Managing Construction 6

Question 1

THE FOLLOWING ARE

DETAILS ON THE ITEMS THAT A PLAN SHOULD FOCUS ON.

Answer 1

See next cards

Question 2

1. LABOR

MANAGEMENT/COST MANAGEMENT

Answer 2

Only firms that have cash stay in business. A majority of projects that run over in cost do so because of labor.

Question 3

2. CASH FLOW

Answer 3

It is the leading indicator of financial success or failure.

Question 4

3. OVERHEAD AND

PROFIT MARGIN

Answer 4

These percentages determine whether your business will have money to invest, grow, and harvest.

Question 5

4. REVENUE

Answer 5

Self explanatory

Question 6

5. YOUR MARKET`

Answer 6

What is the perfect/worst job? What type of work, geography, what type of customer? YOU WANT A NICHE THAT HAS VOLUME.

Question 7

6. TOOLS / EQUIPMENT

NEEDED

Answer 7

Planning asset purchases is a BEST PRACTICE, keeps you from buying on impulse and ending up with a “dead” asset.

Question 8

7. PERSONNEL

Answer 8

Hire people who are strong where you are weak.
THIS IS ONE HALF OF YOUR BUSINESS.
Define the process of how you will find and hire people who won’t unpleasantly surprise you.

Question 9

8. OFFICE LOCATION

Answer 9

Be as close to the geographic location of projects, suppliers, etc.

Question 10

9. ADMINISTRATION

Answer 10

TRY to collect all the forms, checklists, and other time saving tools you can.
Map out how paperwork will be handled.

Question 11

10. To minimize

oversights and mistakes, use:

Answer 11

SCOPE CHECKLISTS and STANDARD CONTRACTS/

PURCHASE ORDERS.