Designing Buildings - User contributions [en]

Digital marketing for the construction industry

2022-11-04T13:28:00Z

PaulCooper:

= Introduction =

The construction industry has yet to adopt digital marketing on the scale of other businesses, there’s a lot of room to pull ahead with some creativity. This is especially true for small and mid-sized companies.

= Writing content =

One ad agency interviewed 76 leading marketers in 2016 to find out the most important industry trends. About a quarter of them emphasised the importance of content, with a handful reiterating a phrase that’s become digital marketing’s de facto motto: Content is King.

With more and more companies fighting for the throne, writing exceptional content often requires a specialist. Luckily, construction is an industry with many niches, and there are things you know that others want to find out about.

Let’s say you’re in construction rigging in Florida. People would love to know what problems foreign-based materials vendors might face transporting large freight at a local site. This is just one possible article which you could write using your knowledge of local regulations, the local labour market, and personal industry experience.

Start a blog on your website. Create a two-month schedule based on objectives and [https://seoconsultant.agency/basic-seo-guide/ SEO] keywords. Publishing and boosting on Facebook is a barebones plan. Here are some resources to learn more:

[http://contentmarketinginstitute.com/?__hstc=43225914.0a96aeebd408ecba22cf17d69eecac2b.1480607231480.1481283768841.1481345382139.7&__hssc=43225914.4.1481345382139&__hsfp=3436355633 The Content Marketing Institute] has resources on everything content-related.

Understand how [http://www.enchantingmarketing.com/writing-for-the-web-vs-print/?__hstc=43225914.0a96aeebd408ecba22cf17d69eecac2b.1480607231480.1481283768841.1481345382139.7&__hssc=43225914.4.1481345382139&__hsfp=3436355633 online content is not the same as print].

Read [https://moz.com/beginners-guide-to-content-marketing?__hstc=43225914.0a96aeebd408ecba22cf17d69eecac2b.1480607231480.1481283768841.1481345382139.7&__hssc=43225914.4.1481345382139&__hsfp=3436355633 this] beginner’s guide.

= Publish your content on LinkedIn =

One platform people underrate for building leads is LinkedIn. The environment encourages professional engagement and thoughtful comments, while the site allows you to target the audience you want.

LinkedIn complements your website and Facebook page, but remember that articles longer than three paragraphs are best for their publishing platform. For shorter content use the status update — and make it digestible.

Join active industry groups and contribute to conversations on those pages.

Readers won’t come overnight, but members will welcome insightful content that’s not just self-promotion. Don’t neglect the power of commenting on other people’s work, and ask questions too.

= Building Information Modelling =

The UK mandates BIM for all government construction projects. Australia, Germany, and the UAE are planning similar requirements, and the process is growing rapidly around the word. Companies need to prepare for the time when BIM will be the industry standard.

Right now, developers still see BIM as a B2B differentiator. In the future, expect companies to incorporate their BIM working experience, or the process itself, in their marketing.

= Create a social media group =

In China, WeChat is ideal for work and social groups. It fosters a golden ratio of purpose (you can only join a group by invitation) and casualness (the groups look like chat rooms). For business, they tend to be professional, friendly, and active. Whoever can start filling the demand using Western platforms will get prime opportunities to network and advertise.

= Develop micro-partnerships with other businesses =

According to [http://mediakix.com/2016/06/micro-influencers-definition-marketing/?__hstc=43225914.0a96aeebd408ecba22cf17d69eecac2b.1480607231480.1481283768841.1481345382139.7&__hssc=43225914.4.1481345382139&__hsfp=3436355633 a recent study], 82% of consumers said they’d follow a micro-influencer’s suggestion. This has huge implications for digital marketing, but what does it mean?

Influencer marketing is selling your product via an industry or community leader. It’s today’s version of getting Michael Jordan in your commercial. Two unique things about influencer marketing are especially relevant for construction professionals.

* Working with micro-influencers can have a better ROI than seeking out the biggest names. The widely-accepted definition of a micro-influencer is an individual with 10,000-150,000 followers on Instagram. In the construction industry — as opposed to film or fashion — few people can be considered mega-influencers. That’s not a bad thing because marketers are just starting to discover how people are more likely to trust niche leaders. You can begin using tools like Buzzsumo to find and contact accounts your consumers follow.
* Partnerships can lead to long-term earned media relationships. The largest construction accounts are still associations and publications. By definition, they want to work with individuals and companies. If you’ve already built your online influence through networking or content, you’re in a good position to help outlets and industry groups with their goals. Approach them about issues both of you care about, whether that’s social housing costs or building sustainability. This applies to individual influencers too.

= Catalog on platforms for builders, developers, and architects =

Sites like [https://www.specifiedby.com SpecifiedBy], ArchiExpo, and Architonic have changed how architects and builders search and specify products. They also make marketing and networking much easier around the globe.

= Use virtual reality =

Filming your own 360-degree content is possible, but you’ll need to do some research first.

