I had the pleasure of attending the Women Builder Council meeting on April 17, 2015 – Strategies for MWBE Capacity Building, Contracts and Compliance. Denise Richardson, Executive Director of the General Contractors Association made mention of the fact that 70% of all construction businesses fail within 7 years. She provided a few tips for sustainability in the construction industry, which I thought was really good advice. Her tips are:
- Select a Construction Industry Accountant that is familiar with industry standards for cash flow management and deprecation.
- Select an industry attorney.
- Take the time to learn payment cycles on government contracts and with prime contractors.
- Make the investment in administrative infrastructure – managing a construction company requires a strong back office.
I thought these were great tips and I am really excited about the opportunities that were discussed during the presentation. I have to agree with Ms. Richardson’s tips as they are actually applicable to any industry.
