Research businesses before working with them
April 15, 2013
Many firms make the investment in business construction software to improve productivity and efficiency, and give the business a competitive advantage when it comes to bidding for potential projects. However, before pouring any funds into new jobs, construction companies must complete their due diligence on researching future partners to see if they will pay their invoices on-time and be easy to work with. An Inc. magazine article provided some ways businesses can keep tabs on prospects and potential customers.
Check recent press releases
Businesses that are achieving success and continuing to grow will announce new products and/or services that are being offered by the company or recent research that will help them become a leader in a given industry. These are the firms that construction companies would want to partner with, instead of the ones that don't have any recent announcements and are seemingly muddling along without any important announcements. Working with successful companies will often be much easier for construction firm decision makers, rather than those companies that are stagnated and having trouble bringing in high revenue numbers.
Look at open jobs at the firm
When companies are trying to add new employees and have a wide range of open positions, it often shows they are prepared to hire staff members to help the firm reach higher levels of success. Construction companies should look to bid for jobs with these firms, instead of firms that don't have any jobs listed on their website or career search sites. Partnerships with firms that are attempting to prosper can last much longer than those with enterprises that lack direction or a plan for the upcoming years.
Be aware of potential risks
Many construction companies will win a project at a business and blindly begin the relationship without knowing anything about the firm. Not only could these partnerships result in failure to get paid, but it also shows businesses are not learning enough about companies before trusting them. A Dun & Bradstreet article talked about the many risks that go into joining forces with another business, whether it is doing a job for them or starting a whole new construction, firms should not make any investments in the project before knowing the company they are working with is financially secure.