This Podcast Is Episode Number 0371, And It's About Beyond COVID-19 - How To Build Value In Your Construction Business We've said it before, and we'll say it again – this has been a challenging few months for all of us, but there is no better time to think seriously about your business.    We all understand the economy has been tough for construction owners. I know you have made severe adjustments in your lifestyle and your businesses; however, remember this too shall pass because there is nothing new under the sun.   The key to building value in your construction business is to plan the process in a systematic way, whether you're aiming to grow your business in any economy or groom it to get a better price from a buyer. In this article, we have compiled a few tips to create value in your industry.   1. Looking through the eyes of buyers Whether you just want to build a more substantial business or looking ahead to the day when you might want to sell it, it helps to think of your business through the eyes of a buyer. Aim to: Identify any weaknesses they might see in your business and what you can do about them. Think about the strengths that may attract buyers and how you can reinforce these strengths. 2. Work on stability The longer your business has been operating, the easier it could be to sell, provided it has a solid track record. Aspire to: Keep well-documented and tax records. Document business history and projects completed or customers gained. 3. Develop reliable markets A strong history is reassuring, but buyers will be more interested in the future. Make sure you: Show evidence that your main markets are growing or at least stable rather than declining. Demonstrate you've taken steps to change your market position, if necessary.  4. Nurture a stable client base A well-managed client database is one of the most valuable assets as it can be used in many ways for marketing and gaining referrals. Try to: Improve and update your client database. Start measuring customer retention rates and customer referral rates. Implement a client loyalty program and referral incentives. Buyers will want to know that key customers won't leave if you do. 5. Secure your cash flows Stable future cash flows are critical to the value of a business. Buyers will want evidence of reliable revenue streams coming into the business. Aim to: Start building more diversity and, therefore, resilience into your customer base if you're too reliant on a few major clients. Look for ways to develop more revenue streams by adding extra services or products, and lock in stable revenues through customer loyalty programs and contracts. 6. Refine marketing tactics that work Buyers will want to know what tactics have worked best for your business. Ensure you: Document your marketing strategy and your promotional tactics for the next 12 months. Demonstrate how you measure all marketing to identify the best and eliminate what isn't working. Identify what you're doing to expand your markets and distribution channels. List some still unexplored areas that could offer potentials, such as a better website or social media marketing. 7. Maintain tight financial control Excellent financial management will show up in your credit history – something you can be sure a buyer will check out. Plan to: Keep improving your money management skills through cash flow and profit forecasts and budget reports. Show you understand and monitor the drivers in your business. Demonstrate that you have credit management under control and that your average debt collection time is at least as good as the industry average. 8. Develop great business systems Excellent business systems add considerable value to any business because they allow you to spend more time working on your business rather than in it. They also make the transition to new ownership much more manageable. Make...

This Podcast Is Episode Number 0370, And It's About How Cash Flow Forecasts Help Contractors Managing cash flow is a vital part of running a successful construction business. Some contractors think managing cash flow means keeping track of how much money enters and leaves their business, but there's actually more that goes into it.  [Starting Cash + Cash In - Cash Out] = Cash Flow Contractors and sub-contractors know there is more to profits than what is shown above, and most of you rely on your "gut feel" to see when the project has made a profit or not.   Cash flow forecasting is an incredibly valuable tool that helps you anticipate cash flow issues, plan for days when your cash flow is limited, and show the bank that you are prepared. It's a necessary process that you shouldn't ignore.   Here are some ways cash flow forecasts help construction business owners. They help identify cash flow issues before they happen. Most construction companies go through slow periods. Sometimes, those periods are apparent. A seasonal trade business, for example, will have decreased income during the off-season than during the on-season.   There can be less obvious peaks and valleys in your income, though you have to prepare for it.    Your cash flow forecast can help you monitor your day-to-day cash flow and anticipate when times will be slow before they hit. By predicting when the cash coming into your business might be light—or when you might have to spend more than you're accustomed to—you can avoid a cash crisis.   By examining your cash flow over the previous years and forecasting your future cash flow, you can better anticipate financial cycles and how they affect your bottom line.  