Tag Archives: construction firm blog
Posted on February 14, 2017 by FMI CorporationAny principal of a construction firm will tell you that cash is king. There is little room for error when it comes to feeding the cash cycle. Why not apply the same focus and fervor to collecting the monies that are owed to your company as you do to installing the building components for which you bill? Often, too much of the responsibility for collecting receivables is shifted to the accounting department. When accounting investigates the nature of an account and the reason for delinquency, it is often determined that the client has withheld payment because it has yet to receive consideration for payment as outlined in the contract. Examples range from a significant deviation from the schedule of values to failing to deliver as-built drawings.
This post was posted in Consulting and was tagged with construction industry, Construction cash flow, Cash flow management, Relationship building, construction firm blog, collections construction, construction best practices
Posted on July 20, 2016 by FMI CorporationWhen done well, assembling a peak-performing board pays off in dividends for engineering and construction firms. Companies throughout the engineering and construction industry are seeking innovative solutions to the myriad challenges they face in today’s competitive business environment. Leaders are confronted with talent pressures, changing technologies, increased competition, demographic shifts, economic uncertainty and various other seemingly random obstacles on a daily basis. To find solutions, leaders are considering a long list of options, including re-examining the way they recruit, onboard, train and develop their people; hiring talent with unique skill sets; re-examining their business models; forming new partnerships; joining peer groups; and finding ways to cut costs and increase productivity. Through it all, one powerful asset is often overlooked or not fully utilized: the board of directors (even more specifically, the use of independent outside directors as members of those boards).
This post was posted in Consulting, Center for Strategic Leadership and was tagged with construction industry blog, NRCI 2014 Q2, engineering blog, construction blog, peak performing board, board of directors construction, construction firm blog