Spooky situations in the construction industry | Finance Friday
Supply chain challenges, rising material prices, and volatility are creating significant challenges in the construction industry. As a result, supplier price guarantee periods are rapidly decreasing with prices only being locked for 3 - 4 days; compared to 30 days historically. So, what should you be doing to combat these challenges? Build strong relationships with your suppliers by giving them advanced notice on material purchases, talk to them about your projections, and pay them on-time, in cash.