The ProfitDig Blog

When you are just getting started as a contractor, one of the more confusing things to deal with is how to find construction jobs to bid on. It’s not as hard as you think. There are several ways to find construction jobs to bid on, including: Online job boards and websites: Websites like BidClerk and […]

GMP (Guaranteed Maximum Price) is a type of contract in construction project management that sets the maximum price the owner will pay for the construction work, regardless of actual costs. The GMP is agreed upon before construction begins and is based on the contractor’s estimated cost of the project. The contractor is responsible for delivering […]

Using job bidding software can be beneficial for a new construction company owner. It can help streamline the bidding process and provide a more professional and accurate bid proposal. However, it is important to consider the cost of the software and weigh it against the current volume and size of your projects and the potential […]

A construction project will generally involve numerous types of specialties. Nobody knows how to do everything! That’s why General Contractors hire subcontractors to perform specific parts of the job in which they have expertise. A project generally starts by having to dig into the ground – excavation! Excavation is a specific type of construction work […]

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 […]

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 […]

AIA contracts are standard forms used in many construction projects across the United States. It outlines the responsibilities of both the contractor and the owner and can be used as a legal agreement between both parties. In this article, we will discuss the key points that contractors need to know about the AIA contracts. We […]

Here are some items that represent MAJOR dangers to your business. Putting All Your Eggs in One Basket One thing that you’ve got to be aware of is something my Dad always warned about (even though we ended up falling into the same trap), which is putting all of your eggs in one basket. That […]

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 […]