To design an orderly space, check out this article. Below you’ll discover a few ways you can effortlessly arrange your stockroom. 6 Tips for Organizing Your Stockroom Rely on Buckets and Bins Some stockrooms make the mistake of simply placing their items on shelves rather than putting them into containers. While this isn’t always possible for some things, smaller items could get pushed around into nearby objects. If there are openings in the shelves, they could fall through. Buckets and bins will avert this by helping keep everything in one place. You’ll also want to label them to keep things together. You might also consider color-coding the containers. For instance, green buckets indicate clothing, while red means electronics. This will aid you in finding things much faster. Make sure, though, that your items properly fit inside the containers. Those that are too big or small could make it harder to find goods. Don’t Forget Vertical Space Many stockrooms rely on horizontal space, but it’s important to think vertically too. With vertical space, you can build things up, not just sideways. This ensures that you’re using all areas to their fullest potential. While you can stack containers vertically, try carousels and racks. This way, you can easily reach items without needing to take down bins. Carousels also let you electronically move items up and down so workers can grab them quickly and safely. Be sure, though, that there is plenty of space for workers or machinery to access these vertically-placed items. If the shelves are too close or bordered by a wall, it will make it much more difficult to retrieve things. Use Forklifts This device is a great way to transport your inventory, especially heavy and large loads, efficiently. Forklifts can lift inventory and transport it to designated areas. They can also reach high spaces so that you can rely on vertical space. To better aid, you, contemplate investing in pallet forks. These slide in place over the current ones but extend them slightly so you can lift larger loads than your current forks allow. Pallet extensions are made of high-quality steel that can be custom fitted. For best results, you’ll want those that measure 42-48 inches long. Adjust the Layout It might be worth considering altering the stockroom’s layout if you notice it’s hard to get around certain areas or reach specific goods. For example, if the room’s center is crowded with shelves, it might be worth moving them out toward the wall. On the other hand, if you find that certain products are extremely popular, moving them all to a specific section closest to your loading dock might be beneficial. Invest in Good Lighting It might be surprising to learn that lighting can play a major role in your stockroom’s organization. Unfortunately, poorly lit areas can often get overlooked, leading to them accumulating debris over time. Besides this, some items might get lost. To prevent this, high-quality lights are essential. Most of the time, LEDs are ideal because they’re brighter and also energy-efficient, so they can run for hours without significantly increasing your energy bill. In addition, despite being brighter, they have less glare, preventing workers from getting headaches or eye strain due to the reflection. You can install traditional light bulbs around the stockroom and task lights. A great perk of some task lights is that their bulbs can be adjusted at various angles so you can shine lights into corners, shelves, and other hard-to-see areas without needing to install multiple sets. Use an Inventory App These apps are designed to help you keep close track of your goods. You can refer to it to monitor quantities to know when it’s time to restock. Some even provide statistics to see which items are doing great and others not. By using one, you’ll find that it will be much easier to keep track of the inventory and know what is performing well. Better yet, you can give your workers access to the app so they can update it in real-time or provide notes on certain items. Keeping a stockroom organized can be tricky, especially if you do a lot of business. However, by keeping this information in mind, you can create an efficient space to work in.
Thousands of people yearly are injured or die on construction sites around the country. As a result, the Occupational Safety and Health Administration was created more than 50 years ago to ensure as few incidents as possible. The purpose of this authority is to mandate safety standards for workplaces so that employees can go to work in the safest environment possible, whether in a quiet office or a bustling construction site. By its very nature, construction is a dangerous industry. Heavy equipment, sharp objects, tripping hazards, heights, and any hazardous situations could occur. The OSHA provides regulations and standards to minimize and mitigate those risks to protect workers. Here is a basic overview of OSHA regulations relating to construction sites. Heights and Fall Prevention As you can imagine, working from heights is very common on construction sites and presents a unique set of risks. As a result, OSHA has several guidelines about safely working from heights to keep workers and the general public safe. For instance, scaffolding must be able to hold four times its weight safely. On top of that, it must have guardrails and toeboards to prevent falling over. The OSHA also has guidelines for working near power lines which can pose a severe risk to someone working from heights. They also have safety standards for every type of ladder used on a site. This includes how to secure them properly and how to climb on and off of them. Stairways on construction sites must have proper hand and guardrails and be debris-free. Nothing can be stored on stairways, including at the top and the bottom. If a stairway gets wet, it must be cleaned immediately to prevent slips and falls. Electrocution Electrocution is another major cause of injury and death on construction sites. Therefore, workers must be conscientious when dealing with any appliances or exposed wiring while on the job. As part of their guidelines, OSHA mandates that no worker can access or work on electrical circuits and outlets until the power is cut and the ground wires are attached. Also, any damaged wiring has to be replaced immediately. This includes power cords. Tools that require electricity to operate must be inspected regularly. If a possible defect is concerned, it must be repaired or disposed of immediately. Do not use a tool that may have frayed or damaged electrical components. Any equipment, including ladders and materials, must be at least 10 feet away from electrical power lines. Communication Communication among construction workers is a big part of OSHA’s safety guidelines. This means that workers must talk and communicate with each other, and management must make sure that all employees have safety training and reminders. In addition, there must always be an MSDS data sheet on-site if dangerous chemicals are present. It must be easily and quickly accessible by anyone on the site, not just management. Any possible hazards on the job site must be efficiently communicated to workers. For example, upon discovering an unsafe condition, or a chemical, management