Reading Time: 2 minutes Want three ways to cut Workers’ Compensation premiums? Safety, safety and safety. Make it a priority and charge everyone who works for you with responsibility. One company, which made a top-down commitment to safety, reduced accidents and injuries by 50 percent in five years and saved more than $800,000 in Workers’ Comp premiums.
Reading Time: < 1 minute More than 800 people in the U.S. die from hypothermia each year. But a few simple precautions can help protect workers in frigid environments. OSHA has provides these ten basic tips for working outdoors safety: Recognize the environmental and workplace conditions that may be dangerous. Learn the signs and symptoms of cold-induced illnesses and injuries.
Reading Time: < 1 minute Even if your construction firm doesn’t need credit, a well thought-out budget, including cash flow projections, is important for the ongoing operation of your business. For some construction projections, surety companies look closely at budgets before issuing the bond needed. Additionally, by preparing an effective annual budget and comparing it to your actual financial performance, you can find certain situations that need to be addressed.
Reading Time: 4 minutes Working capital is a financial strength indicator that is used as a starting point for a variety of industry ratios. It indicates the company’s ability to pay its bill as they come due. It is used by sureties in determining a contractor’s bonding capacity as well as by prospective buyers. When a contractor is.
Reading Time: 2 minutes According to the Association of Certified Fraud Examiners (ACFE) 3.4% of all reported fraud cases were attributable to the construction industry. That’s a relief, right? Not necessarily, the median loss per case is $140,000 which is one of the highest of all industries. Fraud in the construction industry is not to be ignored. The myth.
Reading Time: 2 minutes Although the commercial construction industry in the DC Metro area seems to be picking up, gross profit margins continue to be tight. These continued tight margins make it ever so important to have timely, accurate, monthly financial statements so the proper business decisions can be made. Nothing drives the financial statements for a contractor more.
Reading Time: 3 minutes If you are in the “construction world” you have probably heard about “change orders.” Change orders authorize contractors to receive compensation for performing additional work due to unforeseen issues on projects or changes in scope directed by the customer. Almost all construction contractors have to deal with change orders at some point in their normal.