Year-End Planning for Your Construction Company

You have the time to do some serious thinking about your construction business and where you want to go with it. Take advantage of the opportunity.

Clean up all the regulatory loose ends and lean your organization down. Do some thinking about what you want the business to look and feel like. Now is the time.

Are you in the right niche, and the right position in that niche? Are all your marketing efforts synchronized? Is there an exciting new concept that you can take the lead in? Now is the time to think about that new marketing direction you should move in.

Clarify your subcontractor relationships by instituting the Subcontractor Management System. Make sure you are in compliance with your insurance company requirements. Cut the frustration on the jobsite and increase the quality at the same time.

Get the paperwork (especially change orders) for all your projects up to date. Commit to filing a daily progress report on every job every day. It’s easier than you think, and so important.

Decipher your accounting reports for the end of the year. Pay special attention to the Nine Numbers from your Cash Flow, Income and Net Worth statements. Set an appointment with your accountant, and listen to what [s]he tells you. Take a run at putting a budget together for next year, based on what you know about sales. What is your Break-even point for next year’s sales? Are you going to survive?