Growing Your Construction Business

There’s more to growing your construction company than winning a bunch of new contracts. Growth can lead to things like buying more equipment, finding new vendors and adding additional valuable employees to your team. That’s why it can be so important that you effectively manage your company’s cash flow at this time. You’ll want to make sure you’re able to get the resources and materials you need to capitalize on every opportunity. Here are a few other ways you can help increase revenue for your construction company and help improve your bottom line:

Build Better Business Relationships
Word-of-mouth and referrals for jobs can be a few of the fastest and easiest ways to grow your business. Of course, you have to give the person a reason to want to refer your company in the first place. Follow up on each project and make sure everything your company worked on was completed to their expectations. If your company delivers on its promises and is reliable, you will be able to more easily build relationships, and your business.

Selecting the Right Vendors and Business Partners
When selecting contractors to work with during this critical time, you may want to consider checking their business credit report to gauge their financial health. By pulling a company’s business credit report, you can see the company’s past payment history, help determine the likelihood they’ll experience financial hardship, and more. The last thing you want is to be left high and dry by a vendor or subcontractor when you have to meet a tight deadline on a project.

Bidding on Government Contracts
The majority of public sector jobs will have requirements or incentives to hire local, minority-owned, women-owned, and/or veteran-owned companies. If you’re one of these types of businesses, it may be a good idea to explore bidding for government projects. Remember, if you bid on government contracts, you will need a D&B D-U-N-S® Number.

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Help Improve Your Chances of Winning Bids
In the construction space today, competition is fierce. What makes your construction company stand out? Here a few ways you can help increase your chances of winning the bid:
check arrow Look professional Make sure your company looks professional, online and offline
check arrow Bid smart. Know what your company does best and pursue those types of contract.
check arrow Stay competitive. Be sure your estimates and rates are
competitive while still churning a profit for your company
check arrow Build your business credit Having a healthy business credit file helps others know you’re a trustworthy and credible business to partner with

Build your construction company’s business credit file

CreditBuilder™ can be the most effective solution available for both monitoring and building your business credit. Unlike personal credit monitoring solutions, CreditBuilder can help give you some control over your business credit file. You can submit positive payment experiences, dispute inaccurate information in your file, and help impact your business credit scores and ratings.*

“After I purchased CDA/MaxSent, I was eager for new growth but soon after starting the application process for capital with a lender, we found that we were battling a negative credit history. With the help of CreditBuilder, we were able to get our report up to par which helped us secure a new line of credit with Howard Bank within two months’ time.”
Todd A. Pattison, Founder & CEO, MaxSent

Get a construction industry credit expert to help manage your business credit file for you

When growth opportunities arise, such as an RFP or an opportunity to bid on a project, you can’t afford to waste time addressing potential issues with your business credit file. That’s why so many construction companies rely on our Credibility Concierge® service.

With Credibility Concierge, you get a dedicated construction industry-specific business credit expert to help proactively manage your business credit file, so you can focus on what you do best: growing your business.

Did you know?

Manufacturers with a Concierge Manager benefitted from an average of**:

**Score improvement averages measured over a one-year period of time: 6 months prior to the purchase of Credibility Concierge and 6 months after the purchase of Credibility Concierge.†Average performance improvement among Credibility Concierge customers.

†Average performance improvement among Credibility Concierge customers.

To learn more about our Credibility Concierge service for construction businesses,
call 1-800-701-7570 now to speak with a business credit expert.

Choosing an Accounting Method for Your Business

September 12th, 2017|Comments Off on Choosing an Accounting Method for Your Business

Selecting an accounting method is an important business decision with long-term ramifications. Read about the pros & cons of cash & accrual accounting.

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Northeast Construction Resources

March 9th, 2017|Comments Off on Northeast Construction Resources

Northeast Construction Resources The construction industry in the northeastern U.S. continues to grow. This past summer, home construction in the Northeast grew 15.3%, the strongest regional growth in the nation,  Home construction in the Northeast grew [...]

How Trade References Can Impact Your D&B® Scores & Ratings

November 20th, 2017|Comments Off on How Trade References Can Impact Your D&B® Scores & Ratings

Trade references may positively impact a business's credit scores & ratings, which may help with lower interest rates & higher credit limits. View our infographic to learn more.

We’re Here to Help

Our dedicated credit advisors** are standing by and ready to help you find the best solution to help your grow your construction business.

call now Get answers to your business credit questions.Call 1-800-701-7570

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*Trade references will be added subject to D&B® verification and acceptance. Please see dandb.com/glossary/trade-references/ for eligibility, process and other information regarding trade references.

††The information and advice provided by Dun & Bradstreet and its Credit Advisors during business credit counseling sessions is provided “as-is.” Dun & Bradstreet makes no representations or warranties, express or implied, with respect to such information and the results of the use of such information, including but not limited to implied warranty of merchantability and fitness for a particular purpose. Neither Dun & Bradstreet nor any of its parents, subsidiaries, affiliates or their respective partners, officers, directors, employees or agents shall be held liable for any damages, whether direct, indirect, incidental, special or consequential, including but not limited to lost revenues or lost profits, arising from or in connection with a business’s use or reliance on the information or advice given during any counseling session.