Just like any other business, construction is about sourcing opportunities and ensuring that your clients believe they have found the best company for the job. Winning contracts is the result of numerous factors working together which lead a client to select your company.
Covid has been a dramatic factor in construction, but according to economists construction spending is on the rise dramatically, and it doesn’t seem like covid will be slowing it down. After interviewing several successful general contractors their consensus was that there is ample opportunity for growth in the private and government sectors. Here are six ways they said were imperative to growing your construction business.
Capital is a tricky topic for small and medium size construction companies, as there is no real assets to pledge to lenders, they have no regular Cash flow cadence given their work often involves one contract at a time, and if they are engaged in sub-contract work, partial earnings can be withheld until all work is completed.
PledgX is aiming to work with Harbr to develop its AI-driven platform to help contractors qualify for more jobs, and issuers of bonds and guarantees offer contractors more capacity to secure projects.
Generally, the construction industry can be separated into two main segments: private sector and public sector. While the final product is ultimately the same, there are major differences that contractors should be aware of to make the best decisions on which projects to pursue.