must let everyone know about the danger and provide the steps to avoid it. Waste Management Loose waste can be a dangerous component of any construction site. The OSHA has several guidelines to make sure that removing waste to keep the job site safe and clean is done properly. For example, if you work more than 20 feet from the ground, any material waste you produce must be dropped to the ground using an enclosed slide or a similar implement. If you are dropping waste through the floor to the level below, the drop zone area must be marked and blocked off to prevent someone from walking underneath. In addition, using disposal equipment will make disposal more efficient and safer for workers. For example, self dumping hoppers can hold a large amount of waste, are moved easily using a forklift or other lifting equipment, and can be emptied without requiring human hands to touch the disposed of material. Personal Protective Equipment Employers are responsible for making sure that all employees have the right personal protective equipment for their jobs. Every job has different risks, but some common basics are required. This includes protection from head injuries by wearing a hard hat while on the job site. In addition, debris can fall from above, or a worker could trip and fall. If working with heavy machinery, operators must also have proper hearing protection to avoid hearing loss over time. All workers should have protective work boots or shoes; some may even need leg and shin padding for their work. Due to the risk of flying debris, sparks, and wood chips, all workers must have eye protection in the form of goggles, shields, or both. Safety is paramount. If your staff isn’t safe on the job, there will be injuries, productivity issues, and staffing problems. Besides, it looks unprofessional to any partners, clients, or the general public that might be interested in what you are doing. So ensure you keep your workers safe with the OSHA’s guidelines and regulations.
Having a contractor business is a great way to make a living. You can flex your creative muscles and your physical muscles and get to see your projects become a reality. You can experience all of that while bringing in big money. However, it’s also a business that comes with a lot of stress in many ways. You have to worry about deadlines, client demands, staffing, and anything else that comes with owning and running a business. Beyond that, there is getting clients in the first place. Without clients, there is no business, so you must keep bringing them in. For a commercial contracting company, that means bidding on jobs and getting your brand out in the community. If you never win bids, you will never bring in revenue. However, winning bids is not just about having the lowest one. Here are some tips on landing jobs at a commercial contracting company. Market Your Business Effectively You will need to invest in marketing and promotion. When potential commercial clients decide to undertake a project, you want your brand to be one of the first to come to mind. You can certainly invest in broadcast media advertising, such as television and radio. However, social media and digital advertising might get you more bang for your buck. Since contracting businesses tend to work in a local area, you can target advertising to people and companies near you. You should also put yourself on a platform such as LinkedIn to create a network in the business and contracting communities so that more people know who you are and your brand values. They will be more trusting of your business if they see the face and person behind it. Post regularly about industry updates and what your company has been doing. You can also use search engine optimization (SEO) as a strategy. This means that you are setting up your website to appear on the first page of search engine rankings for certain search parameters. For example, when someone googles “contractor” and your city, you want your brand to show up there. You will get more organic traffic from people already looking for the services you offer. Networking When commercial clients want a project done, they need to know that their contractor will do it professionally, competently, safely, and with an attention to detail. They also want it to come in on budget and within an appropriate timeline. The best way for potential clients to trust you is through personal connections. As the owner of a contracting company, you need to get yourself out there. Attend Chamber of Commerce functions, show up at charity events and make yourself seen in the community. Even if you don’t meet a single person who is a decision-maker at a company, those you meet will have friends, family, and other connections. Knowing people in person will give them a better sense of your personality and how you run your business. If they can trust you as a person, they will be more likely to go to bat for you with the people who make final decisions on bids and service providers. Get All Your Ducks in a Row The other way you can get prospective clients to trust your business is by making sure that you have protected it properly. As a commercial contractor, you can join professional organizations, get certifications and licenses, and present a squeaky clean image to the world. You should also have insurance in place that protects your business, your clients, and the general public. When choosing a contractor, businesses and commercial clients will check to make sure that your employees are bonded and that you have all of the requisite certifications. Don’t try to get away from these. Invest in making your business look strong and reputable, and clients will be more likely to sign with you. Be Organized A red flag for a prospective client is a contractor that misses deadlines or meetings or doesn’t have information when requested. You must always be organized and on the ball, or else you might miss opportunities. If you bid too late, you will most likely be automatically taken out of the running. If organization is not your skill, hire someone to do it for you. Not only will it help with getting new jobs, but it will also help with your employees. A disorganized company will miss pay dates and make mistakes. This will annoy your staff and potentially cause issues keeping people. Have a Bidding Strategy When you bid, you need to have a strategy. Some contractors like to quote everything down to the last penny, and some like to use round numbers, like $10,000. However, while rounding numbers makes it simpler, a client may question that. Are you rounding $80,000 up to $100,000? They don’t know, so you will need to be very close if you are rounding. Your strategy will have to balance the desire to get everything into your bid that the client wants but at the lowest price possible. But even then, you will need to be mindful of how much profit you are taking in. In general, if you do good work for a decent price, even if it’s not the lowest, you should be able to convince clients to sign with you. Now that you have these tips, you are ready to start bringing in clients. Remember, if you provide great workmanship and build a great network, you can bring in revenue and build the commercial contracting business you’ve dreamed of.
