Profitable Contracting (February 6, 2024)
Profitable Contracting (February 6, 2024)
February 6, 2024 9:00 AM - February 7, 2024 1:00 PM (MST)
It’s a great time to be in construction because spending is higher than it has ever been and there’s no sign of a slowdown coming any time soon. Developed exclusively for the Canadian Construction industry, this course discusses key operational issues, labour productivity, financial reporting and financial controls.
Available cash flow
Your subcontractors, vendors and suppliers don’t really care when your clients pay. They want to be paid when they do the work or provide the service. That leads to one of the most stressful challenges in the construction industry: cash flow problems.
Blame it on anything you like, but the facts remain: there are not enough people to fill the vacant positions in construction. And even when there are enough people, there aren’t enough skilled people who can actually get the job done on-time and within budget.
Productivity is one of the major challenges contractors face today. Our industry faces slim margins and logistical challenges which lead to reduced productivity and lower profitability.
Poor financial and timely reporting
Reporting is essential to monitor performance, to enable you to make better business decisions, to project future results and to drive improvements. However, many factors contribute to inaccuracies in financial reporting including inadequately trained staff, error-prone processes and inconsistent accounting methods.
The good news is that, for all of the problems we face, there are plenty of solutions to help. One particular solution is this Gold Seal accredited Profitable Contracting training course in which Wayne Newell discusses operational and financial issues he experienced during his 35-year career. The results were more efficient operations that helped contractors recognize problem projects, identify unwelcomed expenses, increase productivity, manage overhead expenses, analyze financial reports, address labour shortages, improve cash flow and increase profits.
In this course you will:
- Focus on the 10 essential parts of your profit strategy
- Understand common problems and industry risks
- Learn why bid preparers must be aware of the 9 types of bid errors
- Learn how the current labour shortage resulted from a perfect storm
- Recognize why labour is the most controllable cost in construction
- Discuss recruiting and retaining employees
- The costs, causes and solutions to project productivity
- How to effectively manage employees to maintain retention and productivity
- The project manager’s role and ultimate goals
- 3 major benefits of timely cost reports
- 5 key benefits of job costing
- Proven, effective employee practices to increase productivity
- How project evaluations identify improvements on future jobs
- What three questions cash flow forecasts answer
- Why examining the balance sheet for additional sources of cash may help shortfalls
- Why revenue and cost accruals are mandated
- Why setting and managing overhead budgets is too often misunderstood
- How to control overhead with a simple formula
- How to easily and quickly establish profit goals
- Best policies and tactics to manage accounts receivable
- Risk mitigation through internal controls, bonding and insurance
- 12 strategies I would implement to maintain and improve profits if I managed your business
Who should attend:
- Project managers
- Department heads
- Field superintendents
- Gold Seal candidates
- Senior managers
- Owners and
- Anyone who can influence project and company profits
Since its introduction in 2003, over 1200 construction professionals have benefited from this course.
Instructor – Wayne Newell
For over 35 years Wayne provided financial leadership to companies throughout Canada, the United States and the Caribbean. Now retired, he was formerly a designated CMA (Certified Management Accountant). As your course developer and instructor, he has a deep background of experience in accounting - specifically in the area of construction contracting – and is enthusiastic about passing on his industry knowledge and insight.
During his seminars he discusses specific techniques; methods and strategies that help contracting companies increase profits, control costs and improve cash flows. In the past twenty years Wayne has presented his exclusive Construction Management Courses to over 3,500 construction professionals from St. John’s to Victoria.
This course will be delivered in partnership with your local construction association and other associations throughout Canada. As such, you will be participating with industry professionals from many provinces.
Webcams and a computer/laptop are mandatory. This course involves on-screen interaction with your instructor and classmates, reading/viewing on-screen content like slides or videos, and interacting via typing with questions or responses. For this reason, cell-phones or tablets may not be adequate.
In order to issue course certificates, attendance will be monitored through Zoom “Usage” reports which will show all the attendees in the class and how long they were logged in.
Please plan to be fully engaged in the class just as you would for attendance in a classroom.
Access information and the course manual will be provided to you by your association via email in advance of the training.
Future offerings of this course:
May 22 - 23, 2023 - REGISTER HERE
Member: $399.00 + GST
Non-Member: $499.00 + GST
Edmonton, AB Canada
Link to be sent out within 1 week of the course start date.
February 6, 2024 - 9:00 am - 1:00 pm MST
February 7, 2024 - 9:00 am - 1:00 pm MST