Most building contracts are awarded. When applying for consideration for any project, commercial, residential, municipal or even an extensive renovation, construction businesses need to make themselves known to prospective employers in the best light possible. In addition to their portfolio of completed projects, general contractors work with an extended list of subcontractors and suppliers. The background of every firm that will be associated with the project, especially their financial history, will be considered. It is very similar to the process every business will undergo to obtain contractor financing.
Construction is an industry where if your key personnel, subcontractors and suppliers, are unprepared, then your chances for being awarded a contract are lost. These two groups are key to the success of any project. So before seeking that opportunity that will take your general contracting firm to the next level, ensure that your team is both solid and solvent.
Subcontractors and/or suppliers who are undercapitalized may not have sufficient cash flow or a business-line-of-credit that will cover their expenses in line with the payment schedule outlined in a construction project contract. This creates a trickle-down situation that impacts the entire project timeline, from general contractor, construction manager, project developer and other subcontractors. Time is money and project delays equal lost profit and future rejections.
In fact, it may be considered a plus for any construction business to have fast access to additional working capital or contractor financing. That is where a well-established business relationship with an alternative financing company can make the difference between receiving an opportunity or being passed over in favor of a more financially secure competitor. National Business Capital is a renowned alternative financing company. We seek to establish long-term business relationships with our clients so that when opportunities arise, we can assist them to obtain the financing their business requires as quickly as possible.
If you would like to learn more about how a contractor financing relationship can assist your business, please call us at (888) 888-9124.
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Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.