How to Use IoT to Create Safer & More Lucrative Projects

Construction is a low-margin industry facing a skilled labor shortage and increasingly complex, fragmented projects. While every project is unique, with countless moving parts and diverse physical, environmental or regulatory challenges, that doesn’t mean lessons learned at one site can’t be applied to the next. By failing to capture, unlock and employ insights from one project to the next, owners and contractors miss out on a critical opportunity to make the industry safer, more efficient and, ultimately, more profitable.

July 2018 Construction Industry Stats

Each month, the Construction Business Owner team compiles statistics from several different sources, including the American Institute of Architects (AIA) and the United States Census Bureau, to give you a better understanding of the current state of affairs for the construction industry. The statistics featured in each month's print issue are for 3 months prior to the publication of the magazine, based on the data available.

Low-Bid Contractors Don’t Need Marketing...Or Do They?

Do construction contractors that win 100 percent of their business through the low-bid process need marketing? If you are this type of contractor, you will likely insist wholeheartedly that you don’t. After all, as a low-bid construction business owner, your fate lies strictly in the ability of a hard-nosed, creative estimator to bring in new work on bid day. Low-bid contractors often fly below the radar. It’s good to be on the bidder’s list for the agencies you serve, but what are you missing out on more than just those lists?

How U.S. Tariffs on Solar Panel Imports Will Impact the Industry

The new solar panel import tariffs being implemented by the United States are causing some concern for the construction industry, and for good reason. A 30-percent duty on solar panels from overseas will have quite the financial impact on a growing industry in the nation—an industry that was poised to make the next jump in its evolution.

How to Protect Against Contingent Business Risk

Two partners at a building supplies manufacturing company were exactly where they wanted to be. Their firm sold best-in-class building supplies at competitive prices. Profit margins were exactly where they should be. The firm had earned the trust of a dedicated client base. Suppliers had proven themselves to be conscientious and dependable. Key employees had embraced the company mission. 

Using Business Intelligence to Forecast Profitability & Break-Even Point

Whether operating a small or large company, every construction business owner knows that the role requires quite the hefty toolbox of skills. Business owners must be able to simultaneously manage employees and issues, both on- and off-site, in an industry that is highly prone to unforeseeable circumstances. Despite the job having many facets and accompanying challenges, the ultimate goal remains constant—increasing company productivity and profitability.

What Marketing Trends Can Construction Companies Use to Improve?

Liz Wainger

President
Wainger Group
Construction companies should take a marketing page from the playbooks of Starbucks, Apple and Charles Schwab. Organizations like these present three lessons for building your customer base: