![]() This means there are 100 different employees to keep track of. There are 100 different jobs to be done on a construction site. Almost 19% stated that they dealt with cash flow issues on a constant basis.” That is an alarming number, and one you don’t want to contribute to. ![]() ConstructConnect says, “In a recent survey of construction firms, 84% reported that they had problems with cash flow. It’s rare that clients pay all fees upfront so it’s common for construction businesses to have cash flow issues. Material costs and labor costs are extremely expensive. You can absolutely take best guesses based on past projects, but once you start building, you can never know what’s going to go sideways. It’s nearly impossible to predict how long working on a project will take. It’s really easy to begin playing broken telephone as communication gets passed from person to person. And as you well know, in construction, things change fast. Project managers, crew leaders, admin employees… plus various part-time and full-time contractors… There are a lot of people to keep in the loop about project updates, budget fluctuations, and changes. Not building according to code and state regulations can be a disaster for any construction company. It’s nearly a full-time job just trying to keep up with the regulations in their various states. Staying up-to-date on regulationsĮvery state and local government has a different set of constantly-changing regulations for construction. Whether you’re in commercial, residential, large or small construction, the challenges are pretty universal, and can easily suck up your time and budget. Multiple projects, various crews to manage on those projects, ever-changing job sites, labor and supply costs, deadlines and budgets––it becomes a can of worms pretty quickly. Running a construction company is a massive undertaking. What are some of the industry challenges in construction?īefore we start talking about construction time clocks, let’s talk about the struggles the construction industry faces.
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