84% of construction companies experience cash flow issues
If you’re feeling the pinch in cash flow this month, you’re not alone. In fact, 84% of all construction companies face tough cash flow challenges, enough that it stalls company growth. Without good cash-on-hand, companies find they are unable to hire more employees or take on additional projects.
Before you experience another money crunch, here are five tips to improve your company’s cash flow:
Tip: Here’s a blog that dives deeper into how high-performance building solutions help on the jobsite.
Tip: To attract the best in your area, consider offering performance-based incentives to sweeten your offer.
Tip: While employee time & scheduling apps log worker hours and breaks, a cloud-based solution can reveal trends in overtime, hiring gaps and other factors, allowing you to make adjustments that can positively affect profitability.
Tip: To encourage on-time payments, charge interest or add a late-fee clause to your contracts.
Tip: Another idea is to limit the retainage fee to certain areas of the project, such as labor. That way, the percentage held back is lower.
LP Building Solutions uses engineered wood to create a portfolio of products that help professionals build smarter, better and faster. The innovations of engineered wood siding are relatively new. For instance, LP® SmartSide® Trim & Siding was introduced in 1997. Thanks to its advanced manufacturing process, it is one of the most durable siding solutions available. Sometimes people are skeptical of things that are really that good. So, let’s crush a few myths with engineered wood facts.Continue Reading
Pier and beam design was among the most popular foundation techniques until the 1960s when concrete technology improved its floating slab system. Many builders use slab-on-grade construction—especially in warmer regions. We’re going to find out why professionals Jordan Smith of @jordansmithbuilds and Kyle Stumpenhorst of @rrbuildings chose pier and beam over slab-on-grade for the All-in-LP Build in Bellville, Texas. But first, let’s delve into pier and beam foundation.
From destructive hurricanes to fierce tornadoes, it seems news of catastrophic events is happening with alarming frequency. In fact, on March 3, 2020, an EF3 tornado tracked less than one mile from the LP Building Solutions headquarters in downtown Nashville, Tennessee, ripping through homes and businesses. While no traditional building can withstand the tremendous forces of disastrous weather events, it reminds us that embracing resilient construction and adopting stronger building codes could help protect our families, friends and neighbors.
As a building industry professional, recent market changes have likely impacted the way your business operates. As you adjust to a new normal, seeking out building material companies with proven efficiency and reliability from third-party testing can significantly influence the success of your business.