People are always surprised when they see that most VR rigs are soccer-ball-shaped apparatuses with GoPro cameras attached. While they’re expensive, rental companies make filming on your own possible. Hiring production might be worth the cost for many businesses.

[https://techcrunch.com/2015/04/06/augmented-and-virtual-reality-to-hit-150-billion-by-2020/?__hstc=43225914.0a96aeebd408ecba22cf17d69eecac2b.1480607231480.1481283768841.1481345382139.7&__hssc=43225914.4.1481345382139&__hsfp=3436355633 Digi-Capital predicts] the VR market will reach $30 billion by 2020, and products like Google Cardboard mean VR content is on the verge of mass availability.

= Find the right specialists =

Sometimes you have to know when to call the professionals. For example, you can do the [https://seoconsultant.agency/basic-seo-guide/ basics of SEO] on your own with a plugin like Yoast. But if you want a unique web presence, you need specialists and firms that create leading SEO and content strategies.

Before you hire, know want you want to accomplish and what questions to ask. The essentials are portfolio, capabilities, and measuring ROI. Familiarity with construction is also a big bonus, and luckily construction marketing is a growing field with its own pool of consultants and agencies.

= Track your campaigns =

All these digital marketing strategies take time. Some of them, like content writing, can take a lot of time.

Tracking your digital marketing campaigns is important. [https://www.hubspot.com/?__hstc=43225914.0a96aeebd408ecba22cf17d69eecac2b.1480607231480.1481283768841.1481345382139.7&__hssc=43225914.4.1481345382139&__hsfp=3436355633 Hubspot] is a popular platform for marketing. Google Analytics has its own [https://analyticsacademy.withgoogle.com/?__hstc=43225914.0a96aeebd408ecba22cf17d69eecac2b.1480607231480.1481283768841.1481345382139.7&__hssc=43225914.4.1481345382139&__hsfp=3436355633 courses for users]. At the end of the day, you’re going to have to figure out which software is best for your business. It might take some trial and error, but it will be worth it.

= Related articles on Designing Buildings Wiki =

* Architectural publishing.
* Brand guidelines.
* Constructing a three-year strategic marketing plan.
* Construction marketing.
* Embedding successful key client management.
* Market segmentation.
* Marketing audit.
* Marketing planning.
* Mixed-use marketing.
* One-year tactical or operational marketing plan.
* Property marketing.
* Routes to market.
* Search engine optimisation / Optimising your article for search engines.
* Self publishing for architects.
* Technical notes on architectural publishing.
* Using publishing to optimise real estate projects.
* Winning work.
* Writing technique.

[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:DCN_Research,_Development_and_Innovation]] [[Category:Education]] [[Category:History]] [[Category:Publications_/_reports]] [[Category:Research_/_Innovation]]

Abatement costs

2022-04-14T10:43:37Z

PaulCooper:

The [https://stats.oecd.org/glossary/ glossary of statistical terms], published by the Organisation for Economic Co-operation and Development (OECD), defines [https://payrollheaven.com/define/abatement-cost/ abatement costs] as: ‘…expenditures which reduce the direct pressures on natural assets (for example from air emissions or waste disposal).’

= Related articles on Designing Buildings =

* Abatement.
* Air quality.
* Cost.
* Data.
* Natural asset.
* Waste.

[[Category:DCN_Definition]] [[Category:Definitions]] [[Category:Cost_/_business_planning]]

Accounting

2022-01-05T17:01:00Z

PaulCooper:

Accounting is the process of identifying, measuring and communicating information to allow informed decisions to be made.

There are two major areas of accounting – management accounting and financial accounting:

Management accounting provides internal managers with the necessary information for the operation of the organisation or project. Reports tend to be designed with a particular process or decision in mind, and are produced as frequently as required by the managers.

Financial accounting is intended for external consumption. It provides users such as shareholders or regulators with information and are produced in a format that complies with the standard requirements. Reports tend to be general-purpose and provide a broad overview of the position and performance of the organisation or project. They are often produced on an annual basis.

In the construction industry, accounting may be undertaken in relation to a specific project, or in relation to a particular organisation.

On construction projects, relevant information in the form of accounts can be used as a tool to help devise strategies, to plan and to control projects. The commercial team, made up of project planners and quantity surveyors, are primarily responsible for accounting on construction projects and will typically report to the project manager.

Project accounting is vitally important as a great number of contracts and subcontracts may be active on a project, and these need to be controlled, directed, reported and kept within budget. The accounting process involves monitoring progress on all stages and issuing and paying invoices as required.

Accounting is also an important process, as in all industries, for the business planning and control of construction organisations. This will, amongst other things, report the overall budget cost of individual projects that the company is engaged with, as well as their likelihood of completing to budget or not.

For accounting to meet the needs of its users effectively, the financial information should be:

* Relevant in terms of forecasting future scenarios or confirming past ones.
* Reliable and free from errors or bias.
* Comparable so that trends can be monitored, and potential problem areas identified.
* Understandable and expressed as clearly as possible.
* Available in time to inform decision making.
* Of sufficient benefit to justify the cost.

