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Ignore Construction Risk Factors at Your Own Peril

Ignore Construction Risk Factors at Your Own Peril

“These don’t apply to my business.” We had just presented a client with a proven list of 75 risk factors that can impact a construction company’s ability to make a profit. He circled 20 and said the rest were of no consequence. If we hadn’t previously run a number of construction companies and closely observed... Read More
 
Contractors: Adopting Enterprise Risk Management or Falling Behind?

Contractors: Adopting Enterprise Risk Management or Falling Behind?

In this post, we’ll give some background on the growth of Enterprise Risk Management and how it relates to the construction industry, and explain why adopting an Enterprise Risk Management philosophy for running your construction business is a wise decision. We say philosophy, because at its core, ERM is a shift in thinking, a shift in... Read More
 

Construction Insurance: Tips for Purchasing Contractor’s Insurance

Purchasing insurance is a dreadful task. Not only is it money out of pocket, but many brokers and insurance carriers seem to talk in a foreign language.  In this post, we discuss three tips to help combat the confusion and ease those insurance pains. After reading, you will be ready to speak the language and... Read More
 

In Construction, Cash is King

A few days ago I met a fellow after doing laps in the pool, ala Michael Phelps! (I’d like to think we know as much about construction as Michael knows about swimming.) We began talking and sure enough he was the proud owner of a thriving construction company… but it wasn’t always that way. In... Read More
 

Construction Failure: Why Contractors Fail

The construction industry is full of unending challenges, requiring high energy and constant problem solving.  The company owner is like a juggler with 50 balls up in the air (potential problems); if any drop (actual problem) it could cause all the rest to drop as well (total problem i.e. business failure). The large amount of... Read More
 
Will the Real Risk Manager Please Stand Up!

Will the Real Risk Manager Please Stand Up!

Today I met an individual who asked what I did for a living. I was somewhat distracted and mumbled the word “risk management.” As I regained my focus this gentleman said “Oh, you’re a risk manager. I’ve had trouble with my Workers’ Compensation…” and he began to talk about insurance. This was a prime example... Read More