Just like any scenario on a\ngiven day, errors and mistakes are inevitable. But because of the pandemic,\nmalfunctions are something we must become used to and prepared for. The only\nway to make the current state of affairs work for your construction or\nengineering company is to understand the true influence that COVID-19 has on\neach and every project.  <\/p>\n\n\n\n

Knowing this, decision-makers\nneed to continuously review and reconfigure project planning, which involves\naccounting for project margin slippage in expenses and time. Simultaneously,\ncompanies should also be having discussions with stakeholders to set forth new\nmilestones and goals.  <\/p>\n\n\n\n

Survival of the Fittest<\/strong> <\/h3>\n\n\n\n

The crocodile – an animal that\nhas ancestry dating back to the time of the dinosaurs \u2013 has been able to not\nonly survive but flourish in the swamplands because it was able to adapt to the\ntimes.  <\/p>\n\n\n\n

Construction and engineering\ncompanies need to be like the crocodile and pivot from barely breathing to\ncreating value. How does one do this? Start by reacquainting yourself with the\nconstruction\/engineering ecosystem. Then, develop new business models that make\nsense for the times. Finally, look at things from a collaborative point of\nview; Reward risk-takers and long-term partnerships.  <\/p>\n\n\n\n

Now is not the time to shrivel\nup and hide away. Now is the time to transform and shake off old traditions\nfrom the past that frankly, probably weren\u2019t working anyway. At the end of the\nday, companies who are digitally savvy, equipping workers with collaborative\ntools, who save money by automating low value-added activities, and who\nleverage relationships with third parties, will be the crocodile in the\nCOVID-19 era and beyond.  <\/p>\n\n\n

\n

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The entire market landscape has\nchanged as we know it, and in the next couple of months, it will only become\nmore uncertain. That is why it is imperative for all parties in the\nconstruction industry to develop an integrated approach between tax\/financial statement\nplanning and relationship building with bonding companies to provide security\nfor the upcoming political landscape. <\/p>\n\n\n\n

For more information on any of the topics discussed above and to learn more about our multipart plan to get your business through the next wave of madness, please contact our construction team<\/a>, spearheaded by Jason Dudas<\/a>, Senior Manager and CPA at Ryan & Wetmore<\/a>.  <\/p>\n\n\n\n

<\/div>\n\n\n\n

Contact us <\/a><\/div>\n\n\n\n

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Today’s Thought Leaders<\/strong><\/p>\n\n\n\n

Contact us today by calling 301-585-0506.<\/tcxspan><\/strong><\/p>\n\n\n\n

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\n

About Jason Dudas<\/h3>\n\n\n\n

CPA & Senior Manager<\/h4>\n\n\n\n

Jason is a Senior Manager in our Vienna, VA office. Since joining the firm in 2009, he has worked closely with clients on tax, audit and accounting issues. Jason has become an expert in construction accounting and is a member of the Real Estate and Construction CPA\u2019s. He also has experience with research and development credits, and tangible property regulations. <\/p>\n\n\n\n

Read Jasons’s full bio<\/a>.<\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

From cranes vanishing to material costs rising, it\u2019s needless to say that the construction industry is currently in between a rock and a hard place.<\/p>\n","protected":false},"author":2,"featured_media":80157,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_themeisle_gutenberg_block_has_review":false,"_ti_tpc_template_sync":false,"_ti_tpc_template_id":"","footnotes":""},"categories":[23],"tags":[11],"class_list":["post-73795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-construction-and-real-estate","tag-construction"],"yoast_head":"\n