How to Use Your Schedule of Values to Increase and Speed Up Your Pay App: An Industry Vet’s Perspective
As a subcontractor, you work with a schedule of values on every project, but you may not be using it as effectively as possible. In an industry where payment cycles are notoriously long and slow, perfecting your schedule of values can help you expedite payments and even increase them. We spoke to industry veteran Ernie […]
Value Engineering: How Subcontractors Can Improve Their Margins
The goal of any construction project is to maximize the quality, durability, and efficiency of the project — while minimizing its total cost. When you achieve this as a sub, you enhance the overall value of the project. Smart subcontractors have dedicated themselves to finding ways to maximize project value. Initially, it may have been […]
Construction Accounting Basics for Subcontractors
Solid accounting is the backbone of a construction business. Your accounting decisions play an important role in shining a bright light on the numbers, which are crucial for maintaining healthy cash flow and a comfortable profit margin. Sloppy accounting can give you an incorrect assessment of profitability and thus could lead to poor financial decisions. […]
Construction Soft Costs 101: How Subs Can Factor Them Into Their Expenses
To accurately estimate and plan for a construction project, a subcontractor’s budget must incorporate both construction soft costs and hard costs. Soft costs can represent a significant portion of construction costs, so it’s essential that you understand what they are and how they factor into your projects. What are Soft Costs in Construction? Construction soft […]
5 Hidden Material Costs and How to Avoid Them
In these technologically evolving times, subcontractors cannot afford to maintain their traditional ways of managing their business while the rest of the construction market is making dramatic efforts to improve productivity. Subcontractors and self-performing general contractors know profitable construction projects come from a successful blend of labor, material, and equipment management. But, too often, contractors […]