They help plan for tougher times. It's tempting to spend money when you have a lot coming in. Your construction business may need new equipment, or maybe you want to give all your employees a raise or a bonus.   That's a great thing to do, but it's only helpful if it doesn't jeopardize your business financially.    Cash flow forecasting is an excellent reminder about how your bank accounts will look during tougher times, so you can make important decisions about when to spend your money and when to save it.   If you know a slow period is coming up, it might be better to save your money for now and give out smaller bonuses. If you can anticipate your slow period, you can plan major purchases and bill payments to stretch your cash further.   At least by conducting cash flow forecasts, you're less likely to be surprised by a sudden cash-flow crisis.    They show banks you can plan.   Banks prefer to give their money to entrepreneurs who show they are capable of planning. Financial institutions prefer business owners who are realistic with their financial projections and show they have a means of addressing cash flow issues.  Final thoughts Forecasting your cash flow gives you a clearer picture overall about your construction business and how the money moves into and out of it. It provides essential insight into your company's financial health.    If you haven't conducted cash flow forecasting so far, it's good to get started now, so you have a better understanding of your company's finances and prepare for the future.    Want help to improve your cash-flow? Contact us today. About The Author: is the co-founder of Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call or  ...

This Podcast Is Episode Number 0369, And It's About Working Out An Effective Marketing Budget For Your Service-Based Company “How much should I spend on marketing?” Most construction business people ask me this question at some stage. Many small company owners find working out how much to spend on marketing a tricky exercise to calculate.    Generally, there are five ways to work out a marketing budget for the year. Remember that these are marketing budgets, not advertising budgets. Marketing covers everything you do in your business that creates awareness, including such activities as advertising, brochures, competitions, trade shows, demonstrations, travel, direct mail, email campaigns, your website, and sponsorship.   1, No idea at all method Some service-based businesses don’t have any budgets. They just advertise either when they feel that sales have slipped that they need an extra project, or when they get duped into advertising by some advertising salesperson (“Buy now, and we will give you 50% extra free!”). Ever wondered why they offer you the freebies? Usually, because it’s such a dumb time to advertise that all their regular clients are holding back and the sales rep is desperate.    I see many construction businesses that are just too busy during certain times of the year to think of advertising, and if they did, it would be a waste as they would not be able to handle the work anyway. Suddenly, however, sales fall (perhaps due to seasonality), and then the business starts marketing. However, this could be a waste of money as often you’re marketing at the wrong time, or advertising to get instant sales, which is unlikely to happen. So the problem is that the marketing money is spent during slow times (this hurts) and that it is allocated to fix a problem instead of creating new opportunities. 2. Whatever you can afford method Here you spend spare cash (yes, spare cash may exist!) on marketing. So the marketing is dependent on cash flow. During the good times, you market more, during the bad times you cut the marketing. The danger here is that if the construction business falls, and you cut marketing, then the situation is likely to spiral out of control. How can you climb out of the situation when there is no money for marketing? 3. The percentage of sales method This is a popular method. Typically, you work out at the start of the year what percentage of sales you want to spend on marketing. For example, if sales last year were $200,000 and you decided to spend 5% of sales on marketing, then you’d have a budget of $10,000 ($200,000 x 5%). The problem with this method is that you may not need $10,000 worth of marketing to achieve your sales target. What if you can only do so much? If $4,000 spent on marketing creates enough work for you to be flat out, then the other $6,000 is just being wasted. And what percentage should you use? 4. The 'whatever the competition is doing' method This is the cheat’s way. Find out what the competition is doing and then spend a similar amount on similar promotions. This approach has an obvious problem: what if the competition has been using method number one—the ‘no idea’ method? For example, a well-known plumber went into receivership after spending large amounts of money on radio advertising. Now, if you had copied that business, you might have found yourself down the gurgles as well.   Never think that the competition or the more substantial companies to know what they are doing, as often they do not. I know of many large construction companies that spend thousands of dollars on wasted promotions. Just watch TV adverts every night to spot the ads that represent a waste of money. Then again, copying the competition is a poor strategy. It would be best if you always strive to be one jump ahead of the opposition. 5. The objective and task method Now, this is the one I recommend. At the start of the year, select the...

