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This week’s Construction Financial Manager Review focuses on construction how construction industry professionals can improve business processes by motivating employees and increasing accountability. It also touches on programs in place to help train a new generation of construction workers, which is especially important in the light of recent labor shortages.
We try to provide you with major headlines and interesting insights to keep you on the cusp of industry news. We hope you enjoy this week’s review and would love to get your feedback.
Happy weekend,
Scott Wolfe
zlien CEO
What We’re Reading
Key Articles from Across the Web This Week
How do construction team leaders motivate their employees?
Leadership is really about influencing others to want to do what you want them to do. They key words are “to want to do.” They’ve got to want to do it. Read the full article on ForConstructionPros.com.
Five ways to increase company-wide accountability (and profitability)
Almost every AEC firm has difficulty holding employees accountable. This issue goes so deep that many business owners will shy away from putting any policies in place—for fear they won’t be able to get employees to follow them. This practice often has the negative consequence of inconsistent quality control, compromised employee safety and reduced project profitability. Read the full article on Construction Executive Managing Your Business.
Summer academy seeks to address growing lack of young, skilled construction workers
Orchids from Ecuador. Carnivorous pitcher plants. Exotic philodendrons. These are just a few of the more than 3,000 plant species that Amazon is growing to embellish its new headquarters buildings now under construction in Seattle. Read the full article on The Baltimore Sun.
CO joins with construction industry groups on training program to increase workforce
Many small construction businesses forgo legal counsel to save on expenses, but end up paying for it in the long run. Contractors of all kinds are at a disadvantage long before moving the first shovelful of earth merely because some contract clauses are stacked against them. Here are four construction contract clauses that pose special challenges for contractors. Read the full article on Construction Dive.
Get out in front of construction claims before they sneak up on you
According to a research perspective released by the Navigant Construction Forum, using a contract to try to shift risk is not a very effective way to reduce the chances of claims. That’s because legal counsel today is highly adept at finding ways around contract terms designed to shift risk. A much better approach is to have processes that identify the origins of disputes, and resolve them before they reach the point of no return. Read the full article on The Jobsite.
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What We’re Writing About
Recent Articles by zlien Relevant to Construction Finance
Be careful estimating lien amounts
Without keeping track of costs of the contract and changes, you cannot know what to include in your lien. If you can’t prove your price, your lien claim may be worthless. So be careful estimating lien amounts. Read the full article.
How subcontractors can grow business by minimizing risk
Despite the credit-heavy nature of construction work, there are several ways subcontractors can grow business while minimizing their risk threshold. Reducing and even eliminating risk right out of the gate can help companies take on new jobs and grow business. Read the full article.
5 best online resources for construction office managers
The process for collecting payment in construction differs from other industries and requires specialized knowledge of the payment collection process and the tools available to manage credit risk. Fortunately, the internet is packed with resources. Read the full article.
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