Having the right equipment can make or break you in the construction business. Since equipment is not just necessary for the completion of current jobs but also has a big role in determining what bids you can go after next, making the right choices is one of the biggest decisions owners confront. Industry experts suggest putting more attention into attachments is a great way to increase your bidding power.
Most small businesses don’t have the luxury of having a fleet—that’s why having a strategic approach to attachments makes a huge difference in capacity. For example, For Construction Pros point out that with a greater diversity of attachments, you can bid on more projects and go after work that spans the seasons:
It probably won’t surprise you to learn that buckets are the most common construction equipment attachment. You can get a lot of work done with the right bucket — but what other tasks could you complete if you expanded your attachment portfolio? Hammers, thumbs and grapples are great for demolition projects. Brushcutters, mulchers, rakes and stump grinders work well on site clearing and site prep jobs. Think about how you could configure an existing machine with new (or used or rented) attachments to meet demand for work in your area.
Do you work in a part of the country that receives a decent amount of snowfall? Rather than letting equipment sit idle during winter weather, consider investing in attachments that allow you to expand into the profitable snow-removal market. Hydraulic brooms, buckets and angle blades — along with snow wings, pushers, plows and blowers — can transform your motor graders, wheel loaders, backhoe loaders and skid steer loaders into snow removers.
Another way to increase your flexibility in running your business is to have the right financial data in hand when you make decisions, eye new bids and plot your way to growth. That’s why construction company owners trust Colonial Surety. Gain control of your business with The Partnership Account for Contractors®. 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. Afterall, you’re in control. Get started today: Pre-Qualify and Get Free Scores Here.
Follow The Money
What’s happening with the federal infrastructure funding in your state? Even if you can’t go after the big dig just yet, following the money is never a bad idea 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 down the pike with your name on it. Construction Dive shares that the White House has released these updated fact sheets breaking down announced and 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 out: “Policy think tank Brookings’ federal infrastructure hub breaks down the funding by project type and agency, and allows users to zoom into specific grant programs. The American Society of Civil Engineers has a resource to track open IIJA grants and more, as does the Government Finance Officers Association with its Notice of Funding Opportunity tracker.”
With the right partner, you just might find that you are more prepared to compete for some new bids then you think. With the 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 last minute 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!
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.