Secret Construction Definitions Unique To High Profit Contractors – “G,H,I,J,K,L ”

Last Updated on April 7, 2016

This is a guest contribution from Randal DeHart of FastEasyAccounting.com.

I have been involved with construction beginning in the mid 1960’s as a kid working in the family construction company through the present time.

Over the decades I have gathered and documented a comprehensive list of terms that describe construction. Some of them are meant to bring a smile to your face, some are serious and the rest I hope are simply entertaining.

This Article Contains Definitions That Begin With The Letter “G,H,I,J,K,L”

Green Growing Contractor Vs. Ripe Rotting Contractor – Green growing contractors continue learning, questioning and discerning. Ripe contractors have a hardening of the attitudes, know everything and are rotting. Age is not a factor.

Hard Work – Expressway to Retired

Hustle – The expectation of getting 40 hour of work done in 20 hours

If You Know The Answers The Questions Will Not Bother You – In school when you sat for an exam or a test and you knew the material forwards and backwards it was fast and easy. The exams and tests for the classes you struggled with were the opposite. Having a Business Process Management Plan provided you with the answers for the questions about how to run your business because it is something you developed. Not something someone else did and handed to you.

Income – Working for daily money

Insanity – Hiring and firing cheap in-house bookkeepers over and over and over expecting useful reports

Inexpensive – Goods or services that do work beyond the warranty period

It’s Not What You Know, It’s Not Who You Know That Counts, It’s Who Knows You – The value you bring to your network is directly related to who will take your phone call or return your email

KPI – Key Performance Indicators if viewed daily and understood leads to wealth

Lawyer – Person who goes in after the auditors to strip the bodies

Leveling – When two or more people spend time together the group will level to the strongest personality

Listening – Contractor who asks their client what materials and results they want and give it to them

Little Leaks – Sink the construction business because they are easy to ignore like what ten minutes is costing your company

LMOS – The four big cost buckets,　 Labor, Material, Other Costs and Subcontractors, used by Fast Easy Accounting to assist construction contractors in determining Job Costing, Job Profitability and Job Costing Services Reports.

Liquidated Damages – A penalty for failing to achieve the impossible

Low Bidder – A contractor who is wondering what he left out

About The Author:

Randal DeHart, PMP, QPA The Construction Accountant. Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington and Fast Easy Accounting. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Accounting Specialist and Bill.Com Certified Guru. Visit http://www.fasteasyaccounting.com/ to learn more. Follow Randal on Google+

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