A very important part of managing a construction business is processing the payroll. While payroll processing may seem simple, it requires a lot of attention – because making mistakes when performing it can be very costly, in the sense that it can attract both state and federal fines or penalties. In fact, these fines are much heavier during the tax season. For this reason, you need to ensure your payroll procedure is precise and efficient. Some businesses turn to account professionals to better simplify the process – however, not all businesses can afford this luxury. So in an effort to make this easier for such businesses, here are some very key areas and aspects of the process that you need to focus or improve on. Issuing Pay Stubs To Employees The FLSA (Fair Labor Standards Act) doesn’t require companies to furnish workers’ pay stubs; rather, it governs matters like business payroll documentation. The federal legislation has stringent standards for documentation, but companies are not required to furnish a printed record. Pay reports aren’t mandated by federal legislation, but the majority of states have chosen to establish state legislation requiring companies to give employees frequent reports concerning their salary and deductions. Broadly speaking, the reports must include these relevant data: worker name, SSN, taxes, payment cycle, and rate of pay. See the State Labor Office Information website to discover if your jurisdiction has pay report regulations or whether pay stubs can be delivered digitally to workers. Finding companies who provide Pay Stubs generator services is important and you should work with those that have good services. If your state requires the issuance of pay stubs, you need to be very meticulous about the process. Also, you need to be very vigilant to avoid the issuance of a fake pay stub – you will be surprised at how easy it is for scammers to fake this vital document. Ensure that any digitized platform you use is absolutely safe and almost unhackable. Conducting Audits You avoid any problems throughout tax season with frequent audits. You should audit if you see a surge in the number of workers who are worried about their paychecks. In fact, it doesn’t matter if your process is automated or still uses paper timecards; periodic audits minimize mistakes. For a fact, when automated or computerized payrolls are employed, mistakes are frequently considerably more significant. And such an error might affect your employee’s salary if a calculation or variable input is wrong. Regular changing fields, like tax positions or increases, need to receive audits frequently. Conducting audits will save you energy and cost by preventing future fines. A comprehensive audit entails starting at the payroll process’s outset. Always check to confirm that all time and numeric values are accurate. Observing Tax Regulations Penalties may be imposed for any miscalculations. And sadly, these miscalculations are widespread because many aren’t aware of new IRS regulations. Due to these errors, businesses are forced to pay penalties and remedy their problems. So, to avoid these issues, you must accurately register your payroll. For this reason, understanding the federal and state regulations governing payroll is crucial. Every year, there may be possible modifications to the tax code, so you must keep informed. Just because you don’t know much about tax legislation doesn’t guarantee your staff will either. You might be subject to legal action if you don’t follow the correct payroll procedures. Workers who don’t receive the required overtime or are paid for the wrong hours will be able to sue.
