How Technology Can Help Your Construction Business Avoid Shrinking Margins
It's no secret that the past 18 months or so have been challenging for the construction industry. Tariffs have largely been in flux, which, in turn, have caused the cost of certain construction materials to jump. At least three major hurricanes have ravaged the U.S., leading to labor and materials shortages, particularly in the Midwest. And with murmurs of a slowdown on the horizon, many construction companies and contractors are worried about shrinking margins.
Right now is not the time to stick your head in the sand. Instead, it’s important to be hyper vigilant about what’s happening in your business, so you can make adjustments as needed. To do this, you need technology that provides this information real-time, which, thankfully, can be found within most accounting software applications. Here’s how it could help you.
Things move at the speed of light in the construction industry. How quickly you react, especially in an uncertain market, can make or break your business. Most software applications deliver the data you need—both in regard to your KPIs and comparisons to others—right to your smartphone.
Having this information at hand means you can make critical decisions at the right time, such as re-bidding a project or pushing out a schedule to avoid paying overtime.
Know your numbers
When jobs are in full swing, it can be tempting to ignore the numbers behind them. But when markets are tight, staying on top of your KPIs and knowing where you stand in the field can help you plan your next step. Of course, analyzing the numbers is second nature for CPAs, and something our construction team at DS+B can help you manage. If you have questions about your numbers, don’t wait to contact us.