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Construction Definitions Funny but Real Life Terms Part 2
This Article Will Focus On helping you understand the true meaning of some of the terms that are used in construction. Since this is a family friendly website I have purposefully left out some of the more colorful language and kept to the basics.
This Collection Has been put together by Randal DeHart based upon his experience as a contractor and outsourced contractors bookkeeping services provider to contractors all across the USA and I sincerely trust you will find value in it.
You May Experience some “Ah-Ha Moments” in the near and distant future when you least expect it because you will read or hear a term being used and suddenly you will get it, the light bulb in your head will turn on and something new will make sense as a result of this list.
Have Fun With This List Of Construction Definitions and feel free to share it with 10,000 of your closest friends or more as you wish.
*** ALL COMMENTS IN RED ARE THE THOUGHTS OF THE EDITOR. THEY ARE IN NO WAY A REFLECTION OF RANDAL’S THOUGHTS, INNER THOUGHTS MAYBE. RANDAL IS A GENTLEMAN HOWEVER I’VE BEEN IN THE PLUMBING BUSINESS FOR 21 YEARS AND I THINK WE’VE HEARD A FEW SWEAR WORDS IN OUR WORKING LIVES. I FIGURE SOME THINGS WILL BE EASIER TO UNDERSTAND
Construction Definitions From G to O
11 Steps To Contractor Success – A program designed by Randal DeHart, PMP “The Contractors Accountant” for plumbing contractors, general contractors, trade contractors, home builders, commercial tenant improvement contractors and handyman contractors to make more money faster Click here to download diagram
Hard Work – Expressway to forced retirement. This one physically and mentally hurts. There are plenty of contractors that begin their
business as a side job and it ends like a side job, as it should. However, there are so many men and women out there in the trades over the last 7 years that have worked their butts off who have suffered painful business deaths because they didn’t do the right planning. I have a deep sympathy for all of them more than likely it comes from being one of the casualties. Introspection can be painful.
Income – Working for daily money
Insanity – Hiring and firing in-house bookkeepers over and over and over expecting useful financial and job costing reports instead of outsourcing to Fast Easy Accounting the Contractors Accountant serving contractors all across the USA. Click here to learn more
Inexpensive – Goods or services that continue working after the warranty has expired
KPI – Key Performance Indicators if viewed daily and understood leads to wealth
Lawyer – Person who goes in after the auditors to strip the bodies of the contractors. Randal doesn’t tell you that the lawyers don’t care that lack of funds got you into your predicament. You’ll have to find the funds to pay the lawyers and there aren’t many sympathetic ones in my experience.
Leveling – When two or more people spend time together the group will level to the strongest personality, up or down
Liquidated Damages – A penalty for failing to achieve the impossible on a construction project. Please read your contract. It amazes me that contractors to this day just sign the contract. They don’t run it by a lawyer, their insurance company or bother to learn some business law to be able to interpret the words being used to potentially destroy them. I have personally read contracts that are so blatantly written to misguide and deceive it should be against the law to even write the contract. PLEASE READ WHAT YOU SIGN. If you aren’t sure about some verbiage send it to me and I’ll look at it for you. I’m not a lawyer but I’ve seen and gotten advice on most of the sticking points.
Low Bidder – A contractor who is wondering what he left out and will soon find out
Mastermind Group – A place on the web or a physical location where contractors meet and share best practices for growing their respective construction companies. This is different from business roundtable meetings?
OSHA – Protective coating made by half-baking a mixture of fine print, red tape, split hairs and baloney
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About The Author:
Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington, www.FastEasyAccounting.Com He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Plumbing Contractor, General Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Accounting Specialist, Bill.Com Guru and Tsheets ProAdvisor. Follow Randal on Google+
I leave you with this heartfelt blessing – “Continually ask for the Universe to provide you with abilities equal to your opportunities; knowing full well your opportunities are beyond measure and the rewards for accomplishing each one is well worth the time and effort, blood, sweat and tears you will shed along the way.”
Randal L. DeHart, PMP, QPA