For contractors, taking on larger projects is a natural part of growth in business. The challenge is that no two projects are exactly alike, and bigger isn’t always better. There can be more risk with larger jobs, and some contractors see their gross profit margins (as a percentage) go down as jobs get bigger. For

If “pursue bigger and better projects” is on your to-do list this coming year, there are some important steps you need to consider taking to prepare your business and protect yourself from risk. Like many business owners, you likely have a list of preferred subcontractors and partners who you turn to because of their track

Over the last several years, innovations in the surety industry have made it convenient and fast for contractors to obtain a construction bond. There are numerous websites and surety bond providers peppering the digital landscape that claim they can offer fast service and the best prices.  When there are so many providers to choose from,

Over the many decades that we’ve worked in the construction surety bond business, we’ve noticed time and time again that contractors often overlook business opportunities in favor of focusing on the immediate need in front of them. These oversights can leave untold sums of money on the table, and prevent construction companies from accessing bigger and better

Covid-19 has challenged all of us to adapt to an environment that we probably never thought was possible. But what is true adaptability? General Stanley McChrystal addressed this topic in the book Team of Teams by recounting how the United States military operation he led in 2003 to combat Al Qaeda struggled in the early

On March 16th, UCLA Anderson forecast officially declared that the “U.S. economy has entered a recession, ending the expansion that began in July 2009.” Because of construction being deemed “essential”, most of our construction clients have yet to feel the full impact. We have had very few of our contractors report of jobs being shut

I received a year-end financial statement for one of our contractor clients, and the results were truly extraordinary! Not only did they manage to have their biggest revenue year ever, they also had their highest gross profit margin. I asked one of the owners what they would attribute their success to, and I thought his

Chris Thornburg of Beacon Economics spoke to the Southern California Contractors Association in January and had a different view than most economists in media. According to a Wall Street Journal survey, 75% of economists polled believe there will be a recession in the next two years, but Thornburg disagrees and says there is, “still little

I was cleaning out some old files the other weekend, and I came across an article published in ENR in January 2008 by construction management expert, Dr. Thomas Schleifer, titled Success Can Bring Deadly Distractions. The article reminded me of when I graduated college in 2003 and started to take over ownership of my agency.