With Texas becoming the “go-to” state for business, it’s no wonder that San Antonio has enjoyed a population boom in recent years. As a matter of fact, Forbes Magazine states that from 2016-17, San Antonio experienced the highest population explosion of any city in the nation. With so much this city has to offer, it’s not hard to see why!
San Antonio’s growing population has created a higher demand for new infrastructure, homes, apartments, shopping centers, and businesses-all of which need to be constructed or renovated to feed the city’s growing need. As a result, it’s no wonder that San Antonio’s construction industry is experiencing a boom itself.
Avoid the Headaches
Many small contractors and subcontractors are experiencing exponential growth, which is great, but that growth comes with added concerns, such as contract negotiations, new partnerships, and accounting headaches.
If these or other similar issues have been plaguing you, don’t worry! Our well-qualified attorneys at The Cromeens Law Firm can help you make a successful transition from a small construction business to a larger one.
Cover Your Assets
First and foremost, have all your business formation documents formalized. Things like partnership agreements and contracts are designed to protect you, the individual, as well as your business.
Plus, if you go into business with a friend or family member, it’s wise to have a partnership agreement in place so both of you are protected should anyone decide to leave the business. Remember, having a partnership agreement doesn’t mean you don’t trust each other, it means you care enough to protect each other!
A Pound of Cure
Another great idea is to keep an attorney on retainer. Most people like to think of attorneys as their weapon of last resort, but in all actuality, they should be your first line of defense. Keeping an attorney on retainer allows you to ask questions about contracts or potential legal issues before they happen.
Benjamin Franklin said it right: “An ounce of prevention is worth a pound of cure.” This is especially true of legal issues. Having to fix an issue in litigation that could have been prevented earlier with good legal advice is far more costly, typically running in the tens of thousands of dollars.
Put It in the Book
You’ll also want to be sure to have all your employee procedures down in a manual. An employee handbook isn’t just a guidebook for your employees, it’s also a level of protection for your business.
An employee handbook, or manual, outlines all of the expectations for your employees, providing them with a detailed overview of attendance, equipment, and personal conduct policies, just to name a few.
Basically, a handbook lays out everything for them and you so that there is no confusion down the road. The expert attorneys at The Cromeens Law Firm will help you draft an rock-solid employee handbook!
Remove the Pain from the Process
Finally, don’t forget to streamline all your accounting and contract processes! You may be used to doing things a certain way-which is great in the beginning-but be certain that your invoicing practices, how you get paid, and process contracts are uniform across the board.
Establishing a standard operating procedure for some of your most critical processes allows for quick, efficient bidding and invoicing, ensuring that you land that great new contract and get paid for the work you and your crew have completed.
Put the Pros on Your Team
San Antonio is growing, and so is your business! Make sure to eliminate the growing pains businesses can experience by contacting an expert construction attorney and accountant from The Cromeens Law Firm to ensure your business stays strong during the boom. Reach us at 210-610-6675 for a consultation today. We look forward to hearing from you!