Image is really important in business, and in the construction industry in particular. No one is going to spend huge sums of money employing a company that has a poor image, and they will probably be wary of employing a construction company that has little to no public image at
When you are running a business, you need to make sure that you have everything running smoothly. One of the worst things to happen to a business is slow or low productivity. That’s not just in your people, but in your systems, your software and in the way your business
As a construction manager, you must ensure that all the construction-related responsibilities are taken care of. Here, you are the one to plan, oversee, and organize the project team, control limited resources, manage client expectations, allocate resources, and ensure that the project is well delivered on time. The good thing
A superior job role isn’t the only sign of a leader. Any member of a team can show the attributes that a good leader needs. First impressions count for any kind of job, but displaying a continued effort throughout your career is a way to become a true giant in
Property management in the United States grew by more than 4% in the last few years. It’s a service that bridges the gap between investors and renters, whether you’re dealing with residential or commercial properties. As an investor, you’ll be able to get a return on investment (ROI) from a
Real estate investors are often restricted by the hefty property costs, primarily for commercial and rental assets. As the industry continues to evolve, so are the investment schemes in the real estate sector. These days, capitalists who can’t afford to purchase commercial properties on their own can turn to real
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
Image is really important in business, and in the construction industry in particular. No one is going to spend huge sums of money employing a company that has a poor image, and they will probably be wary of employing a construction company that has little to no public image at all too. Customers want a sure thing; they want a company they can trust to handle their construction projects, so if you cannot offer them that, chances are you will not get as much work as you would like. The good news is, there are lots of things you can do to either establish your image as a construction company, or clean it up if things have gone wrong, and most of them are pretty simple, as you will see below. Start right and do a good job It’s pretty obvious, but if you want to improve your construction company’s image, then the first thing you need to do is ensure that all of your working practices are kosher and that you and your team are doing the best possible job you can on every job you do. Yes, there are many things you can do to firefight a poor reputation, but it is far easier not to build a poor reputation in the first place. Respond to complaints (and do so calmly) If you do get a complaint from a customer who is perhaps not entirely satisfied with the work you have done, it can be all too easy to get offended and start arguing the toss with them on social media or in reviews, but this is only going to make you and your company look worse. It is far better to deal with complaints calmly, put your idea across factually if you think that the review has been unfair, and ask what you can do to come to a mutually acceptable conclusion. Even if you do get a bad review, if other people see that you have engaged with it, kept your cool, and acted reasonably, they will be more likely to look favourably on your business than if you act like a lunatic. Oh, and if you have made a mistake, owing in up to it right away and offering to put it right will help a lot because everyone knows mistakes do happen, and if they can see you are willing to own them and put them right, they will be more inclined to giver you a chance than someone who goes into denial. Collect testimonials One thing that can massively help to improve your image as a construction company is positive testimonials. So many people are unwilling to hire a contractor unless they can see that they have done good work for lots of other people in the past. So, a portfolio of your previous works, along with testimonials from satisfied clients, that you can produce when asked, or have readily available on your website, will definitely help you to give your image a positive boost when you need it. Turning up when you say you will Most people, when they hire a contractor, do not expect them to show up when they say they do due to bitter past experiences. It can be really annoying when a construction company tells you that they will start work at 9 a.m on Monday but you don’t so much glimpse them until the Thursday of that week. So, one way you can really set yourself apart and ensure that you have a good reputation is by turning up when you say you will, and furthermore, not promising things you can’t keep. If you will not be able to complete digging the foundations until Friday, don’t tell them it will be done by Wednesday to keep them pacated. Be open, be honest and do what you say you will and your reviews will be glowing compared to the next construction company in your town’s. Offer free quotes Another easy win is to offer free no obligation quotes that are really free and where no hard sell takes place. For one thing, customers love freebies, from promotional USB drives and totes, right down to free quotes, and for another, they hate feeling like they are being pressured into going with a particular company. So, if you offer them a free quote, and you don’t lean on them to go with you, they will almost certainly have a more positive impression of you than many other competing construction companies in the area, and that will position you as the number one choice of many, all other things being more or less equal. Treat people’s homes with respect As a construction company, you are often trusted to enter people’s homes to carry out work, often when they are not there. When doing this, if you want to improve your image, it is important that you treat their homes with respect, making every effort not to knock things over or drag huge amounts of mud in from outside on your shoes, for example. Letting them know that you respect them and their things and will take every care to do the job on time with as little impact to them as possible is only ever going to result in positive reviews and a much more favourable first impression from many., and all it takes is a little extra thought and effort to achieve. Design a new logo Of course, often it is the small things that can improve your reputation, and a case in point is doing something as simple as redesigning your logo so that it is more modern, more up-to-date and more eye-catching. People often make snap decisions, so if your logo is dull o there is a spelling error or anything doesn’t look quite right, they will dismiss your construction company as an option. Make sure this doesn’t happen by having a professional graphic designer create a modern design that is appealing to your target audience. Treat
