The ProfitDig Blog

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 […]

The hard bid estimating process is a widely used method of estimating construction costs and time. The process involves listing the various items that go into the building, such as labor and materials, and calculating their total cost. A hard bid is a rough estimate of construction cost. In other words, it is a starting […]

Excerpt from Digging for Profit: Secrets to Success in the Construction Industry, by Jeff Spencer and Jerry Work   There are going to be times when you can’t self-perform every part of a project yourself. It’s very common to be looking at a project, especially something you really want to bid on, that is above […]

In construction, “GMP” stands for “Guaranteed Maximum Price.” It is a contract whereby the General Contractor guarantees that the total cost of a project will not exceed a set amount. It is often a sort-of design-build kind of thing because the GC and its subs do the design work along the way (especially during the […]

Construction activity is slowing down in some places, so this is a good time of the year to evaluate your business from a high level standpoint and begin considering what you can do to build a bigger, more successful company. We talk often about strategies for better performing the actual work, but today we thought […]

Here are some of the major recent upgrades to the ProfitDig system that will save you time and make your job easier: Project Manager viewing restrictions. There was some concern from larger companies that Project Managers had too much visibility on employee hourly rates/salaries. The company owners do not want all Project Managers to know what […]