by Simplar | Jun 23, 2025 | Board of Directors, Built Environment, Business of Construction, Business, Strategic & Project Planning, Financial Management and Risk, Financial Management and Risk, Leadership, Risk Management, Weekly Construction Message
I have been waging a lifelong campaign to convince contractors that financial management is a professional skill and a critical component of their team. Our profits are limited by unique risk factors like multiple simultaneous projects, extended schedule, and risks of...
by Simplar | Jun 12, 2025 | Built Environment, Business of Construction, Financial Management and Risk, Financial Management and Risk, Leadership, Leadership, Risk Management, Risk Management, Weekly Construction Message
Contractors often wait too long to employ the business management expertise of a qualified Chief Financial Officer. Small and mid-size businesses across all industries have traditionally left accounting to a bookkeeper, hiring an outside accounting firm to close the...
by Simplar | Mar 13, 2025 | Built Environment, Business of Construction, Risk Management, Risk Management
If risk recognition and assessment is so fundamental to the construction transaction, why do so few contractors engage in formal risk management? This is a question I have been asking myself for 30 years. To begin with contractors are Type A risk takers or they...
by Simplar | Mar 6, 2025 | Built Environment, Business of Construction, Financial Management and Risk, Risk Management, Risk Management
Financial risk is embedded in the nature of construction transactions. Project risk management begins during project selection. Signing a legally enforceable performance contract, for a complexity of services, to be delivered over an extended period, is a high-risk...
by Simplar | Feb 28, 2025 | Built Environment, Business of Construction, Financial Management and Risk, Financial Management and Risk, Risk Management, Risk Management, Weekly Construction Message
Recognizing and assessing financial risks before you sign a construction contract is not an exercise you can ignore. Let’s take a quick look at how a regional contractor uses last week’s Probability and Impact Matrix in everyday business. Risk Factors...
by Simplar | Feb 20, 2025 | Business Failure, Business, Strategic & Project Planning, Business, Strategic and Project Planning, Business, Strategic and Project Planning, Financial Management and Risk, Risk Management, Risk Management, Weekly Construction Message
Continuing last week’s risk discussion: Recognizing, identifying, and measuring risk is a critical pre-bid task. A Las Vegas sports book doesn’t wait to set the line until after the game. A handicapper who failed to take a key player’s injured wrist into account or...
