As of the first quarter of 2016, the Bureau of Labor Statistics (BLS) reports that there are over 768,000 construction companies currently operating in the private industry in America. There are also countless more that have come and gone. According to Statistic Brain, only 47% of construction startup businesses are still operating after year 4. Personally, I've seen many people break off from a construction company and create their own business; some are still in operation, others have failed.
So what sets the successful businesses apart from the others? Our friends at GenieBelt have put together a list of 10 reasons why construction companies go out of business. As the infographic shows, it's extremely important to remember that running a profitable construction company isn't only about having the ability building quality projects, it also takes a strong understanding of finance and marketing.
The following infographic is provided by GenieBelt, an easy-to-use construction project management software that empowers communication on site. GenieBelt allows you to regain control of your project and connect fast and easy with all the different construction agents. For more information, you can visit their website at https://geniebelt.com/. Infographic Design by Jenny Yi Lou (firstname.lastname@example.org).
Hello, W orld!
Almost two years after they announced the release of their Bluetooth Battery that allowed owners to remotely monitor battery life and even disable the battery if it’s stolen, DeWalt is set to release a massive upgrade to their connected tool platform.
Construction sites can often be some pretty spooky places, especially when unexpected items and creatures, like human remains, are found on the property. They can also be the site of some heavy superstition, like at several projects in Iceland that were believed to be delayed by hidden elves. But, according to one contractor, there’s something especially spooky about the childhood home of serial killer Ted Bundy.
Cranes collapse for a variety of different reasons. Some are overloaded, some catch on fire, and others succumb to high wind loads. Regardless of the reason, a falling crane can cause tons of damage and have the potential to kill on-site workers and pedestrians walking near the job site.
A recent crawler crane collapse in Northern Italy could have been much worse as the crane, carrying a large section of viaduct, crashed to the ground.
On January 1, 2017, OSHA officially put into effect a revision to workplace injury and illness reporting that requires certain employers to submit recorded information of these instances electronically. Companies were to submit all of this information from the previous year (2016) by July 1, 2017, but now that due date is in jeopardy.
According to the US Department of Labor (US DOL), the construction industry has the highest rate of current drug users (15.6%) as compared to any other industry in the United States. As the city of New York grapples with trying to reduce their alarming rate of injuries and fatalities on construction sites, the New York chapter of the Associated Builders and Contractors (ABC) has proposed that lawmakers add mandatory drug and alcohol testing for construction workers to the law books, according to the New York Daily News.
Feeling the pressure of 9 straight quarters with a decline in total revenue, Caterpillar has acquired the equipment sharing startup, Yard Club, to get help dig themselves out of the dirt. Their most recent quarter was the company’s first positive revenue quarter since November of 2012.
Last year, Tesla announced a new disruptive product to the market in the form of solar roof shingles. Unlike traditional solar roof panels, these shingles mimic the look of traditional terra cotta, clay, and slate tiles, creating a more aesthetically pleasing look. This week, the company began taking pre-orders for the roof shingles and also released a cost calculator.
The worst day on the job is when someone on site gets injured. The 2nd through 500th worst days are the legal battle that follows many of those injuries. Nobody expects accidents to happen, but it’s best to be adequately prepared if one does. That not only includes knowing how to react to injuries with a safety plan, but also making sure your company’s documentation is in order in case lawsuits start flying.
The Massachusetts Institute of Technology (MIT) is constantly researching ways to improve construction process and materials, like this material 10 times the strength of steel, or this solar cell that’s lighter than a soap bubble, or this “reversible concrete.” This time the Institute is showing off its autonomous robot that can spit out building structures on site within hours.