This Podcast Is Episode Number 0368, And It's About Build Or Rebuild Your Construction Company By Bootstrapping   Bootstrapping is figuring out how to reduce the cash you need to start or re-start your business, by eliminating any unnecessary overheads while finding out who will give you a hand.   If for whatever reason, you're not able to raise enough capital to start-up, you might be able to get what you need by 'bootstrapping' (finding what you need through unconventional or low-cost methods):   Have others lend what you need   You don't have to purchase new equipment to start your business. Think about what items you might be able to borrow over the short term or do without until the business grows.   Draw up a list of your asset needs and make a determined effort to borrow from others what you can while searching online for second-hand items that will save your business money. Are there people you know that are already in the construction business who could lend you what you need?   Call in favors Time to talk to friends, other business owners' and family to see which assets, time, or money they can help with. It's a common bootstrapping technique to save money, and chances are there is more help out there than you realize. Reduced your set up costs and overheads Look at the bare minimum you'll need for your living expenses and cut your salary or work for no pay for a time. It's quite common for business founders to put in this unpaid 'sweat' equity to start with.   Look around your home and decide what you can sell to raise the cash you need. If your business is that important to you, then sell everything you can. Look for support Search online for what's happening in the construction industry to see if there is any support in your specific trade. Tap into any family and friends that are willing to help, which could be cash or just a helping hand setting up and spreading the word you're in business. You'll be surprised who in your circle of friends will help. Harness social media You don't need a large marketing budget to build a customer base. The Internet can help you develop a strong presence for free. Whether you decide to create a presence on Facebook, Twitter, LinkedIn, or Instagram, regular interactions, and postings are the keys to gaining customer awareness. Delay payment Possibly you can negotiate with suppliers a much longer payment cycle, free trials, or several months' rent-free in a new lease agreement. Low-cost marketing Effective marketing can be creative rather than costly. Some ways you can get your brand in front of potential customers include: Email campaigns – as you begin to sell to consumers' you'll want to get them coming back for repeat services. This is where building an email contact list and sending out regular deals with calls to action can keep your business going. YouTube videos – images can speak louder than words, and video even more so. Whether you're explaining what your business does or showing how your services works, videos are a cost-effective medium for getting your messages across to your target market. Build word of mouth referrals by actively asking new customers to refer you. Don't wait for word of mouth to build over time as it tends to be too slow. Outline all the ways that you can save money by first reducing what you need and then from what you can borrow. Spend your time like a currency and do as much as you can yourself (with friends) before you start paying others. Next steps Research your local construction industry to see if there are any specific start-up grants, subsidies, or support that you may be able to tap into and talk to your financial advisers (e.g. your accountant) if you're looking to fund from the crowd to make sure you're doing the right thing.   List everything you need and brainstorm with others how you can get access without paying for it and be confident you've accumulated more goodwill than you...