Construction is a booming industry, and it’s an area that’ll always be in demand. That’s led to more and more people considering starting a construction business. No matter how skilled you may be in the industry, running a company takes a lot more work than you’d think. You’ll need to know what to focus on when starting a construction business. With the wealth of factors you’ll have to take care of, doing this can seem difficult. Far from it. By making sure you have a few particular areas taken care of, the rest should fall into place. What To Focus On When Starting A Construction Business: 3 Vital Factors 1. Tools & Equipment You’ll need more than a few tools and equipment to run your construction business. These range from important freight shipping tools for small and mid-sized businesses to the jackhammers, drills, and similar equipment you’ll use. Make sure you get these as soon as possible. Spending a bit of time comparing options can help you get the right ones for you. Budget could be a significant factor in this, but it’s worth making sure you get the right value for your money when deciding. Once that’s done, you can be confident your workers have everything they need to do a high-quality job. 2. Licenses & Permits When you’re starting a construction business, you’ll need to obtain all of the necessary licenses and permits. These don’t solely focus on the individual projects you’ll work on, though these can be an important part of running your company. You’ll need these to legally start operating your business. These can vary from place to place, so you’ll need to spend a bit of time researching your local regulations. They also have various requirements, so be prepared to spend a bit of time on these. Once you have them addressed, however, you can rest assured you’re operating legally. 3. Office Location Your construction company needs an office, just like any other company. While you don’t need to go with something large for this, it should convey professionalism to your potential clients. Think of this as a base of operations, and make sure to pick the right one for you. You’ll not only meet many of your clients there to walk them through projects, but you’ll plan all of your operations from there. Make sure it’s an appealing and functional place to work. Refurbishing the office is an essential part of this. Potential clients may judge your work based on how your office looks, regardless of whether or not you built it. May sure it represents you positively. What To Focus On When Starting A Construction Business: Wrapping Up Once you know what to focus on when starting a construction business, the process seems much simpler than you’d expect. While there are multiple factors to take care of, some are more important than others. Each of the above are some of the more essential parts of starting and growing your construction company. They’ll lay the foundation for further growth and success. In time – and with a bit of effort – you’ll see more and more revenue coming in.
If you’re still manually handling your company’s bidding process, you might miss out on the perks of using automation tools or software. With complex documents and tight deadlines, keeping track of various bids can be a real challenge, and using the right tools can make a huge difference between losing and gaining business deals. Fortunately, there are various tools you can use to simplify your company’s bidding process and gain more business opportunities. One of these tools is called bid management software, which is designed to simplify bid management. However, you can only make the most out of bid management software if you use quality platforms like Bidhive and others that make the bidding process manageable and hassle-free. If you’re unsure about using bid management software in your business, here are the reasons to consider it today: Better Security A primary reason to use bid management software is that it helps ensure the security of your information. This tool typically allows control over what users can do and see. It protects your business while providing the right access to staff and several contributors. The sign of secured bid management systems is accreditations. These accreditations cover information security management systems. They also include technical, legal, and physical controls involved in a company’s information risk management process. Gain Better Control Over Documents Unlike the traditional bidding process, using a reliable bid management solution enables you to control your company’s documents better. For instance, placing a bid for a big construction project may need input from third parties when creating bid proposals. Traditionally, bid proposals are done via email and other document-sharing platforms, making it hard to document all stages of the process. With the best bid management software, each contribution of third parties is entered directly into the system, enabling your sales team to see every step of the process in a single dashboard. As a result, it saves your precious time because you don’t need to switch from every system. Streamline The Bidding Process Creating and sending an Invitation to Bid (ITB) document can be time-consuming. After identifying the required trades, you must determine which subcontractors can work in the project area. To avoid wasting time, consider using bid management software for your business. Once you use the software, fax machines and plan rooms are no longer necessary because plans can be retrieved or sent via email instead of post or fax. The ability to identify who to invite for bidding, create ITBs, and share specs and plans all at once can be a huge time-saver for every business. Improve Reporting Methods Typically, bid management software offers comprehensive features that allow you to create reports for essential meetings. Staff may decide when reports must be generated, who they must be sent to, and what details to include. Bid management software also keeps a comprehensive audit trail of the employee responsible for the process. This way, keeping on top of compliance monitoring is made easy. Make Your Business More Professional Most bid management tools come with built-in templates, making it much easier for the bidding team to craft professional-looking documents without spending more money and time on designers. Having such professional-looking and high-quality bid documents make your bids set apart from others and may increase the odds of winning business. Bid Coverage Guarantee Bid management tools allow businesses to monitor which vendors have responded quickly and the bids they’ve received for every trade. Such tools also enable access to a wider network of vendors, enabling you to invite more potential interested companies to bid on your projects. With this, you can also increase your network for future projects and ensure that every bid covers all aspects of your projects. Improve Communication Projects that communicate effectively are more likely to succeed. As budgets and schedules become tighter and most projects become more complicated; collaboration is crucial to ensure the project’s success. By using bid management tools, businesses can easily share addenda and information with their bidders. It’s also possible to track the files or documents that have been viewed and accessed, which makes communication easy. With good communication, you can guarantee that all parties involved will better understand the project. Save More Time Generating estimates might take up a certain amount of time when bidding for contracts. Since your company isn’t the only one bidding, you must use bid management software to speed up the bidding process and automate quotes. So, if you want to save time and improve your company’s bottom line, never hesitate to take advantage of the software to automate the bid management system of your company. Conclusion In today’s modern business world, your company should keep up with the changes and adapt to the latest technological advances to stay ahead of the competition. The best quality management software will help streamline the process of managing your projects, submitting bids, and receiving bids. It won’t only make your life easier, but you can be assured of a smooth project that’ll benefit your business over time.
