Sunday, May 26, 2024
AdvocacyContractsPrompt Payment Legislation

“Made by the Industry for the Industry” – Optimizing the Flow of Money

On Oct 25 & 26, 2017, the Alberta Construction Association sponsored Part II of the “Optimizing the Flow of Money” Workshop hosted by its partner Associations, Calgary Construction Association and Edmonton Construction Association.

All participants reported on the flow of money processes in their operation that they spent the summer/early fall reviewing for efficiencies.  With enthusiasm and recognition of the importance of the issue, they shared thoughts and best practices.  As one participant reminded us, “We all have a part to play in this; we should all take care of our part with the same care, attention and urgency as we would expect in handling our own pay cheque.”  We all need to get paid whether we are a sub-consultant, a supplier or an employee.  No one can, or is able to, work for free without agreeing to that upfront.

Participants stated, “It is rare to get all industry partners (Owners, Consultants, Contractors, Trades and Suppliers) in one place to talk about this issue” and “through this open discussion we were educated on all others’ perspectives about the process”.  Having project managers and accounting personnel together is the only way to find solutions that can affect the flow of money.

It takes courage to follow those who are showing leadership about this topic – “find your courage to follow and show others how to follow”.

Stay tuned in early 2018 for Best Practices “Made by the Industry for the Industry”!