Many contractors don’t fully take advantage of their best tool, WIP, sometimes waiting until year-end to thoroughly review and clean up WIP schedules.
They are missing an opportunity — the work-in-process (WIP) schedule is one of the most critical tools for understanding job performance and overall financial health of the company. In an industry where revenue is earned over the course of each job and profitability depends on accurate estimates, maintaining a reliable WIP schedule is essential to the overall success of the company.
Learn best practices for using WIP to improve decision-making and profit in this recent article published in Louisville Business First.