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.
What will the tipping point be for homebuilders to enthusiastically embrace off-site construction? When the labor force constricts even tighter and wages rise even more? Will it take more weather woes or neighborhood noise ordinances that further reduce the number of workable daylight hours? The number of progressive homebuilders using off-site construction methods are rising, but the industry in the U.S. as a whole continues to trail behind other countries.Continue Reading
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