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As the owner of a construction company, you’re used to wearing many hats in the office and out in the field. What’s crucial to the profitability of your projects is knowing where budgets stand and making sure payment is on time for employees, vendors, and other third-party suppliers.

With the growth of your business, you find yourself away from your home office more and more. Consequently, you can’t initiate the payment process in a timely manner like you could before your expansion took place.

Every business must make decisions that impact efficiency and, ultimately, their bottom line. These decisions must be made while also attempting to grow – opening a new branch office, hiring more employees, etc.

Old methods of handling workloads and scheduling via emails, phone calls, and playing phone tag with voice mail remove your business from the competitive arena. To stay on top in the current economy means that you must be able to communicate with your employees at all times. Simply having an office with a secretary to take messages no longer cuts it.

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A common approach in the construction business for measuring productivity is to calculate the firm’s output in dollars and divide it by the total number of hours assigned to the labor behind it.

Often, although it’s crucial to include rental hours to gauge an accurate productivity outcomes, the operational costs of machinery and equipment are overlooked, making the productivity measurement inaccurate.

As an owner of a construction business, it wasn’t long after you opened your new branch in other regions that you saw the need to ditch your antiquated accounting system for one geared exclusively for contractors.

Project management for heavy construction is only as efficient as the software you’re using, so while it’s definitely easiest to grab an online template or throw together an Excel spreadsheet, those types of cheap fixes won’t help you in the long run.

Tracking project costs

It seems like every time all the work orders and contracts have been agreed upon and signed, back comes a request for changes.