Manually tracking labor across multiple job sites is cumbersome and can lead to decreased margins if data is not recorded accurately. 

In the US, businesses lose nearly $400 Billion a year from inaccurate labor tracking.

On this week's episode, we sat down with Workyard, a workforce management software, to discuss how they're helping contractors streamline and digitalize their labor tracking to improve project profitability.

So, how does this work?

Tune into this week's episode to find out

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.

It’s no surprise that the construction industry is still facing labor shortages and material pricing surges.

Despite these challenges, nonresidential construction starts rose to $281.8 Billion in 2021; compared to $244.1 Billion in 2020.

With low interest rates and high levels of liquidity in the market, contractors expect sales, staffing, and profit margins to expand over the next six months as demand for construction services remains strong.

Here's how you can take advantage of this opportunity.

Pay App Advance is finally here.

With a Pay App Advance through Billd, you get paid on your pay app right away to help improve your cash flow and expand business resources.

This exciting new product allows you to have more control over your cash flow, eliminate uncertainty in the payment cycle, and plan your projects with confidence.

It’s simple. Complete the work and get paid.

Here's what our CEO, Chris Doyle, has to say about the product.

Lines of credit have historically been based on your company's past financial data. Previous revenue, debt-to-income ratio, profitability, and current cash flow are all taken into consideration. 

However, it's difficult to take on larger projects if your bank lines are based on previous data rather than projected data. 

So, how do you get around this obstacle? 

Project based financing. 

Listen to this week's episode of Finance Friday to learn more. 

Since the beginning of 2021, the crane count in North America has decreased by 4.5%. 

Of the 14 largest cities, FIVE have seen a significant decrease in cranes; dropping nearly 30%.   

High material costs, increased labor shortages, supply chain delays, and inflation could all be to blame.

Will this trend continue into 2022?

Find out on this week's episode of Walkthrough Wednesday.

Follow us for updated industry news: https://linktr.ee/billd

In an industry built on face-to-face relationships and trust, the idea of buying construction materials online, has been met with a lot of pushback.

Brokrete, an e-commerce platform for suppliers, is revolutionizing the way the industry purchases materials.

When materials are purchased online, contractors get real time visibility into material availability, 24/7 supplier communication, and increased project schedule efficiency.

Learn more on this week's episode of Built With Billd.

Cash flow restraints are among the most common financial challenges that subcontractors face. 

Length of the repayment cycle, inadequate supplier terms, lack of support from traditional lenders, and high upfront costs are all to blame.

So, how do you overcome these challenges? 

By having a variety of credit options. 

Our VP of Marketing, Jon Katz, has some great recommendations for doing just that.

Follow us for updated industry news: https://linktr.ee/billd

In a study done by Bankrate, STEM majors make up EVERY spot on their list of the top 25 highest earning college degrees.

With an unemployment rate among college graduates of just 1%, construction services takes second place - surpassed only by architectural engineering.

Find out what this means for the construction industry on this week's Walkthrough Wednesday

Follow us for updated industry news: https://linktr.ee/billd

Developing positive relationships with lenders, suppliers, and general contractors, is essential for sustainable business growth.

As your business grows above $5 million in annual revenue, you can begin leveraging these relationships to get preferred pricing on materials, longer terms, and increased credit lines. 

This allows you to take on larger projects more consistently, without having to utilize your cash or credit cards. 

What else can you do? Listen to this week's episode of Finance Friday.