Open-book accounting is a method of procuring work under which contractors are reimbursed on the basis of transparent records of the costs they have incurred. It is generally associated with incentivised target-cost contracts, management contracts and framework contracts, but can also be applied to the first stage of a two-stage, fixed-price contract.

Transparency can apply to the main contractor (whose direct costs may only amount to 20% of the total construction cost) who procures tendered, fixed-priced sub-contracts that are not open book and/or down the whole supply chain for every party involved in a project.

For more information, see Open-book accounting

= Related articles on Designing Buildings Wiki =

* Accruals.
* Bill of quantities.
* Budget.
* Business plan.
* Capital cost.
* Cash flow statement.
* Commercial management.
* [[Compound_Annual_Growth_Rate_(CAGR)|Compound Annual Growth Rate (CAGR)]].
* Construction costs.
* Contract sum.
* Cost consultant.
* Cost engineering.
* Estimator.
* Final account.
* Fintech.
* Investment.
* Invoice.
* Irrelevant cost.
* Letter of credit.
* Life cycle costs.
* Open book accounting.
* Operational costs.
* PAYE.
* Pre-tender estimate.
* Price.
* Prime cost sum.
* Profit.
* Profitability.
* Quantity surveyor.
* Quote.
* Relevant cost.
* Solvency.
* Taxation.
* Tender pricing document.
* Turnover.
* VAT.
* Whole life costs.

= External resources =

* 'Accounting and Finance for non-specialists' (3rd ed.), ATRILL, P., MCLANEY E., Pearson Education Ltd. (2001)
* [https://payrollheaven.com/define/accounting/ Payroll Heaven: Glossary Definition For Accounting]

[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Construction_management]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]] [[Category:Roles_/_services]]

Real estate investment trust REIT

2020-05-05T10:35:01Z

PaulCooper:

A Real Estate Investment Trust ([https://payrollheaven.com/define/reit/ REIT]) is a company that owns and manages property on behalf of investors where revenue is principally (not less than 75%) derived from rent or interest on mortgages. As such, REITs receive special tax considerations. Owner-occupied properties are excluded from such trusts.

Many of the largest property development companies have, since their introduction in 2007, restructured themselves as publicly-quoted [https://payrollheaven.com/define/reit/ REITs].

This structure offers certain tax advantages to investors as well as providing property investment opportunities to those investors who do not wish to invest directly into the property market, either commercial or retail, and who wish to be able to trade in and out of the asset class.

REITs are exempt from paying corporation tax or capital gains tax on profits, but must instead payout at least 90% of property income to investors in the form of dividends which are then subject to tax depending upon the circumstances of each investor. A withholding tax is applied at the time that dividends are paid.

For these reasons, a REIT is an investment structure that appeals to the widest possible cross-section of potential investors, all of whom will have very differing income and tax considerations.

Typically, the REITs market offers the investor high yields and [https://payrollheaven.com/define/liquidity/ liquidity] not usually associated with the ownership of property. Investors can purchase individual REIT shares through the stock exchange or can invest in a fund that specialises in property holdings thereby spreading risk across the property sector. Generally, REIT investments apply to commercial buildings, shopping centres, warehousing and residential apartment blocks.

To become a REIT a company must be listed on a recognised stock exchange.

Subject to the rules, companies and groups can become REITs paying an entry charge on 2% of the value of their investment properties which can be spread with interest over four years. This is taxed at the main rate of [https://payrollheaven.com/define/corporation-tax/ corporation tax].

No investor may have more than a 10% stake in a REIT.

On the condition that a REIT distributes at least 90% of its property income and capital gains by way of [https://payrollheaven.com/define/dividend/ dividends], distribution is made without deduction of tax. While the investor will be taxed on the basis of property income it is not subject to capital gains tax. Effectively, it is a way of an investor benefiting by capital gain on property without having to pay [https://payrollheaven.com/define/capital-gains-tax/ capital gains tax].

= Related articles on Designing Buildings Wiki =

* Affordable housing.
* Capital allowances.
* Developer.
* Investment property.
* Investment Property Databank (IPD).
* Leaseback.
* Property ownership.
* Real estate.
* Speculative construction.
* Tax relief.
* Tenant management organisation.

=== External references ===

* [http://www.reit.com/ National Association of Real Estate Investment Trusts].

[[Category:Taxation]] [[Category:Cost_/_business_planning]] [[Category:Property_development]]

CIS contractors and CIS sub-contractors

2020-05-05T10:31:50Z

PaulCooper:

= Introduction =

The Construction Industry Scheme (CIS) sets out a series of rules for how contractors should make payments to sub-contractors. The scheme was introduced to try and prevent the loss of revenue to the exchequer arising from payments between contractors not being properly accounted for tax purposes

For the purposes of the CIS, the terms contractors and sub-contractors have very specific meanings. These are terms that are widely used within the building industry but for the purposes of the CIS, it is important that the specific meanings are clearly understood as they have direct relevance to the manner in which payments between parties may be made and the associated tax treatment of those payments.

