We can make predictions about inflation, slow downs and recession all we want, but at the end of every day, week and month, things still have to get built, right? Whether it’s time to commit to a new piece of equipment or go after a new contract, building pros share this encouragement: there’s no time to “turtle.”
Turtling?
For Construction Pros say don’t do it: “Some businesses turtle right up at the fist sign of trouble. Usually these are newer enterprises experiencing a slowdown for the first time, and this is where they get passed by more established companies who have been through this before…Experienced companies…happily let the competition hit the brakes while they hold serve, and even move forward. Many companies who slow down too much will not survive.” Of course to plot your path through choppy times forward with some intelligence, you need more control of your finances. Colonial Surety is here to give you an edge with The Partnership Account for Contractors®. Via this free service, we will help you strategically advance, one step at a time. The Partnership Account arms you with a private digital dashboard, giving you a day to day snapshot of your single and aggregate limits, as well as your current and available bond capacity. As your work in progress decreases, you can even update your work on hand—increasing your aggregate so you can go ahead and move that next bid ahead. Take control of your finances—and get an edge issuing your own bid bonds, instantly, using our powers of attorney. Get started today: Pre-Qualify and Get Free Scores Here.
On The Plus Side
Making big commitments for equipment purchases is always tough—and may feel even harder these days, but as experienced builders point out: “things still need to get done” —and not having the capacity to get them done takes a toll. Experts remind us to adapt a long view, and while being realistic about present circumstances, keep in mind that there have been slow times before, and many companies have succeeded—and even separated themselves from the competition by smartly inching forward. As you do, don’t forget to take advantage of all possible resources, including the Section 179 Deduction: “Section 179 is still there, and it’s over a million dollars. This means you can deduct 100% of the cost of most capital equipment bought, as well as many other business purchases and improvements.”
No matter what’s happening with the economy, most small businesses can’t afford the luxury of owning a whole fleet of equipment. That’s why taking a strategic approach to attachments—and the enhanced versatility they provide, makes a huge difference in capacity. Ultimately, smart decisions about equipment and attachments can help you complete the current jobs on time and budget—and of course that increases your bidding power.
Even if you are not ready to go after the big dig just yet, following the money is another wise move as you keep your growth strategy front and center. Whether you’re a general contractor or subcontractor, there is bound to be a project coming along with your name on it. Construction Dive shares that the White House has released these updated fact sheets which break down anticipated funding by state and territory. You can also check out the infrastructure act guidebook for help going after funds and the special resource for rural communities. In addition to these government sources, Construction Dive points to this privately organized federal infrastructure hub, which breaks down the funding by project type and agency, and allows users to focus in on specific grant programs. The American Society of Civil Engineers offers this resource to track public works, and the Government Finance Officers Association provides this Notice of Funding Opportunity tracker.
As you think forward, take a minute and see how other builders across the country are getting an edge with Colonial Surety. The Partnership Account® allows you to use our powers of attorney to issue your own bid bond—and you can do so right up to the deadline, incorporating last minute labor costs, price fluctuations and supply substitutions. With Colonial behind you, you’re also armed with a complete, powerful online surety management system. In addition to issuing your own bid bonds, you can expediently order performance and payment bonds, run management reports, check your current and aggregate limits, view your underwriting profile—and more. Come on: let’s get you growing today.
Learn more and pre-qualify for The Partnership Account® here now.
Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.