Construction Financing for Spring Projects: 4 Essentials
In the construction industry, many job or project contracts are awarded based on a closed bidding system. Once construction contracts have been awarded, there is usually a period of several months to prepare for their start.
Over the slower winter months, many contractors prepare their equipment and workforce for the spring project starts. During this period, it is essential to consider every aspect of both the project and what unforeseen issues could occur to negatively impact the project timeline.
Time is money and with so many different variables to consider –from subcontractors to delays due to equipment failure or inclement weather– it is very important to plan not only for the expected but for unexpected contingencies as well. To ensure that every contingency is covered, here is a brief checklist to review.
Construction Project Preparation List:
- New Employee Training: If you have made additions to your team, ensure that they have the proper equipment and training. Make sure that if they operate heavy machinery that they are certified for that equipment. How do you plan to cover the training costs?
- Brush Up Training for Employees: Avoid accidents and downtime by ensuring that everyone on your field staff has recently undergone refresher courses. Again, where will the money for this task come from?
- Plan Ahead for Purchases, Rentals and Leasing: Will your equipment withstand heavy use this season? Have your maintenance contracts expired? If purchasing, have you selected a vendor? Do you have a trustworthy financing partner to assist you to locate construction financing?
- Are the Rules the Same: It is also a good time to make certain that any new suppliers, subcontractors, and vendors have the same payment timelines as their predecessors. How will you cover any contingency?
Most construction businesses will not have a large cash surplus banked for major expenses. It would not be a good use of liquid capital, so it is very important to have a strong business relationship with a trustworthy financing company.
This relationship will make certain that additional working capital can be located and available quickly when it is required. As a renowned alternative financing company, National Business Capital is committed to assisting our clients obtain just the right the financing their business requires.
We understand construction business cycles and the need to alleviate cash flow bottlenecks to pay suppliers, subcontractors, obtain equipment, and more.
Apply for Construction Financing
Then we will work hard to assist you obtain the financing your business requires. For a confidential discussion, please call us at (877) 482-3008, or fill out our 1-minute application online.
This way you’ll start your spring projects in as little as 24 hours, with the added assurance that financial security provides.
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