In this article, they are referred to as CIS contractors and CIS subcontractors.

= CIS contractors =

Under the CIS there are two groups of contractors:

* Mainstream contractors
* Deemed contractors

== Mainstream contractors ==

These include:

* Any businesses that undertake construction operations and pay others for work carried out.
* Any property developers or speculative builders erecting and altering buildings in order to make a profit.
* Gang-leaders organising construction labour (although gang-leaders may also be a CIS sub-contractors)
* Foreign businesses carrying out construction work in the UK.

== Deemed contractors ==

The CIS also identifies entities that are deemed to be contractors. These may be public bodies or other concerns who carry out or commission construction activities. Such entities are deemed to be contractors in the following circumstances:

* Their average annual expenditure on construction operations in the period of three years ending on the last accounting date exceeds £1 million.
* If they have not been trading for the whole of the last three years they will be deemed to be contractors if their total expenditure on construction activities for that part of the three year period during which they have traded exceeds £3 million.

Any concern that is deemed to be a contractor because one of the above conditions is met will continue to be treated as such until construction expenditure reduces to less than £1 million for three successive years.

= CIS sub-contractors =

This term describes a person or body that has agreed to carry out construction operations for a contractor. This may involve the CIS sub-contractor:

* Carrying out the operations themselves, or;
* Having the work done by other CIS sub-contractors.

Such CIS sub-contractors may be companies, self-employed persons, public bodies, foreign businesses or gang-leaders. Persons may be employed by agencies to undertake construction work in which case the agency, howsoever constituted, shall be treated as a CIS sub-contractor.

-----
NB: In June 2014, the government launched a [https://www.gov.uk/government/consultations/improving-the-operation-of-the-construction-industry-scheme-cis consultation] into ways to improve the CIS by reducing the administrative burden it imposes. Some people within the industry have called for the scheme to be scrapped. Ref. Construction Enquirer [http://www.constructionenquirer.com/2014/07/11/calls-grow-to-scrap-cis-tax-scheme/ Calls grow to scrap CIS tax scheme] 11 July 2014.

-----
This page was created by:--[[User:Martinc|Martinc]] 17:59, 19 June 2013 (BST)

= Find out more =

=== Related articles on Designing Buildings Wiki: ===

* Construction Industry Scheme.
* Contractor.
* Sole trader.
* Sub-contractor.
* Trade contractor.
* Types of contractor.
* Works contractor.

=== External references: ===

* HMRC: [http://www.hmrc.gov.uk/cis/index.htm Construction Industry Scheme].
* Cantor Atkin: [http://www.cantoratkin.co.uk/ CIS Scheme assistance].
* Payroll Heaven: [https://payrollheaven.com/cis-returns-service/ CIS Returns]

[[Category:Taxation]]

Depreciation

2020-05-05T10:29:48Z

PaulCooper:

Over time the value of assets declines or depreciates, ultimately to the point where the value is Nil.

For businesses, it is important to recognise this fact by reducing the value of assets shown on the balance sheet in accordance with the depreciation policy set by the directors. Because some types of asset lose value at a faster rate than others, businesses may have different rates of [https://payrollheaven.com/define/depreciation/ depreciation] for different classes of asset.

For example, the value of a company car may be reduced over 4 years or at 25% per annum, whilst fixtures and fittings may be depreciated over 10 years or at 10% per annum.

Businesses are free to decide their own depreciation rates and because depreciation is merely an accounting entry which does not involve expending actual funds, but which still reduces profit, it effectively provides a fund for replacing the asset at the end of its useful life.

However, in calculating taxable profits, the value of the depreciation is ignored and is replaced by capital allowances which are set according to statutory rules. The reason for this is simply that HM Revenue and Customs do not allow businesses to set their own depreciation in such a way that would provide tax relief earlier than they believe should be the case.

For example, if electrical equipment is purchased for £10,000, and the business decides to depreciate the value by 100% in year 1, leaving the full depreciation in the calculation would provide tax relief upon the entire value of that equipment in the year of purchase. Instead, by using pre-determined capital allowances the equipment may be depreciated in full - but over a much longer period of time. Tax relief is therefore available over the same extended period.

Where equipment has capital allowances applied at a rate of 25% on a “reducing balance” basis it results in the entire value being written off for tax purposes over 7 years.

It can be seen therefore that there is a connection between depreciation for accounting and replacement purposes on the one hand, and the use of predetermined capital allowances set by HM Revenue and Customs on the other for the calculation of tax payable by a business.

= Related articles on Designing Buildings Wiki. =

* Business case.
* Capital allowances.
* Cost consultant.
* Equipment.
* Tax relief.

= External references. =

* HM Revenue & Customs: [http://www.hmrc.gov.uk/businesses/capital-allowances.htm Capital Allowances].

