Running a profitable construction company requires knowing what’s actually happening on every jobsite, every day. This critical intel helps owners get a jump on issues that will impact success—and profits—if left unchecked. Pros observe that although jobsite data is critical, it is often overlooked. Here is their advice for better leveraging the vital information at hand.
Take a Closer Look
Rising costs mean slimmer profit margins. The tight labor market means some jobs are going unfilled—and chances are those ultimately hired are being paid more. These dynamics point to ever more reasons to access and use jobsite data to drive the business forward. As construction pros point out: “You need to know if your projects are on track, even though risks abound…Don’t lose valuable time combing through spreadsheets in the office…Instead, take a closer look at what’s happening on your jobsites. Jobsite data is key to understanding the state of your projects and making more money…Make more informed decisions by ensuring field data is factored in.” According to experts, worker attendance data is one of the most important sets of information to dig in deeper on:
Often timesheets are only submitted at the end of a week or even two, and subcontractors submit invoices even later than that. In any case, contractors should go beyond sign in sheets and look for absenteeism trends, such as consistently calling in sick on a Friday or Monday. Failure to participate in safety screening upon site entry, or failure to attend tool talks increases risks to profitability, too. If you’re still using sign-in sheets to manage worker attendance, you’re missing out on an opportunity to use digital tools to reduce admin and spot trends that impact the health of the business and the worker in real time.
It’s also beneficial to more carefully review documentation about the certifications workers have earned and the training they have completed. Awareness about certification and training is essential to the delegation of assignments: “Without this knowledge, critical time and resources are often wasted as the worker’s mastery of certain skills becomes evident. And when it comes to safety, no site safety plan can be effectively managed without such data.”
Having the right data on hand means you can make informed decisions as you steer your business forward. That’s why Colonial Surety arms owners with practical and useful financial data. Via The Partnership Account for Contractors®, we give you an edge—and help you plot the growth of your business, strategically, one step at a time. The Partnership Account® arms you with a private digital dashboard, providing you with a day to day snapshot of your single and aggregate limits, as well as your current and available bond capacity. As your work in progress decreases, you can even update your work on hand—increasing your aggregate so you can go ahead and move that next bid ahead. Take control of your finances—and get a competitive edge on every bid, by issuing your own bid bonds, instantly, using our powers of attorney.
Get started today: Pre-Qualify and Get Free Scores Here.
In Real Time?
Though daily logs are a tried and true way to collect and review the real-time status of a project, they are often filled in haphazardly in a rush to close out the day. For Construction Pros suggest making the daily log more meaningful by digitizing it and enabling workers to record information throughout the day:
What often happens is that it’s quickly completed at the end of the day, creating a high potential of forgetting important information about worker status, supply deliveries and weather, all of which can delay progress. By digitizing the check in, and empowering workers to record observations throughout the day, a project manager can securely gather important information from everybody who checks into the jobsite and population and automate data capture, making the data immediately available to the entire company, not just the project team.
In every company, on every project, no matter the size, going digital with processes is worth the effort. That applies to owners and financial data too! One quick way for owners to better leverage their financial data is through the complimentary, online services of The Partnership Account® from Colonial Surety. With it, contractors save time and gain better control of their finances. In addition to a surety line of credit—in writing, The Partnership Account® gives qualified construction companies:
- Control of bidding and bonding, online and in real time.
- Powers of attorney to seal and issue their own bid bonds—in minutes.
- Fast, direct, confidential bid bonds—no middleman.
- Direct access to performance and payment bonds on a customized dashboard.
- Real time tracking of bids and work on hand.
- Immediate access to Colonial’s lead underwriter as new opportunities emerge.
- A private Owner’s Dashboard to view surety lines, adjust work and analyze bids.
Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.