The ProfitDig Blog

In the world of construction, there are numerous acronyms and industry-specific terms that can be confusing to newcomers and even seasoned professionals. One such term is GMP, which stands for Guaranteed Maximum Price. GMP is a significant concept in construction project management, as it plays a crucial role in controlling costs and ensuring transparency between […]

IntroductionStarting your own excavation company can be an exciting and rewarding venture for construction workers or operators with a dream of running their own business. However, it requires careful planning and a solid understanding of the industry. The WORST thing you can do is attempt it without being properly prepared. You could very well end […]

A Guaranteed Maximum Price (GMP) contract is a popular form of agreement used in construction projects to establish a cap on the total project cost. Under a GMP contract, the contractor assumes the responsibility for completing the project within the agreed-upon budget. This article examines the significant benefits of using a GMP contract, including cost […]

As a construction professional, you may very well decide to strike it out on your own at some point in your career. The allure of decision-making autonomy, more money, and building a legacy is, indeed, compelling. However, the transition from worker to entrepreneur is a significant undertaking. You need to make sure you have the […]

Excavators are some of the most important heavy equipment used in the construction industry. They come in different sizes and shapes, and their functionalities can vary from one model to another. With the numerous options available, it can be challenging to decide on the right excavator for your construction projects. However, understanding the factors that […]

The 2023 National Subcontractor Market Report, a report created by Billd, a company that specializes in helping contractors acquire and finance materials for projects, has just been released. The report is based on survey of nearly 900 subcontractors around the country, a pretty good sample size. Some of the main takeaways from the report include […]

Let’s talk about something that affects all of us in the industry: the prices of materials. Have you ever noticed that the price of wood and other materials can go up like crazy one day, and then drop just as quickly the next? It can be frustrating, but there are reasons behind it that we […]

Rapidly rising materials costs are a real concern for any construction contractor, especially in light of the price inflation we are experiencing these days. But there are strategies you can use to mitigate the risk and save your profit. Here are ten strategies you can use to account for rising materials prices: Including a contingency […]

An escrow account is essentially a savings account that’s managed by your mortgage servicer. How can this be helpful in managing the cashflow in construction? If you are thinking of becoming self-sufficient in the construction industry, investing your profits into an escrow account is one thing that you might want to consider. YOU NEED TO […]

If you own a construction company, you’ve probably got a lot of money going out, and hopefully some money coming in. if you don’t keep track of all that, you don’t really know if you made any money or not. So how can you manage that? Dave Ramsey is big in the world of personal […]