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What is the most effective way to track profit in the construction industry?

Veteran

TAYLOR MEYER Saint Clair Shores, MI

I am looking for the most effective way to track profit for a construction/ telecommunications business. The main costs incurred are labor, insurance, and vehicle expenses.

Each job varies in price and man hours needed.

I am also looking for an acceptable material markup process.

Thanks in advance!

-Taylor

12 May 2017 5 replies Leadership & Management

Answers

Advisor

Ted Mittelstaedt Portland, OR

My construction clients seem to favor using Viewpoint Software's construction management and estimating products. As a disclaimer, I have no experience as a user of this software.

Advisor

Bob Molluro Wilmington, DE

The above answers are terrific. I would try to meet directly with three business owners and ask them what is most important to them and what do they use.

Advisor

Anne Prendergast Sterling, VA

Hello,

You can use pretty much any accounting software out there to track fixed and variable costs, but you need to know your break even point. This will guide you to know when will start to show profit in any business.

Here is a good link: https://www.score.org/resource/break-even-analysis-template?gclid=CIm3lZ7h6tMCFdKEswodEeEMog

Advisor

Donald Marshall Hingham, MA

Taylor,
Try Quick Books. Easy to use pc based accounting application.
Just google Quick Books.
Don

Advisor

John Green Cary, NC

You do this through a Pro Forma financial forecast. See the Business Plan templates at Score.

https://www.score.org/business-plan-resources

If you are looking to start a business, the industry you chose is highly regulated and there is no competition. The major companies that are currently in this industry already have as many sub-contractors as they need, and there is no differentiator you can offer that would be an advantage over any other sub-contractor.

What drives your desire to enter this market ?

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