(Published in Construction Executive, May 2014)
Tight margins and operating profits have made it difficult for most contractors to increase the cash level on their balance sheet and build up the strong working capital and equity position that banks and bonding companies hold in high regard. To win bids in this environment, contractors must look for ways to gain efficiencies on projects as well as in the office.
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Contractors live in a world full of risk. Around almost every corner, risk is waiting to unhinge a project and bulldoze profits. While contractors accept risk as part of working in the industry, their challenge is to identify how much risk to accept in order to become a profitable entity. Continue reading “Risk Sharing Through Joint Ventures” →
(Published in CFMA Building Profits, March/April 2014)
The basics of project management build on one another throughout a project and make up what is known as the construction project management cycle.
Taken from nearly two decades of working with some of the most profitable and successful contractors and their PMs, this article identifies best practices within each phase of the project management life cycle – initiation (or pre-bid), project planning, controlling the project, executing the project, and closeout.
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(Published in Business First, February 7, 2014)
As a certified public accountant, I find myself in the very rewarding position of being a trusted adviser to many highly successful business owners.
The level of trust in these relationships generally results in having conversations around areas that often transcend traditional accounting, tax, operational and transactional advice.
These situations provide opportunities to introduce clients to experts in other fields who are in my network. Continue reading “Find out how advisory boards can help businesses” →
(Published in Business First, September 13, 2013)
Question: What is a good financial reporting option for a small or medium-sized business?
Answer: The short answer is: It depends.
The best place to start is to introduce the basic options or frameworks for financial reporting. Continue reading “Determine a good financial reporting option for your business” →
Is your business paying significant duty and excise tax on foreign imports? If you import raw materials to manufacture and sell the product in the United States or re-export the finished product, you might be able to benefit from a foreign trade zone. Continue reading “Manufacturing in Foreign Trade Zones – Explore the Savings” →
McGladrey, one of the nation’s leading assurance, tax and consulting firms, has released the results from its 2010 Manufacturing and Wholesale Distribution (MWD) National Survey. More than 1,060 manufacturing and wholesale distribution executives completed the survey, answering questions on topics such as current business conditions, growth strategies, operations, technology costs and risk management. Continue reading “Manufacturing and Wholesale Distribution Survey finds companies cautious but ready for growth” →
Benjamin Franklin said that nothing is certain in this world but death and taxes, and business owners ought to be ready to deal with both if they expect the business to continue as a going concern. Nevertheless, a surprising number of businesses, including CPA firms, do not have a written succession plan in place to provide for continuation of the business in case one of the owners withdraws or dies. Continue reading “Planning for Success(ion)” →
If, after seeing the title, you’re still reading, then your company has likely withstood the economic downturn and you’re wondering if its time to start moving forward now that the economy is showing (some) signs of improvement.
Some of your former competitors have gone out of business. You have returned your focus to what made you successful in the first place. You might even start seeing (or see) a growing demand for your product or service and, at the same time, you are noticing new opportunities. If these characteristics fit your company, it may be time to start considering ways to increase profitability and begin to grow your company. Continue reading “It’s Time to Consider Capital Improvements and Facility Expansion, Wait…What?” →
A controversial accounting pronouncement, Financial Interpretation 48 (FIN 48) requires businesses to prepare an analysis and possibly record a liability in their financial statements for “uncertain tax positions.” At the time it was passed, many professionals thought it would not be long before the IRS would use this as an audit road map. Continue reading “Pending IRS Proposal for More Disclosure – A Slippery Slope” →
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