Deal with tech issues early
Information technology often falls under the chief financial officer’s umbrella at construction companies. This means that his or her decision on how to spend money on technology can directly impact a contractor’s growth.
For a lot of construction companies, aging technology is often a problem, and one not noticeable until it causes an issue, according to James Benham, CEO of JBKnowledge, an information technology services company specializing in construction and insurance.
“In most of your budgets, technology is like a lagging indicator,” Benham said at the Construction Financial Management Association Conference last month. “You wait until there’s a big pain point to actually bring on more support staff. And then you get behind the eight ball.”