Whip Your WIP Report into Shape
Project profitability is behind expectation, and your surety doesn’t seem to have the same confidence in you as before – what’s the issue here? Chances are, you aren’t immediately aware of what the issue is. You’ll need to examine your Work-In-Progress (WIP) report to determine what conclusions the surety underwriter is coming to. Becoming familiar…
The WIP Schedule: A Closer Look
Small business owners in the construction industry are often confused by exactly what the Work-In-Progress (WIP) schedule is for. If you’re not already familiar with its purpose, the benefits it offers, and the potential drawbacks of not paying close attention to it, it can be seem bewildering. However, a close look will illuminate its most…
WIPs Are Valuable Management Tools
The best way to gauge the financial health of your construction company is by examining its financial statements. However, if you’re only examining the statements addressing projects after they are complete, you are missing out on a wealth of useful information that is only available mid-project. Furthermore, your bond agent could ask you for this…
Using a WIP Schedule to Monitor Your Project’s Vital Signs
If you’re not actively using and regularly updating a Work-In-Progress schedule for your construction project, you’ll only know be able to analyze the project after it is complete. While a “post-mortem” analysis can be very useful, it can’t offer the same kind of immediate results that a WIP schedule can. This is especially true if,…