How to Gauge the Health of Your Contracting Company
The health of your contracting company relies on more than a bank balance.
Profitability, solvency and efficiency ratios tracked by computer software every month show the actual numbers guiding the financial health of the company. The employees and work site activities play a huge role in your company’s health through work ethics, honesty and devotion to a job’s completion. You can win more jobs or lose the company based on employee behaviors.
Having the resources to track hours and job site activities will give you the upper hand when controlling costs and labor issues.
Measuring Financial Health
Existing computer software generates monthly statements that reflect efficiency, solvency and profitability ratios.
Tracked monthly, you know:
Your ability to meet short-term obligations
Your company’s overall profitability
The extent of your financed debt
The effectiveness of your resource management system
You want:
Accountability and time tracking for on-site activities
To know why materials needed at one site sit at another or have not arrived at all
Transparency in your supply chain and logistics management
Reliable shipping times
Labor costs probably eat a major part of your budget each month and when jobs fall behind schedule, knowing why will allow you to fix the problems. If employees go to the wrong site or fail to show up, profits disappear.
Inaccurate shipping times, problems with loading materials or shipments going to the wrong sites also take profits away from your contracting company. Employees sit around waiting for materials and shipments that will not arrive that day.
Mobile solutions
One mobile application with GPS can manage each of my needs. Supplying each employee with mobile devices equipped with a GPS enabled time management software makes them accountable for the hours they work.
The application allows employees to:
Clock in and out of each job site
Check their schedule for the correct job site
See the projected progress for each site
See the deadline for each job
Keep an accurate accounting of all hours worked
You can use the application to:
Compare labor hours to actual work progress
Keep a monthly report for hours worked by each employee
Schedule more efficiently
Save time and money on payroll
Your mobile workforce management system will improve the health of your contracting business by giving you more control over labor, inventory and scheduling costs. Allowing you to send crews to different job sites when weather or inspectors shut down work on the primary job. By eliminating paper time cards, with a time management app, times will automatically be entered for each employee when they clock in or out of a site.
The time spent adding up employee hours on paper time cards will be cut in half. Making it easier for payroll, while giving you a more accurate portrayal of the hours your employees work.
