Built with Billd artwork

Spooky situations in the construction industry | Finance Friday

Built with Billd

English - October 29, 2021 09:00 - 4 minutes - 5.75 MB
Management Business Education commercialrealestate construction constructioneducation constructionfinancing contractors funding materialpurchasing materialsuppliers purchasingterms subcontractors Homepage Download Google Podcasts Overcast Castro Pocket Casts RSS feed
Previous Episode: Is this a sign that the industry is returning to normal?| Walkthrough Wednesday
Next Episode: How effective labor tracking can improve your margins

Supply chain challenges, rising material prices, and volatility are creating significant challenges in the construction industry. 


As a result, supplier price guarantee periods are rapidly decreasing with prices only being locked for 3 - 4 days; compared to 30 days historically.


So, what should you be doing to combat these challenges?


Build strong relationships with your suppliers by giving them advanced notice on material purchases, talk to them about your projections, and pay them on-time, in cash.