The most successful contractors didn’t get that way by accident. They know how to use the tools and information available to them to make the best decisions for their projects and business.
Want to know how they maximize efficiency and confidently steer their business to better projects and improved profits?
Here are seven habits of successful contractors you can use to help propel your company toward greater success.
1. They are Early Adopters of Technology
Construction may be an age-old art form, but the most savvy contractors know that adopting modern technology is crucial to success.
Today, mobile devices such as smartphones and tablets allow contractors to stay connected and communicate instantly.
Project management software is easy to use, and business management software helps you with timecards and accounting.
Construction apps are revolutionizing the way contractors work with improved bidding, communication, collaboration, and even faster calculations... right in the palm of your hand.
Amazing trends like 3D printing continue to change the construction game. Technology can make you more efficient, productive, and eliminate unnecessary errors. Embrace technology and watch your business soar.
2. They Know Their Personal Assets are On the Line
Savvy contractors know that a judgement against their business can affect their personal assets.
If your business is fined with a judgement that exceeds your business’ available funds, your personal assets are fair game. Failing to implement good risk management processes can impact far more than your business.
3. They Always Read the Fine Print
Contractual risk can occur if you don’t read and understand what is in your contract.
Failing to understand the terms of your contract will not save you from litigation. Successful contractors work with attorneys to draft contracts and waivers that will hold up in court, and they back these up with the right business insurance policies.
4. They Use Insurance and Surety Bonds Wisely
There are a number of risks to a construction business that can be minimized with the right insurance coverage and surety bonds.
They protect their business assets, personal assets, tools and equipment, employees, and vehicles with coverage policies that can shield them from lawsuits, accidents, and disasters.
The contractors who are well protected and well bonded are the ones who consistently win bids.
5. They Outline Safety Policies, Processes, and Procedures
Safety is a huge risk that all contractors and subcontractor must face daily.
Your employees are at risk from working conditions, materials, supplies, and even tools and equipment while on the project.
If your employee is harmed while on the job, they will come to you for help with medical expenses. You could also face legal action and fees if you have failed to provide a safe working environment. Workers' comp insurance, specific safety processes, and agreed on procedures help successful contractors avoid these sad safety scenarios.
6. They Expect the Unexpected
Despite preparation and planning, disasters do strike. And they’re rarely foreseeable.
The most successful companies have a plan in place for when they do. Fires, floods, earthquakes, vandalism, and theft can happen on any project you are working on.
Plans for natural disasters are just as important as workplace injury plans. Successful contractors know what the plan is for these situations, who to contact, and what process to follow.
Course of construction coverage keeps projects on pace in just these situations, and keeps contractors from paying out of pocket to replace materials lost or damaged.
7. They are Proactive
A successful contractor does not wait for a risk to happen before acting on it. Risk management involves walking a fine line between losing bids, or losing your personal and business assets.
You cannot avoid all risk, and you cannot work every possible risk situation into a contract. You can define the risks you are likely to encounter in your business, prepare a plan to mitigate them, and choose the right policies to protect yourself as best you can.
Risk management is the one thing that sets a struggling contractor apart from the truly exceptional and successful.