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10 reasons contractors mess up their business.
(From Philippine Daily Inquirer)
Byline: Alexis A. Acacio, Ph.D.
A CONTRACTOR'S success depends a lot on how well they prevent problems that can easily occur during the construction of a project. There is never a lack of chances or opportunities in which contractors can destroy their business and eventually reduce their profits.
Failure of contractors can be classified into three different categories, namely: technical failure; business management failure; and contract management failure.
My constant work with designers and contractors for the last two decades has made me observe the most common mistakes that they make. Here is the top 10 of my list and if you are a contractor, make sure that you do your best to avoid them.
Technical failure
Contractors should be technically versed with the ins and outs of construction. They are usually engineers who are educated, trained and with relevant experience. Builders can fail due to technical reasons that include:
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