[[Category:Taxation]]

Real estate investment trust REIT

2020-05-05T10:28:13Z

PaulCooper:

A Real Estate Investment Trust ([https://payrollheaven.com/define/reit/ REIT]) is a company that owns and manages property on behalf of investors where revenue is principally (not less than 75%) derived from rent or interest on mortgages. As such, REITs receive special tax considerations. Owner-occupied properties are excluded from such trusts.

Many of the largest property development companies have, since their introduction in 2007, restructured themselves as publicly-quoted [https://payrollheaven.com/define/reit/ REITs].

This structure offers certain tax advantages to investors as well as providing property investment opportunities to those investors who do not wish to invest directly into the property market, either commercial or retail, and who wish to be able to trade in and out of the asset class.

REITs are exempt from paying corporation tax or capital gains tax on profits, but must instead payout at least 90% of property income to investors in the form of dividends which are then subject to tax depending upon the circumstances of each investor. A withholding tax is applied at the time that dividends are paid.

For these reasons, a REIT is an investment structure that appeals to the widest possible cross-section of potential investors, all of whom will have very differing income and tax considerations.

Typically, the REITs market offers the investor high yields and liquidity not usually associated with the ownership of property. Investors can purchase individual REIT shares through the stock exchange or can invest in a fund that specialises in property holdings thereby spreading risk across the property sector. Generally, REIT investments apply to commercial buildings, shopping centres, warehousing and residential apartment blocks.

To become a REIT a company must be listed on a recognised stock exchange.

Subject to the rules, companies and groups can become REITs paying an entry charge on 2% of the value of their investment properties which can be spread with interest over four years. This is taxed at the main rate of corporation tax.

No investor may have more than a 10% stake in a REIT.

On the condition that a REIT distributes at least 90% of its property income and capital gains by way of dividends, distribution is made without deduction of tax. While the investor will be taxed on the basis of property income it is not subject to capital gains tax. Effectively, it is a way of an investor benefiting by capital gain on property without having to pay capital gains tax.

= Related articles on Designing Buildings Wiki =

* Affordable housing.
* Capital allowances.
* Developer.
* Investment property.
* Investment Property Databank (IPD).
* Leaseback.
* Property ownership.
* Real estate.
* Speculative construction.
* Tax relief.
* Tenant management organisation.

=== External references ===

* [http://www.reit.com/ National Association of Real Estate Investment Trusts].

[[Category:Taxation]] [[Category:Cost_/_business_planning]] [[Category:Property_development]]

Patents

2020-05-05T10:23:46Z

PaulCooper:

[[File:Patent.jpg|link=File:Patent.jpg]]

A [https://payrollheaven.com/define/patent/ patent] provides security of [https://payrollheaven.com/define/intellectual-property/ intellectual property] for a limited period.

= What is a patent? =

When a design is created for a unique, innovative or novel object, be it a labour-saving device, mechanical or electrical component or anything else that it is thought can be produced and sold in profitable quantities, the designer may apply for a patent.

A patent is a form of intellectual property protection. Once granted – usually for a limited period – the designer can exclude others from copying, making, importing and selling a similar item that closely resembles the original and is clearly derived from it.

A patent gives the designer certain rights under civic law to sue any party that has infringed the patent.

The UK patents office grants patents to inventions that:

* Can be made or used (e.g a new construction component).
* Are new.
* Are inventive and not just a simple modification to an existing design.

= Things that cannot be patented =

Certain types of invention cannot be patented, including:

* Literary, dramatic, musical or artistic works (including building designs).
* A way of doing business, playing a game or thinking.
* A method of medical treatment or diagnosis.
* A discovery, scientific theory or mathematical method.
* The way information is presented.
* Some computer programmes or mobile apps.
* ‘Essentially biological’ processes e.g cross-breeding plants, and plant or animal varieties.

Patents are generally expensive and difficult to obtain. In the UK, applications typically cost £4,000 and only 1 in 20 applications get a patent without professional help. The process is also long, usually taking five years.

Once granted, the costs can start to pile up: a patent must be renewed every year and there could also be legal costs to pay if a patent needs to be defended in court.

= Related articles on Designing Buildings Wiki =

* Building component.
* Concept design.
* Concept.
* Design coordination.
* Design management.
* Design methodology.
* Design principles.
* Detailed design.
* Manual drafting techniques.
* Mood board.
* Trade mark.
* Truth to materials.
* What is design?

[[Category:Research_/_Innovation]] [[Category:Design]] [[Category:Products_/_components]]

Trade mark

2020-05-05T10:21:59Z

PaulCooper:

[https://payrollheaven.com/define/trademark/ Trademarks] can be traced back over 400 years to the reign of James 1. A trademark is a type of intellectual property protection and can be a brand or product name, logo, word, illustration or slogan. It is usually used on, or in association with, goods and services to indicate that they are manufactured, selected, certified or offered for sale by the proprietor of the trademark. Customers can see the origin of the trade-marked goods and may come to trust the owner of the trademark.

A trademark allows its owner to distinguish themselves from competitors or others and, once registered, cannot be imitated. In the UK, trademarks are protected by law.

