Contract Surety

Won Your Biggest Bid: Now What?

12.24.2024

 

Upon learning they’ve won their biggest build yet, what do the leaders of smart, growth-bound construction companies do?  After taking a moment to let out a whoop or two (seriously, woohoo), winning contractors get down to the important work of pre construction. More complex projects demand increased pre construction diligence.

 

Go Slow To Go Fast

Take the time needed to create a path for success.That’s what pros advise. Especially as projects increase in size and complexity, care during pre construction pays off in the long run:

  

This critical stage lays the groundwork and sets the trajectory for the entire endeavor, establishing the schedules, budgets, and foundational elements upon which success will be built….While eager stakeholders may be tempted to expedite this process, sufficient time and diligence in preconstruction is invaluable. The work completed during this period will dictate priorities, prevent wasted efforts, uncover cost savings, and minimize risks over the course of the project. In essence, a solid preconstruction phase is the backbone of any construction undertaking, and a reported 23% of companies reported increased productivity when their preconstruction process was improved. 

 

Solid pre construction planning begins with realistic cost estimation and budgeting, and then leverages this information to build a “meticulous” project plan, including a detailed schedule:

 

Careful planning ensures resources are allocated appropriately across activities, and tasks are sequenced in a logical order to prevent delays, keep stakeholders on track, and enable the project to meet prescribed deadlines. Without a comprehensive, centralized pre-planning system, errors can surface, which represents nearly 48 percent of rework in the US. Breaking down the work into digestible phases with realistic timeframes helps managers better budget their time and resources, and ensures fewer errors in the long run. Thorough upfront planning also helps identify potential bottlenecks, obstacles, or scheduling conflicts early on, so they can be resolved proactively. Visualizing the project’s schedule and milestones enables the team to anticipate where task dependencies, resource constraints, or other issues could arise, and address them ahead of time. Detailed plans also enhance communication and collaboration….

Proactively identifying and addressing the array of challenges that could put a project at risk–aka comprehensive risk analysisis another ingredient for success down the road: 

During preconstruction, project teams conduct thorough assessments to identify any potential challenges, uncertainties, or risk factors that could impact the project if not addressed….These risks might stem from a wide range of sources, such as unforeseen weather events, disruptions to supply chains, changes to permits or regulations, or other external factors that could affect the project. Recognizing these potential threats early allows stakeholders to develop strategies to prevent issues from occurring or mitigate their effects if they do materialize. An effective risk management approach also involves forming contingency plans and backup options to minimize delays and limit disruptions. suit of a new project. 

New Year, New Hopes?

Great! Open doors to unprecedented possibilities for your business with the unique advantages of The Partnership Account® for Contractors from Colonial Surety Company. Upon approval, you’ll enjoy privileges like:

 

 

  • Written Bonding Limits: Receive your single and aggregate bonding limits in writing.
  • Instant Bid Bond Issuance: Issue your own, digital bid bonds within minutes, using our power of attorney.
  • Real-Time Visibility: Log in to view your underwriting profile and financial scores in real time.

 

The pre-qual is easy and speedy. Just submit your basic financial information, and our dedicated underwriter will guide you through the qualification process. Plus, simply  for completing the pre-qual, you’ll instantly receive your business credit scores at no cost.

Go For It Right Here:

The Partnership Account® for Contractors 

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. Let’s connect today: Colonial Surety.