As the nation races to vaccinate more than 320 million citizens, construction firms have been busy catching up on backlog, keeping workers safe and grappling with the complexities of construction finance during a pandemic.
The economy has bounced back much quicker than expected; however, there are still plenty of reasons for construction firms to remain vigilant and continue to implement strict financial controls as the recovery unfolds. The challenges of the past year have sharpened the business habits of contractors and financial professionals alike across the United States—proving that consistent success is achievable—if contractors are committed to seeing past the boom and taking adequate measures to streamline their bidding, contract and finance practices. Resisting bidding on unprofitable work, keeping careful records through automation and paying attention to new tax laws are just some of the methods that can ensure a contractor remains profitable for years to come.
Reprinted courtesy of Cybele Tamulonis, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.