Construction industry experts observe that running the business smoothly might not always require amassing more and more data (and tech tools). Instead, leaders are encouraged to make the most of readily available data. Here’s encouragement to look at data you already have—or can easily get, and consider how it can boost your operations.
Information Already On Hand?
In the age of agility, contractors don’t always need more data—and the latest tech platforms promising it. In fact, as experts point out in Construction Dive, answers to improving productivity are quite likely to be found as you “make the most of what information is already available to you, connect your data, and take control of your workflows.” Though the current swell of interest and investment in contech may ultimately result in a magic wand for your business, quicker and more realistic solutions are closer at hand then you think. Indeed, industry surveys point out that frequently, poor workflow management is not the result of a lack of digital tools but inefficient use of those available.
Start With What You Have
Getting back to basics can be a good strategy for creating a sense of order amidst unknowns and disruptions. For example, in the contract business, you need your fingers on the pulse of your surety lines, work on hand, claims and standing—every day. Without this, how can you move your business forward in real time? Colonial Surety’s here to help, with a free service: The Partnership Account for Contractors®. Once qualified, you get your own private digital dashboard. Use it to manage your financial information and risks. Financial scores, standing, surety lines and claims—all this data will be there to help you move your business forward every day.
With the The Partnership Account® on your side, you’ll always be just a few clicks away from useful, up to the minute data that tells you where your business is headed. Plus, you’ll issue your own bid bonds (using our powers of attorney) and obtain speedy performance and payment bonds too.
Get started today: Pre-Qualify and Get Free Scores Here.
Good To Know
When hometown builders win contracts for public work, change orders can become a major burden. Slow approvals and delayed payments are a notorious challenge to business operations. A bipartisan group of congressional leaders has recognized this and is working to reduce the unexpected burdens small contractors confront, via legislation called the Small Business Payment for Performance Act. If passed, this legislation would protect small contractors with measures that: “Allow small businesses to request an equitable adjustment to the contracting officer, if the contracting officer places a change order without the agreement of the small business; and, require the federal government to pay at least 50% of cost occurred from the change order upon receipt of the equitable adjustment.” As one public leader sums up:
Small businesses are the economic engines of our economy, and it’s important that the federal government does not place undue burdens on them while fulfilling government contracts…The Small Business Payment for Performance Act will hold the federal government accountable for any changes in contracts won by small businesses to make sure small contractors don’t have any unexpected financial burdens while completing contracts. This will result in more small businesses competing for federal contracts, and more economic prosperity for our communities.
Don’t forget, Colonial Surety is here with help for small businesses too. Once qualified for The Partnership Account®, in addition to a surety line of credit—in writing, you’ll get the free fintech services that give you practical new ways to move your business forward:
- Your private Owner’s Dashboard to view surety lines, adjust work, analyze bids and review claims in real time, as you move your business forward every day.
- Control of bidding and bonding, online, anytime.
- Powers of attorney to seal and issue your own bid bonds—in minutes.
- Fast, direct, confidential bid bonds—no middleman.
- Direct access to performance and payment bonds on a customized dashboard.
- Immediate access to Colonial’s lead underwriter as new opportunities emerge.
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.