This Podcast Is Episode Number 0367, And It's About Boosting The Social Proof Of Your Construction Business Online While the world is staying six feet apart, most small businesses are staying afloat and connected online. Now is a great time to boost the social proof of your construction business virtually.   You won't build a loyal client base if you can't earn your visitors' trust, which is why companies value social proof so highly. But proving your construction business's value online takes a unique skill set, one you can nurture by learning from the marketing industry professionals.   Befriend Experts Experts love teaching others what they know. While they do make money from their knowledge, they also offer discounts to friends. If an expert loves you enough, you might even convince them to talk with you, free of charge.   Experts are people, and make friends like anyone else. Since you are looking to build social proof online, joining an expert's Internet community is the first step toward meeting them. Just remember that other people are thinking the same thing, and experts have busy lives; an entitled attitude will only sabotage potential friendships.   Personal relationships work differently online. It is easy to create dozens of friendships when you are talking to people in chat rooms and message boards. Even if an expert only spends a little time sending links and messages, thank them and treasure the wisdom they share. Create Helpful Content It is easy to feel overwhelmed when you start learning about social proof. You will find advice from different sources, and sorting through it isn't always easy. But one fact is still valid: people value great content.   Construction companies focus all their effort on increasing traffic and not building content their visitors will value. While they can boost their traffic, their gains won't last.   Instead, learn about your trade and give the people what they want; when you focus on their needs, they will naturally meet yours. Think about posting a tips and tricks video for maintaining their lawn for example, they might not be able to hire you now but they might bookmarked your page to remember you later. An engaged audience will linger longer and hire your services. Get Reviews Reviews are the most obvious form of social proof. Not only do visitors look for them to gauge a product's value, including websites, but they also value sharing their opinion. For example, a service-based business website that only showcases before and after photos will have weaker social proof than one that lets clients submit their reviews, even if no one has yet.   Reviews come in many forms. Lists count, and so do like and dislikes on media websites. While you can ask others for reviews, this will annoy some people, making it easy to find and review your site is usually a better option.   Your social proof will grow as your site gets more traffic and reviews. Consumers know how to spot fake opinions. Nail Your Bio Visitors don't trust unknown authors. While adding a name to your posts can help, they want to see a face. While a real photo showcasing your facial features works best, drawings also work for some niches.   While your bio should promote you and your expertise, too much self-promotion will advertise that you are an amateur. Finding the right balance is challenging, but you will naturally help yourself if you create an honest bio. Just like a hiring manager reading a resume, your visitors will pick up on your experience.   Your bio's placement also matters. Focus on your content and include a link to your bio along with your author credits. Studying the construction industry niche and the popular websites within it will help you decide where your bio fits best. Final thoughts Social proof is a resource, and it is every company's job to nourish and protect it. Focus on building and nurturing your construction business and personal...

This Podcast Is Episode Number 0366, And It's About Construction Business Communication Strategies During A Pandemic Most small business owners face a time in their career when they have to communicate in ways or about topics they aren't confident with. COVID-19 has put construction business owners in the position of having many conversations that are uncomfortable and stressful.    Whether you're communicating with employees about company issues during the pandemic, hoping to negotiate a rent reduction to the landowner, or changes to credit terms to your banker, here are some strategies that will help you be more effective in your communications.    1. Be transparent It's vital during a crisis that you're transparent about your company's situation. You might not feel good telling your suppliers that the business has slowed considerably. Still, honesty and transparency will help them understand your situation and encourage them to work with you on a solution. The same is true of employees. Your staff needs you to be open and honest with them about where your company currently stands, how long you expect to stay open if the situation continues, and what adaptations they can make so you can stay in business. Even employees who are resistant to change will likely find ways to adjust if it's necessary to keep your business running. But it's more difficult for them to buy-in to your changes if they don't know why they're doing so. You may also not feel great telling customers about your business troubles during COVID-19, but loyal clients will want to know and will do what they can to help out, even if that means buying gift cards for your services to use at a later date.  2. Be consistent It's not enough these days to issue one email to your staff at the beginning of a crisis and hope they don't need more information from you. Things change suddenly and unexpectedly, and your employees need to hear from you regularly.  You don't have to inundate them with emails, but a couple of messages a week to let them know how business is doing and any changes to your policies or procedures will help them. Especially if your staff is now working remotely, you need to check in to make sure they're supported as they adjust to their new work life. Keep contact with your clients, too, so they know of any changes that affect them. Let them know how you can help them during the pandemic—if you still can—and ways they can help you or other small businesses.  3. Be realistic A pandemic is not the time to be overly optimistic about your capabilities. Be realistic about what you know you can commit to and don't make promises beyond that.  Don't promise your employees you will keep them employed for the duration of the pandemic unless you know for sure you have the cash flow to do so. It doesn't help your employees to think things are fine to be surprised when you can't afford the payroll suddenly. Instead, be honest and realistic about what you can do and what you likely can't.  If you're negotiating a change in your credit terms, be realistic about when and how much you can pay. If you're looking to renegotiate your rent agreement, be honest about what you can and can't afford. This will help the landowner and creditors come to a reasonable agreement with you.  Final thoughts Remember, you aren't in this situation alone. Countless other small business owners face the same scenario you do. Many institutions, customers, and employees will do what they can to help your construction business succeed, so don't be afraid to reach out and ask for help or tell them what you need.  Being transparent, consistent, and realistic with your communications will help you navigate these uncertain times.  Please don't hesitate to get in touch with us if you have a question. About The Author: is the co-founder of Business Consulting And Accounting in Lynnwood, Washington. She is the leading...