When you are running a business, you need to make sure that you have everything running smoothly. One of the worst things to happen to a business is slow or low productivity. That’s not just in your people, but in your systems, your software and in the way your business is run. If things aren’t running correctly or smoothly, you will find yourself finding it much harder to get your business going. You might also find that business interruption is something that cannot be avoided and it’s these interruptions that are going to cause your business to fail. Instead of worrying about your business failing, you can assure you implement IT support along the way. They will have to be the ones to tell you when your IT needs an upgrade, and I don’t just mean your hardware or your computer systems, but your software, too. With this in mind we have great reasons to upgrade your IT now. Your warranties are about to expire. It’s nice to hang onto computers until they fall apart but when you do this you can end up voiding your insurance. Having very old systems and hardware in your business can mean that you have let your warranties run out a long time ago so when they break down you have to pay for them out of pocket to be repaired. Old systems often mean you have a lack of vendor support who are still around that makes the type of computer that you have. Whilst an outsourced IT team may have some knowledge of your specific hardware that doesn’t mean to be able to help. That’s the functionality. There is a reason that people will queue up for hours looking for the new Apple software or Samsung phone. If the functionality that has been approved. If you want to have new, and expanded functionality then you need to be able to upgrade your IT systems. Technology advances so much faster than you think and there’s so many new and innovative functions that can help you to deliver added business to your customers. You could start accepting payments online compared to what you did before the pandemic, and that can allow people to work from home. It’s the little things that can improve. Security becomes easier. When you upgrade your IT security is much more controlled and ensures that you are able to keep your business and data safe. The rate of cyber attacks is going up right now, and you can avoid this by ensuring that your equipment is secure. Upgrades can help you to do this. You can increase the efficiency. If you want your business picked to be something that people see is productive then you need to work on efficiency. That means looking at ways that you can improve the way that your business is running and a good IT upgrade will help you to do that with ease. Don’t be afraid to get started
As a construction manager, you must ensure that all the construction-related responsibilities are taken care of. Here, you are the one to plan, oversee, and organize the project team, control limited resources, manage client expectations, allocate resources, and ensure that the project is well delivered on time. The good thing is that with the right amount of planning and research, use of the right resources, allocation of enough time on the project, and a strong team, there is no doubt that your project will turn out a success. Have you been looking forward to starting a construction project? Here are crucial things that you should consider looking at first. Have a Detailed Plan As they all say, failure to plan is planning to fail. Here, you need to ensure that you allocate your time well. Know when, where, and how you are going to work. Also, it would be best if you took breaks to help increase your productivity. There are a lot of exciting things you can do. For example, you can choose to go for a walk, play exciting online casino uk games, read a novel or listen to music. Every construction project needs to have a well-detailed plan if success is needed. You need to note that certain things are needed before your plan is confirmed to be great. For example, your plan should clearly show everything needed for the project to be carefully completed. This is from site analysis to the creation of a realistic budget. Have a Budget The truth is that money is an essential factor that you should consider looking at. You must figure out how much money you are ready to spend on the project. This calls for you to create a flexible budget. What is your budget? How much are you willing to spend on the project? These are the types of questions you need to find answers to. Note that having a budget keeps you from overspending and lets you spend only on the project’s priority. Know Your Tax Requirements The fact is that different construction projects are subject to different tax consequences. This makes it necessary for you to go out of your way and understand the tax requirements you will be liable to once you start your construction project. To ensure that you have a clear view of the matter, you should consider seeking help from tax advisors, accountants, and planners in the construction industry. This way, you are always going to be on the safer side. For example, your books will be in order if an audit is ever needed. Get Insured Before you start working on your construction project, you need to understand how important insurance is. You need to ensure that you place insurance coverage against risks, accidents, and damages that may happen during construction. Note that insurance varies based on the contract signed. This is why you should consider consulting insurance agents to help determine the best insurance cover you should take for your project.
