Even small operations can benefit from the perspectives an independent on-site evaluation can provide. From guidance on implementing the latest best practices to ideas for trimming costs, site evaluations can arm contractors with new ways to see the business.
Useful Intel
Builders know that seemingly minor changes to operations can end up making a big difference. New insights and tweaks add up and cumulatively improve the bottom line, Realistically though, getting fresh ideas becomes challenging when we are in the thick of the action every day. That’s where the perspectives of others can turn out to be game changing. As Caterpillar’s Jason Hurdis sums up: “Want to slash fuel bills? Shrink labor hours? Boost production? Maybe it’s time to welcome a consultant onto your jobsite. You don’t have to run a massive operation to benefit from an expert site evaluation. Even the smallest sites can take advantage of a fresh perspective, best practices and lessons learned from around the world. And even minor changes can make a big difference to your bottom line.”
According to Construction Pros, a site evaluation usually begins with the gathering of background information about operations and machinery, which surfaces the pain points and problems builders might be experiencing. Following information gathering, specialists help gather and analyze data and use it to provide specific recommendations that contractors can use to improve efficiency and profitability. Specifically, for example, Cat site evaluations focus on:
- Fleet system, match and utilization
- Loading and hauling tool systems
- Jobsite layout and haul roads
- Technology match
- Equipment operation
- Fuel consumption and idle management
- Equipment/work tool/ground engaging tool configuration
Having this type of evaluation gives builders new perspectives on common challenges related to the work, such as ensuring the right equipment is performing the right jobs at the most reasonable operating costs. Hurdis shares these results from recent Cat site evaluations:
- After conducting a fuel management analysis, a sand operation increased fuel efficiency by 33%, saving more than $230,000.
- A limestone quarry improved route efficiency, reviewed loading practices with operators and reduced the number of trucks running certain routes. As a result, truck payload went up by 5% and productivity increased by more than 10%.
- A cement company saw availability rise to 97%, improved tons moved per hour by 11% and reduced operating cost per ton by 19% after reconfiguring its fleet.
- A construction firm improved site safety by modifying road berms, lowering ramp angles, adding water control, identifying safe access and egress points and leveraging safety technology solutions.
Of course to succeed, builders also need to be confident about their finances and bid capacity. That’s where the complimentary services of The Partnership Account® for Contractors provides an edge. Once qualified, builders leverage The Partnership Account® to grow their businesses strategically with:
- Control of bidding and bonding, online and in real time.
- Powers of attorney to seal and issue their own bid bonds—in minutes.
- Fast, direct, confidential bid bonds—no middleman.
- Direct access to performance and payment bonds on a customized dashboard.
- Real time tracking of bids and work on hand.
- Immediate access to Colonial’s lead underwriter as new opportunities emerge.
- A private Owner’s Dashboard to view surety lines, adjust work and analyze bids.
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Good To Know
Although it is obvious that a solid understanding of the company’s financial position is essential, the truth is that many contractors struggle with this aspect of the business. Garry Bartecki of GB Financial Services advises working toward better intel on:
- Cost of materials
- Employee strength and weaknesses and cost
- Operating cost management
- Productivity opportunities
- Interest rates
- Access to minority-owned subsidiaries versus wholly owned subsidiaries
- Interest rates
- Cash flow budgets
- Bank covenants
As you continue to think forward about growing your construction company, Colonial Surety is here to help with a surety line of credit and the value added business services of The Partnership Account® for Contractors. Once qualified, you will use our powers of attorney to issue your own bid bond—and you can do so right up to the last moment you need it. With Colonial, owners also have a private digital dashboard, providing a day to day snapshot of single and aggregate limits, as well as current and available bond capacity. As work in progress decreases, work on hand can be updated, increasing the aggregate. The result? Yes, you can go ahead and move that next bid ahead.
Let’s get you growing today: The Partnership Account®.
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.