This Podcast Is Episode Number 0365, And It's About How To Manage Your Construction Firm's Cash Flow During Crisis Dealing with unexpected cash-flow difficulties, even if you're working hard to avoid shortfalls, is hugely distracting. A formerly reliable client might take much longer to pay than anticipated leaving you out of pocket. If you're starting a construction business, it could simply be taking longer than expected to turn a profit in these trying times.   Red light warnings Develop red light systems to warn you automatically if something needs querying: Check as early as possible if leads, orders, or sales, fall below a certain threshold, or a substantial customer ends their subscription (recurring service). Pay attention to your . Make sure you have regular feeds of how your business is performing. You also need to know about any substantial invoices that are in dispute, particularly overdue debts and clients exceeding their credit limits. Building productive relationships with your key suppliers is important, so they are prepared to extend extra credit to you when you need it.  If you have a , then it should be relatively easy to view your red flags weekly, monthly (or any period you set). Identify the causes and take action  Below are some common causes and possible solutions of a cash crisis you may need to solve: • A significant client hasn't paid on time - Implement stricter credit control and better debt collection procedures. Contact them to ensure you have the right purchase order, and the invoice has been sent to the right person. Even check if your contact has forgotten to pass on your invoice, or they too could be undergoing hardships at the moment. • A rise in the cost of production has eroded your profit margin - Try and source less expensive materials or supplies or decide if you need to raise your price. Monitor your gross profit margin for any further profit slippage. • Your construction business overheads have blown out - Identify specific expenses that have increased and see how you can reduce them. Regularly monitoring your net profit margins to spot any out-of-proportion increases so you can take timely action. • Jobs have been slower than predicted - Review your marketing plan and sales campaigns. Alternatively, if you can't see any future improvement in immediate sales, consider other markets and targets. There may be other causes such as the failure of a major contract or you bought a large asset at the wrong time, and you now need that cash reserve for working capital. In each case, understand the cause and the action you're taking to avoid a repeat, such as diversifying your customer base or using your cash flow statements and forecasts to time purchases more appropriately. Sourcing finance If you do find yourself in a cash crisis (it's a temporary hitch, and the business is still sound), there are several funding options to consider, ranging from self-financing or bank loans to finding a business partner. The relative attractiveness of each option will depend on the size of your cash flow shortfall and how long you're likely to need the cash. Internal funds Before you look for external sources of funding, however, can you free up cash from within your business? For example: • Offer clients a discount for early payment or ask them to pay immediately.  • Offer clients to pay by credit card when usually you don't. • Ask suppliers to take back excess stock and credit or give you longer credit terms. • Sell underused assets and rent the equipment instead, as and when required. • Downgrade or sell vehicles and lease instead. • Reduce your drawings from the business until revenues improve. • Your accountant and advisers may be able to suggest other ways to release the locked-up cash in your construction company. Bank loans If you need a business loan and have a good banking track record, it could be little more than a formality to get a higher...

