Though times are challenging in many ways, public agencies at the local, state and federal levels are making funds available for important builds big and small. Of course there are regulatory challenges involved in going after publicly funded work, but construction pros advise that success is possible, even for smaller contractors, especially when solid plans and partnerships are in place.
Solid Foundations
Accepting publicly funded projects requires being prepared to understand, navigate and comply with a wide variety of regulations. These days, for example, sustainability, including “the reduction of waste and environmental impact,” must be “top-of-mind” throughout public projects. As Construction Pros further emphasize:
Clients and funding agencies alike want to know the team that’s going to take on their project will comply with all grant requirements and any environmental regulations.
Many grant-funded projects have “buy American” guidelines or requirements, which can affect material sourcing, budgets and timelines. It’s also common for grant-funded projects to have specific documentation requirements that can be more extensive than what might be considered standard. That may require special expertise within the team; it also drives home the need for seamless communication between partners.
Indeed, as much as technical know-how, the right equipment and great planning are critical for success, effective communication, a positive work culture and solid partnerships are even more important. In fact, as experts explain, the importance of these aspects of successful project completion cannot be emphasized enough:
Unanticipated issues that arise from assumptions and poor planning can slow down a project, send it off in an unwanted direction or bring it to a sudden halt. Communication is a thread that runs through all of these elements. The relationship between the project engineer and the contractor must be close enough that communication is fast, frequent, and candid. This helps mitigate project risks and maintain the timeline. It’s important that the communication plan is developed early and that there are guidelines for conflict resolution.
A positive company culture must extend from the company’s owners and managers throughout the organization. Risk management professionals, safety team leaders and competency-specific safety advocates should be part of the team.…External factors such as inflation and supply chain issues can significantly affect the overall project if not managed effectively. Compliance is most likely if the full team understands the complete picture and communicates well.
Of course, always knowing the bottom line is also key to successfully bidding on—and completing new projects. Being in control of where you stand financially enables agility, resilience and the ability to capitalize on new opportunities. With the right financial data at your fingertips every day, you are better able to make smart decisions as you eye new bids and plot your way to growth. That’s why construction company owners rely on The Partnership Account® for Contractors from Colonial Surety. With it, you’ll have your own private digital dashboard, providing you with 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. After all, you’re in control. Get started today: Pre-Qualify and Get Free Scores Here.
Tick Tock?
As experts also remind us, there is reason for contractors to be optimistic: “Local, state and federal agencies have made more funding available now than in previous years, thanks to infrastructure legislation. The secret to winning these projects is to work with partners who make it a priority to understand the requirements and are skilled at accurately navigating them.” Whenever public processes—and funding—is involved, hitting deadlines becomes a “make it or break it” achievement—and with Colonial Surety as your partner, you’ll find that you are more prepared to win new bids then you may realize.
With The Partnership Account® from Colonial Surety, you will use our powers of attorney to issue your own bid bond—and you can do so right up to the last moment, incorporating 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. Let’s get you growing!
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.