Contracting is a risky business that works because contractors are risk takers. Every time we acquire a new project we are leaping into the unknown. No one has ever built this next project, and no one can predict its uncertain outcome. Is there uncertainty that the...

You Pick the Project

Jan 30, 2025 | Business Development, Business Failure, Business of Construction, Business, Strategic & Project Planning, Business, Strategic and Project Planning, Leadership, Leadership, Project Selection, Project Selection, Weekly Construction Message

Don't let the project pick you. In other words, don't be tempted to take any project that comes along. Too many contractors scour the marketplace for any project they might be able to snag. They fashion a bid that they think will be competitive but often err on the...

In Construction Reputation is Everything

Jan 23, 2025 | Business of Construction, Growth, Leadership, Managing Subcontractors, Weekly Construction Message

In the construction industry, build a reputation and you can build a business. Without a good reputation, you will find yourself at the mercy of wildly fluctuating, highly competitive markets where owners depreciate your value to the level of a commodity that can be...

Profitable Project Selection

Jan 17, 2025 | Business, Strategic and Project Planning, Project Selection, Project Selection, Risk Management, Weekly Construction Message

Profitability in construction begins with project selection. Ours is the only industry that signs a binding contract to sell our service for a fixed price, not knowing exactly what it will cost to provide that service. What's worse, we bid in a highly competitive...

Profit is Our Theme for 2025

Jan 9, 2025 | Built Environment, Business Development, Business of Construction, Financial Management and Risk, Financial Management and Risk, Growth, Leadership, Weekly Construction Message

Profit is Our Theme for 2025 Construction industry profit margins are too low. The financial risk we take is too high. Too many competent contractors fail without warning. We need to improve our business management practices this year to improve margins and reduce...

Looking Ahead to 2025

Jan 9, 2025 | Built Environment, Business Development, Business of Construction, Business, Strategic & Project Planning, Business, Strategic and Project Planning, Financial Management and Risk, Leadership, Weekly Construction Message

Looking Ahead to 2025 Thomas C Schleifer, Ph.D. These are the topics we will be discussing in 2025. We'll be diving a little deeper and our treatment of each topic will be more granular. See you next year. Marketing Reputation Market segmentation Owner selection...