This Podcast Is Episode Number 0364, And It's About Bridging Generation Gap In The Construction Industry   These days, it’s inevitable that a diverse group of older and younger workers cross paths in the construction industry. After all, the young, tech-savvy, socially conscious demographic known as Gen Y (Millennials) and Gen Z are currently the  in the U.S., navigating the workforce in record numbers. And the boomers may be retirement age, but that doesn’t mean they’re ready to stop working. Many baby boomers are choosing to enjoy “encore careers” – jobs that allow them to continue to apply their skills and experience to personally meaningful projects. Here are a few ways to help these two groups work together, so your construction business benefits from their unique and complementary skills.  Baby boomers and millennials in the construction business Millennials offer incredible potential to the businesses they work for. Young, tech-savvy, and interested in making a difference in the world; Gen Y only lacks one key trait: experience. Boomers, on the other hand, know how the business world works, and many enjoy sharing their knowledge with younger colleagues. However, unlike millennials, they may be “stuck” doing things less efficiently, simply because they don’t adapt quickly to new technologies.  With their distinctive skill sets, pairing up a young worker with an older employee can be mutually rewarding – and highly beneficial – if you know how to manage the relationship. Partners – not proteges Trust is the foundation of every good working relationship. Building trust among your younger and older workers can mean establishing a very different work dynamic than your more former employees may be used to.  To keep clear of tension, avoid creating hierarchies at work. Even in a mentor-mentee relationship, each person must see themselves as equal. That way, when someone doesn’t know something, there’s no reason to feel embarrassed. No one is the boss; everyone is there to exchange knowledge and experience. Communication is key Being digital natives, Millenials may prefer communicating with tweets, texts, and instant messages; Boomers, on the other hand, prefer a phone call, email, or face time.  Moreover, older generations may be used to a more formal approach to communicating at work, particularly with management. They may interpret a more casual communication style – common among their Gen Y peers – as a lack of respect. You can help bridge gaps in communication with weekly staff meetings. You might even consider creating a communication policy: group emails for urgent matters that affect everyone, and the communicator’s preferred form of communication for other issues.  Do you run a family business? The future of your construction company may seem like a problem for tomorrow or sometime next decade, but forward-thinking business owners know they need to plan for the future today. The steps you take now to prepare your company for the next generation will go a long way to determining how successful it remains after you retire.  It's tempting to think that things will automatically work out for the best—especially where family businesses are concerned—but that rarely happens without planning.  Here are some easy steps you can take now that will help your construction business survive after you've retired: 1. Write a formal succession plan  You might know in your head how you want the business to run when you're gone, but it certainly doesn't mean that everyone will agree with you. In fact, not having a written plan can lead to conflict and legal disputes. Put in writing how you want the business to run after you leave. Who will take your role? Will your job be divided among various family members? Will, one of your children, own the entire business, or will they all be part owners? Is everyone in the family aware of your decision? Talk...

This Podcast Is Episode Number 0363, And It's About Could Your Construction Business Benefit From The Gig Economy? At some point, every business owner needs outside help to improve efficiency – or to free up their time so they can take steps toward future growth.    The trouble is, the cost of hiring regular staff, even on a part-time basis, can eat up a company's budget – especially in the early years when you're still just finding your feet.     The rise of the remote freelance worker (otherwise known as the "gig economy"), especially during this time, can offer construction business owners a simple, cost-effective solution when they need extra help with a one-off "gig" or short-term contract.   A look at the pros  For many construction company owners, the bottom line is often their most significant motivation for hiring independent contractors. It's a much less costly option than taking on an employee – and this can be especially true with international workers whose rates reflect a lower cost of living.  Another benefit of hiring remote workers who live in different time zones is increased efficiency; when you're sleeping, someone is still hard at work on your business. Think about your online presence; web developers, for instance. Outsourcing the task of developing your website to an expert, even offshore, might be a great idea. In addition to increased productivity and affordable help when you need it, greater ease when you're ready to scale is another excellent reason to consider hiring remote independent contractors.  For some construction businesses, hiring freelancers regularly keeps their operations running like a well-oiled machine. If the idea makes sense for your business, make sure you create processes to onboard new workers quickly, so you get the most value for your time and money. Instead of missing calls or letting a voice prompt answer for you, you can hire a virtual assistant whose job is to take phone calls and narrow down prospects. Consider the cons Working with remote freelancers does pose some risks construction business owners should be aware of.  