In order to protect a brand or logo etc, trademarks must be registered with the UK Intellectual Property Office at [https://www.gov.uk/how-to-register-a-trade-mark https://www.gov.uk/how-to-register-a-trade-mark].

Registration allows the holders to:

* Sell and license their brand.
* Put the ® symbol next to their brand to show it is theirs and warn others against using it.
* Take legal action against those who use the trademark without permission (including counterfeiters).

Trademarks are usually valid for a period of 10 years, after which they must be renewed to avoid expiry.

A trademark must be unique and can include:

* Words
* Sounds
* Logos
* Colours
* A combination of any of these.

However, in the UK, a trademark cannot:

* Be offensive, for example, contain swear words or pornographic images.
* Describe the goods or services it will relate to, for example, the word ‘cotton’ cannot be a trademark for a cotton textile company.
* Be misleading, for example, use the word ‘organic’ for goods that are not organic.
* Be a three-dimensional shape associated with the trademark, for example, use the shape of an egg for eggs.
* Be too common and non-distinctive, for example, be a simple statement like ‘we lead the way’.
* Look too similar to state symbols like flags or hallmarks, based on World Intellectual Property Organization guidelines.

To register a trademark, the first step is to find out whether it is already registered by someone else by searching the [https://payrollheaven.com/define/trademark-search/ trade-mark database].

= Related articles on Designing Buildings Wiki =

* Brand guidelines.
* Copyright.
* Design protection.
* Intellectual property.
* Patents

= External resources =

* [https://www.gov.uk/how-to-register-a-trade-mark How to register a trade mark]
* [https://www.gov.uk/renew-your-trade-mark Renew a trade mark]
* [https://www.gov.uk/search-for-trademark Search for a trade mark]

[[Category:Definitions]]

Financial management glossary

2020-05-05T10:02:24Z

PaulCooper:

= Working capital =

* Working capital is the everyday working money available to run the business.

* [https://payrollheaven.com/define/current-asset/ Current assets] - [https://payrollheaven.com/define/current-liability/ current liabilities] = working capital.
* The amount of working capital required can be reduced by accelerating the rate at which money circulates through the business (for example prompt billing).

= Working capital turnover rate =

* Total annual fee income / average value working capital = working capital turnover rate.

= Profit and loss account =

* Annual statement of income and expenditure that shows if a company has made an overall gain on trading performance.

= Balance sheet =

* A picture of the business as it stands, providing a statement of total assets and liabilities at a given point in time (usually the year-end).

= Monthly 'flash' profit & loss report =

Actual vs budget information based on:

* [https://payrollheaven.com/define/net-income/ Net Income] (after paying others) (work in progress not included).
* Resources.
* [https://payrollheaven.com/define/overhead/ Overheads].
* Gives an indication which area might be responsible for a loss or profit.
* Useful over a longer period of time to spot trends and blips.

= Key performance indicators (KPI's) =

Profit/ loss based [https://payrollheaven.com/define/key-performance-indicators/ KPI]'s:

* Profit per fee earner/partner.
* Turnover per fee earner/partner.
* Break-even rate.
* Overhead rate.

Liquidity KPI's (liquid assets=cash):

* Analyses ability to pay bills as they become due.
* Current ratio = current assets (including work in progress) / current liabilities.

* Quick ratio (acid test) - quick assets (cash+bank balance+debts) / current liabilities'
* Ratios over 1 are deemed satisfactory. The higher the better.

Financial Performance plan:

* Establish costs for employing the employee/number of working hours = cost rate per hour.

= Project resource plan =

* Shows hours of each grade of person required monthly.
* Hours translated into cost x by rate per hour of each grade.
* Projected fees vs projected cost - plotted on graph.
* Compare projected with actual to monitor performance.
* Share information to give a sense of involvement and responsibility. This will allow them to align their actions with the best interests of the company.

= Fee forecasting =

Fee forecasting is crucial to running a business as it allows the future financial position to be assessed and ensures that records of potential fees are maintained.

Captive fee forecasting:

* Fees are agreed, fully documented, contractually binding and scheduled for current projects.
* An indicator of how busy a company is likely to be in short to medium term.
* Avoid the cliff edge - when a project is delivered fees reduce so it is important to win more work to maintain cash-flow through fees.

Future possible fee forecasting:

* All possible fees hoped to be earned. Anything but certain.
* Quantify probability of winning them with a success probability factor %.
* The aim is to attempt to predict the medium to long term.

Resources forecast:

* Establish whether the right number of people are available to deliver the work lined up in the captive fees forecast.
* Keep a rolling weekly forecast of people required vs people available.
* Plan for flexibility so there is always some resource available for general work.
* It is most efficient to use those with recent experience on similar projects to achieve good results quickly.

= Cashflow forecasting =

* Cashflow = total money in and out of a business affecting liquidity.
* The most accurate way of predicting the financial health of a company in the short-medium term.
* Gives an idea of when cash shortage problems may be approaching.
* Rolling 6 monthly.
* If seeking a loan/overdraft, a 2/3 year forecast may be needed.