A superior job role isn’t the only sign of a leader. Any member of a team can show the attributes that a good leader needs. First impressions count for any kind of job, but displaying a continued effort throughout your career is a way to become a true giant in any industry. Focus on Yourself Leadership at work begins with an individual’s actions. It is only your actions that are truly under your control in your life. First, look at yourself before you ask for a promotion or search for a management position. Are you displaying the traits and skills that make a good leader? Is it possible to develop them if you don’t already have them? Keep improving your current skills as well as learning new tools with CANI – a continuous and never-ending improvement process. Additionally, you can also take an online leadership training course. Doing so should give you the basic skills that you need to improve yourself as a leader. Develop Value Focus on the skills that will add the most value to your company when thinking about which ones to learn. What certifications or software knowledge do you need for your company? How effective would it be for you if you improved your email writing skills or became a great public speaker? As soon as promotion time comes, you’ll be noticed for exceeding expectations and demonstrating your potential. Embrace continuous learning and if you have the chance, complete an online MBA course to boost your hiring chance. Work on Emotional Fitness There is a certainty that can be brought into uncertain environments by extraordinary leaders. There aren’t all the answers, but you are confident you’ll find them and move forward. The key to emotional fitness is being ready for anything. People naturally turn to you in stressful situations when they see your creativity, humor, and curiosity. Practice Self-Awareness It isn’t just the business you work for that has a brand identity. Every employee represents themselves in a way that shows a brand of strengths and weaknesses that contributes to the company. It is vital that you are aware of your own brand to develop your leadership skills at work. The best leaders are self-aware and critical. Ask questions about your own performance and take personal feedback very seriously. A great way for self-assessment is talking to colleagues and managers around you to see what they have noticed about the way you work and what you can do to improve. Adopt a Growth Mindset The self-awareness that true leaders use adds a constant challenge to help personal growth. Criticisms and setbacks should not be viewed as an attack or something negative; they should be seen as a way to look back and see where you can improve in the future. Your skills should never be thought of as being the best or perfect. Improvement is always there to be had as your team and working environments change and develop with you. This kind of behavior is known as a growth mindset and is right up there with becoming a leader in the workplace. Support Others Being a true leader means you will support and facilitate the people around you. Encourage people to voice their opinions and feelings. Make it known to them and others when people are doing a good job. Look for greatness in your employees, encourage them when you notice hard work, and be prepared to listen rather than constantly voicing your own opinion. Disagreeing with your team is common as everyone will not have the same view, but if disagreements come, there should be no sign of dismissal. Being a true leader is an appraisal of people’s good work while also honoring a drive for people to become better. Be Resourceful A good leader will think strategically in achieving personal goals and the team’s goals that have been set. Having personal goals does not mean you should be doing more or less. Think resourcefully and try to be as goal-orientated as it’s possible to be. Recognize the potential in yourself and the people around you while also delivering the determination to achieve those goals. Delegation of strengths is a key aspect of thinking strategically. Adding value to your organization through planning and innovative thinking is one of the ultimate signs of leadership. Use Innovation Innovation is a hallmark of successful companies. Any organization that finds a way to differentiate itself with fresh ideas will succeed, regardless of whether it’s a tech startup or a pizza restaurant. You don’t need to look further than your own imagination to become a leader at work. By pushing the envelope, you can contribute creative ideas that raise your company’s bottom line. Take on More Responsibility When you have developed the skills mentioned above, such as communication, delegation, strategic thinking, and innovation, it is time to step your game up. If your team is working at the best of their ability with ultimate efficiency, you will have created more time for yourself to take on more responsibility. The sky’s the limit from here on in, and there is no place where your leadership skills cannot take you.
Property management in the United States grew by more than 4% in the last few years. It’s a service that bridges the gap between investors and renters, whether you’re dealing with residential or commercial properties. As an investor, you’ll be able to get a return on investment (ROI) from a property without having to be as hands-on. If you’re a Modesto investor looking to beef up your portfolio, it pays to learn which pros are the best around. We’re happy to help. Keep reading to learn all about the most skilled property management Modesto can offer. G3 Real Estate G3 Real Estate is a family-owned property management business that serves the Modesto area. They have more than five decades of logistics experience, and also specialize in real estate matters of all kinds. The company regularly updates its property listings to help people find the best opportunities on the market. When managing property, they handle matters like office spaces, warehouses, retail, raw land, and agriculture. It’s a customer-focused company that values agility, teamwork, and trustworthiness. Ziprent When you need property management in Modesto, Ziprent is another excellent option. The company was founded in 2018, and already has nearly 2,000 properties that they manage. They are an excellent resource if you’re thinking of getting into rental property investments and need a quality manager. Aside from the fact that they manage property in Modesto, Ziprent also serves more than 230 other cities. Because of this, you can count on their wide range of experience, and the fact that they have seen a little bit of everything that the industry brings. Countryside Property Management This is yet another Modesto property management company that you can lean on. The company has more than a decade of experience serving clients and provides full service to the central valley area. Some of the services that Countryside Property Management provides include: Repair and maintenance for rental properties Advertising vacant rental properties In-depth financial reporting for rentals Inspections for move-ins and move-outs Executing rental agreements and collecting rent They have strong leadership and can provide the branding and presence that you need for your rental properties. Valley Oak Property Management Finally, Valley Oak has some of the best Modesto property managers that you’ll find. This is a company that stresses trust for its client, and they offer a wide range of services that can help you out. They have plenty of experience helping clients in the local area and are skilled, knowledgeable, and available. You can conduct business using their 24-hour online portal and can count on quick replies for all of your needs and concerns. The Best Property Management Modesto Has to Offer If you’re looking into the best property management Modesto can provide, the four above offer an excellent starting point. You’ll feel cared for knowing that you have a top-notch company watching your back, and your tenants will also be in good hands. G3 Real Estate would be happy to hear from you! Use our website to get in touch or call 800-321-8747.