Loyalty - Unlike employees who receive regular benefits on top of their salary, gig workers may not feel motivated to stick with you long term, which can be detrimental to your business. Consistency - Hiring people on a casual basis means you may have to find more than one person you can rely on to get the job done. Inconsistent help can mean inconsistent results. Reliability - Freelance workers, hired from popular sites like may be more interested in finding a large number of clients to increase their pay by volume than providing high quality work quickly and reliably for every job that comes up.  Cost - Sometimes, you "get what you pay for." Low rates can amount to low quality work, which can be both frustrating and costly for your business. In the end, every construction company owner has to decide what makes sense for their business. It may make more sense to hire a local worker at their professional rate than someone on a site like Upwork whose fees may be attractive but reflect a low end-client experience. Of course, there is much to say when you're planning to outsource your construction accounting and bookkeeping. Be aware of theft and fraud, and consider reading this  before hiring one. Final thoughts In the best-case scenario, hiring remote independent contractors can be a win-win situation. Skilled workers who want to set their hours and rates enjoy the freedom they desire while business owners are free to hire talent from anywhere in the world and pay what makes sense for their budget. One final thought to consider: hiring remote freelancers at low rates can have an impact on how your customers perceive your business. Every business decision you make should align with your company values and build trust in your brand–including the help you hire for your...

This Podcast Is Episode Number 0362, And It's About Cybersecurity Tips For Construction Business Owners   It's natural for small business owners to think that they won't be victims of cyber attacks. Most of the news surrounding hacking and data breaches involve large corporations, but that is because that's where a high number of victims are affected. Hackers may find they have an easier time going after small businesses and start-ups that aren't prepared for a security breach.    So while they might get less information from a small business, thieves will have an easier time accessing that information. If your construction company keeps any time-sensitive information on a computer network—whether that is personal information, credit card details, or other vital data—you need to ensure your cybersecurity is top-notch, so you, your business and your clients are fully protected.    Here are some tips for enhancing your cybersecurity.  1. Keep your employees informed  The unfortunate truth is that human error is one of the portholes through which hackers can attack your business. Employees are always hooked up to your network, whether that's through email, company-provided computers, or working from home. Make sure you have security protocols for accessing your network and ensure your employees are aware of them. Keep a checklist handy that your employees—and anyone who accesses your system—can reach. Regularly update your policies to reflect the new techniques cybercriminals develop.  Here are some questions to ask: Are there rules about when employees can be connected to your network or what they can do while connected? Do you have policies about password protection? Are employees allowed to take company laptops and tablets home with them? If so, what are the rules around doing so? 2. Update your network regularly Your computers, network, and system should be updated periodically. These updates provide additional protection for your company. As developers become aware of new threats, they create programs designed to prevent the latest hacker techniques and spread those through updates. Old, outdated networks are easier for hackers to access.  In addition to updating your network, take the time to regularly inspect your system for weaknesses and take steps to address those vulnerabilities.  3. Be aware of information breaches It isn't just credit card information that hackers are after. Personal details, passwords, and other sensitive data can be sold and used for fraudulent purposes. Your construction business may not collect credit card and additional payment information, but that doesn't mean you don't have documents that are valuable for hackers.  If you have any information that could be bought, used for fraud or identity theft, or used for extortion, you need to take steps to protect that information.  Once your network has been hacked, you risk losing your clients' trust. Once that trust is gone, it's hard to get it back.  4. Keep up-to-date on the latest scams and threats Monitor the media and security sites to keep yourself informed about the latest techniques being used by scammers so that you'll be better able to identify them if they approach you. For example, phone calls to your business asking your staff for information, or that there is an issue with the company computers that the caller can help fix. FEA Cybersecurity As an accounting firm, our client's privacy and security remain our top priorities and are continually looking at ways to develop and evaluate our system to prevent a breach and network holes. We utilize 128-bit Secure Socket Layer encryption, which ensures that all data passed between the web server and browsers remain private and integral. There are two levels of restrictions, and passwords must be entered before you can get your data file. At Fast Easy Accounting, Cloud Security is not an option- it is a fundamental...