Inflows:

* Fees.
* VAT collection.
* Opening balance.

Outflows:

* [https://payrollheaven.com/define/payroll/ Payroll].
* PAYE/ NI.
* [https://payrollheaven.com/define/rent/ Rent].
* PII.
* Office supplies.

= Credit Control =

* Good organisation is the key to good credit control.
* Invoice for fees in a regular and determined way.
* Chase up when they are not paid on time.
* Agree on payment terms.
* Keep a record of all correspondence regarding fees.

Late payments:

* Logged in aged debtor report - all outstanding payments and for how long.
* Understand clients payment systems.
* Outstanding invoices should be chased

# Remind them of agreed terms in invoices.
# If overdue send a reminder email with a copy of invoice.
# Further 1 or 2 weeks… phone call.
# Last resort: [https://payrollheaven.com/define/alternative-dispute-resolution/ Dispute resolution].

[[Category:Definitions]]

Financial management glossary

2020-05-05T09:55:13Z

PaulCooper:

= Working capital =

* Working capital is the everyday working money available to run the business.

* [https://payrollheaven.com/define/current-asset/ Current assets] - [https://payrollheaven.com/define/current-liability/ current liabilities] = [https://payrollheaven.com/define/working-capital/ working capital].
* The amount of working capital required can be reduced by accelerating the rate at which money circulates through the business (for example prompt billing).

= Working capital turnover rate =

* Total annual fee income / average value working capital = working capital turnover rate.

= Profit and loss account =

* Annual statement of income and expenditure that shows if a company has made an overall gain on trading performance.

= Balance sheet =

* A picture of the business as it stands, providing a statement of total assets and liabilities at a given point in time (usually the year-end).

= Monthly 'flash' profit & loss report =

Actual vs budget information based on:

* Net Income (after paying others) (work in progress not included).
* Resources.
* [https://payrollheaven.com/define/overhead/ Overheads].
* Gives an indication which area might be responsible for a loss or profit.
* Useful over a longer period of time to spot trends and blips.

= Key performance indicators (KPI's) =

Profit/ loss based [https://payrollheaven.com/define/key-performance-indicators/ KPI]'s:

* Profit per fee earner/partner.
* Turnover per fee earner/partner.
* Break-even rate.
* Overhead rate.

Liquidity KPI's (liquid assets=cash):

* Analyses ability to pay bills as they become due.
* Current ratio = current assets (including work in progress) / current liabilities.

* Quick ratio (acid test) - quick assets (cash+bank balance+debts) / current liabilities'
* Ratios over 1 are deemed satisfactory. The higher the better.

Financial Performance plan:

* Establish costs for employing the employee/number of working hours = cost rate per hour.

= Project resource plan =

* Shows hours of each grade of person required monthly.
* Hours translated into cost x by rate per hour of each grade.
* Projected fees vs projected cost - plotted on graph.
* Compare projected with actual to monitor performance.
* Share information to give a sense of involvement and responsibility. This will allow them to align their actions with the best interests of the company.

= Fee forecasting =

Fee forecasting is crucial to running a business as it allows the future financial position to be assessed and ensures that records of potential fees are maintained.

Captive fee forecasting:

* Fees are agreed, fully documented, contractually binding and scheduled for current projects.
* An indicator of how busy a company is likely to be in short to medium term.
* Avoid the cliff edge - when a project is delivered fees reduce so it is important to win more work to maintain cash-flow through fees.

Future possible fee forecasting:

* All possible fees hoped to be earned. Anything but certain.
* Quantify probability of winning them with a success probability factor %.
* The aim is to attempt to predict the medium to long term.

Resources forecast:

* Establish whether the right number of people are available to deliver the work lined up in the captive fees forecast.
* Keep a rolling weekly forecast of people required vs people available.
* Plan for flexibility so there is always some resource available for general work.
* It is most efficient to use those with recent experience on similar projects to achieve good results quickly.

= Cashflow forecasting =

* Cashflow = total money in and out of a business affecting liquidity.
* The most accurate way of predicting the financial health of a company in the short-medium term.
* Gives an idea of when cash shortage problems may be approaching.
* Rolling 6 monthly.
* If seeking a loan/overdraft, a 2/3 year forecast may be needed.

Inflows:

* Fees.
* VAT collection.
* Opening balance.

Outflows:

* [https://payrollheaven.com Payroll].
* PAYE/ NI.
* [https://payrollheaven.com/define/rent/ Rent].
* PII.
* Office supplies.

= Credit Control =

* Good organisation is the key to good credit control.
* Invoice for fees in a regular and determined way.
* Chase up when they are not paid on time.
* Agree on payment terms.
* Keep a record of all correspondence regarding fees.

Late payments:

* Logged in aged debtor report - all outstanding payments and for how long.
* Understand clients payment systems.
* Outstanding invoices should be chased

# Remind them of agreed terms in invoices.
# If overdue send a reminder email with a copy of invoice.
# Further 1 or 2 weeks… phone call.
# Last resort: Dispute resolution.