Real estate investors are often restricted by the hefty property costs, primarily for commercial and rental assets. As the industry continues to evolve, so are the investment schemes in the real estate sector. These days, capitalists who can’t afford to purchase commercial properties on their own can turn to real estate syndication. As an investor, it pays to do your homework and find out the what, hows, and whys of real estate syndication before diving in. With that being said, we’ve created this article to answer your burning questions. What Is Real Estate Syndication? Real estate syndication is a model where investors pool their resources together to purchase large-scale properties. In essence, it works like crowdfunding, but for real estate projects. If you want to know more about this model, click here for in-depth discussions about real estate syndication. Additionally, this investment scheme has two significant players: the syndicator or sponsor and the investor. A syndicator will perform the heavy lifting, from selecting a potentially lucrative project to identifying potential investors and ensuring that the property stays profitable. Usually, the sponsor likewise hires property managers and establishes smooth investor relations. On the other hand, investors provide the equity and receive specific and predetermined return rates. There’s no one-size-fits-all distribution rate for revenue sharing, but it’s common for investors to receive 75% of the share and syndicators to earn 25% for doing most of the work. Why Invest In Real Estate Syndication By being one of the syndication partners, you can start investing in profitable assets at affordable costs, even if you’re a newbie. These are the most compelling reasons to invest in syndication. Less Capital for Large-Scale Projects In the past, investors couldn’t purchase a commercial asset without owning several million for capital money. However, syndication investors don’t need to shell out this insane amount of cash to start earning. That’s because they can pool their resources alongside other partners. For instance, a five-million-dollar property may accommodate several syndication partners willing to invest USD$50,000 at the minimum. That said, syndication makes it easier for prospects to set aside investment costs for lucrative properties such as malls, hotels, condominiums, and other commercial assets. Enjoy Robust Returns While investments by nature carry certain risks, commercial and rental properties have shown consistently robust performance for many years, driven by huge demand. According to the National Association of Real Estate Investment Trusts (NAREIT), current rent growth rates for apartments, industrial and retail spaces are at their highest since the pandemic. Conversely, office rental growth rates have yet to recover from their pre-pandemic levels. While returns from these types of assets vary widely depending on the market movements, property type, and location, industry estimates place investment returns at around 6 to 12% yearly. Nevertheless, it’s safe to say that putting your money on commercial real estate properties, whether through syndication or traditional methods, is a wise move. Diversifying Your Portfolio Beginners and seasoned investors must ensure they’re not ‘putting all the eggs in one basket.’ This means investors ought to diversify their portfolios to minimize the risks involved in investing. For instance, if you’ve placed all your money on the stock market and it crashed, there’s nothing to cushion you from the losses. Because you don’t need millions to start investing in syndication, you have other investment opportunities elsewhere. For instance, if you managed to set aside USD$200,000 as capital, you can invest in one commercial asset and look for other similarly profitable opportunities. Additionally, you may consider taking on multiple real estate syndication offers to spread your revenues. It’s A Great Inflation Hedge Commercial real estate investments or CRE is a good hedge against inflation. To the uninitiated, an inflation hedge is an investment that safeguards against a currency’s decreased purchasing power due to inflation. Research done by real estate services company Cushman & Wakefield has revealed that real estate investors’ returns increase by 1.1% for every one percent hike in inflation. Since these property assets are meant to increase or maintain their value over time and typically increase during economic downturns, your syndication investment is protected from losses. According to the National Association of Realtors, the average annual growth rate of the real estate sector has steadied at six percent since 1968, despite several economic disruptions. A Perfect Way To Earn Passive Income Because the sponsor or syndicator does the heavy work, investors don’t have to do anything after signing the syndication agreement. Unlike stock investing, you don’t have to monitor and be updated on the latest market movements and fluctuations in asset values. Of course, this doesn’t relieve potential equity finders of exercising due diligence, such as inspecting the asset, checking the sponsor’s background, and ensuring that the papers are in order before injecting capital. Conclusion Real estate investments are generally considered profitable investments, especially commercial assets. With the current housing and accommodation deficiencies worldwide, rental properties offer the best solution to having a roof on one’s head, resulting in a steady and high demand. As an investor, you can turn to real estate syndication to minimize investment risks while enjoying robust benefits, as discussed above.
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.