0404: The Reason Why Some Construction Projects Fail

<h1 style="text-align: center;"><span style= "color: #0000ff;"><strong>This Podcast Is Episode Number 404, And It's About The Reason Why Some Construction Projects Fail</strong></span></h1> <p><span data-preserver-spaces="true">Estimating and submitting bids is one of the most stressful and nerve-wracking sides of your construction business. It is essential to keep in mind that "break-even" in the construction business is challenging to calculate because most projects are one-of-a-kind custom jobs. Proactive contractors have systems and cost libraries with pre-priced assemblies for bidding, which works in conjunction with </span><a href= "https://www.fasteasyaccounting.com/bookkeeping-services-for-construction-companies" target="_blank" rel="noopener"><span data-preserver-spaces= "true">Strategic Construction Accounting</span></a><span data-preserver-spaces="true"> to provide management with progress invoicing, job costing, and job profitability.</span></p> <p><span data-preserver-spaces="true">With poor bookkeeping, misguided judgment, and clerical errors come bad decisions on what projects to bid on and not to bid on until eventually, you'll run out of time and money. This is why some construction projects fail or, worse, construction companies get bankrupt. </span></p> <div> <p><strong><span data-preserver-spaces="true">Whenever someone decides to have some work done, they get several bids from competing contractors because they heard someone say a long time ago. </span></strong></p> <p><strong><span data-preserver-spaces="true">There are two things to consider:</span></strong></p> <p><span style="color: #0600ff;"><strong>The Low Bidder</strong></span></p> <ul> <li style="list-style-type: none;"> <ul> <li><strong><span data-preserver-spaces="true">Good / Fast / Cheap</span></strong> <span data-preserver-spaces="true">- Choose Cheap & Fast or Cheap & Slow! Expect the project to be late and over budget!</span></li> </ul> </li> </ul> <ul> <li style="list-style-type: none;"> <ul> <li><strong><span data-preserver-s