[[Category:Definitions]]

Acquisition in the construction industry

2020-05-05T09:50:45Z

PaulCooper:

The term 'acquisition' is a very broad one that refers to the process of acquiring all, or part of a tangible or intangible asset or capability.

In the construction industry, [https://payrollheaven.com/define/acquisition/ acquisition] might refer to:

* The acquisition of one company by another.
* Site selection and acquisition.
* Land acquisition.
* Compulsory acquisition.
* The acquisition of skills.
* The acquisition of other services or assets, such as plant acquisition.

STAR Procurement (a shared procurement service for Rochdale, Stockport, Tameside and Trafford Councils), [https://www.star-procurement.gov.uk/Suppliers/Docs/STAR-Procurement-Glossary-of-Terms-May-2019.pdf Glossary of Terms], published in May 2019, suggests that acquisition is a wider concept than procurement: ‘…it is the over-arching ‘whole life-cycle’ process, of which the procurement process is a sub-section. Involving suppliers in acquisition; particularly in the pre-procurement phase can add value to the procurement process.’

= Related articles on Designing Buildings Wiki =

* Buyer.
* Compulsory acquisition.
* Land acquisition.
* Plant acquisition.
* Procurement.
* Site selection and acquisition.
* Supplier.

[[Category:Definitions]] [[Category:Procurement]]

Balance sheet

2020-05-05T09:14:32Z

PaulCooper:

This article provide a brief introduction to balance sheets.

The balance sheet of any business, whether it is a company, a partnership or a sole trader, is simply a statement, or list, of assets and liabilities at a given date.

Typically assets will include such items as:

* Cash in the bank.
* Money owed to the business in the form of debtors.
* Stock.
* Tangible assets such as; computers, equipment and furniture.

Liabilities will include such items as:

* Net overdraft at the bank.
* Money owed to suppliers in the form of trade creditors.
* Loans to the business.
* Hire purchase contracts.
* Money owed to HMRC in the form of VAT or other taxes.
* Share capital and accumulated reserves (these are amounts invested or retained in the business by its owners).

And in addition to the obvious items above, accounting practice allows for many other categories to be accounted for, such as:

* Prepayments.
* [https://payrollheaven.com/define/accrued-income/ Accrued income].
* Accruals, etc.

There are timing considerations to be taken into account when listing these items out. The Companies Acts require that liabilities are identified by reference to when they fall due to be paid, so that it can be seen if a business’s immediate payment obligations to creditors exceeds its short-term ability to find the cash to meet those obligations.

It is for this reason that balance sheets of entities who report to Companies House will show 'current assets' and 'current liabilities' and will also show whether current assets exceed current liabilities (good) or whether [https://payrollheaven.com/define/current-liability/ current liabilities] exceed [https://payrollheaven.com/define/current-asset/ current assets] (bad).

In fact, the Companies Acts stipulate the broad formats in which accounts, including the Balance Sheet, must be presented. There are a variety of reporting options depending upon the nature and size of the business in question and guidance is available from [http://www.companieshouse.org.uk Companies House].

Not only is it good business practice to have this [https://payrollheaven.com/define/information/ information] readily available, but it is also information that lenders or statutory bodies will be interested in as the balance sheet is effectively a record of a business’s life since birth; how much profit has been retained in the business over the years and how healthy it now looks. And because balance sheets are published once a year, usually to the same accounting date, it is possible to see a progression year by year in the net asset value of a business.

Not all businesses are legally required to prepare a balance sheet. Unincorporated businesses that do not have to file accounts with Companies House do not need to do so. It is, nonetheless, good practice to ensure that a balance sheet is maintained and is up to date. Many businesses are wound up because they cannot pay their debts when they fall due (effectively this is the definition of insolvency), and this often arises because business owners have lost track of exactly what they owe, particularly to HMRC in the form of VAT, PAYE or [https://payrollheaven.com/define/corporation-tax/ Corporation Tax].

In addition to the balance sheet itself, published accounts frequently contain 'Notes to the Balance Sheet' which, to the experienced practitioner, is where much of the essential detail which lies behind the bare numbers can be found.

When considered together with the annual profit and loss account, the balance sheet should provide an accurate snapshot of a business’s well-being at a given point in time.

-----
This article created by:--[[User:Martinc|Martinc]] 13:12, 30 June 2014 (BST)

= Related articles on Designing Buildings Wiki =

* Accruals.
* Cash flow.
* Construction organisations and strategy.
* Construction supply chain payment charter.
* Cost value reconciliation.
* Demand chain.
* Fair payment practices.
* Financial Reporting Standard for Small Entities.
* Housing Grants, Construction and Regeneration Act.
* Insolvency.
* Microeconomics.
* Outturn cost.
* PAYE.
* Payment notice.
* Remedies for late payment.
* Scheme for construction contracts.
* VAT.
* Working capital.

=== External references. ===

* [http://www.companieshouse.org.uk/ Companies House].

[[Category:Taxation]] [[Category:Cost_/_business_planning]]