Getting Into Business

« Back to Home

What To Do When Your Small Contracting Business Wins A Large Development Bid

Posted on

For business owners who run small contracting firms, the chance to take on a large development project can be an exciting opportunity. The chance to take on a big project can not only bring in a great deal of income, but it can also create a lot of business contracts. So, if your small contracting business has happened to put in a bid for a large development bid and won the proposal, then it is very important that you make sure that you are prepared. Here are a few different things you will want to take care of in advance of the project commencing.

Making Sure You Have Enough Insurance

Before you do any work, you will want to make sure that you have enough insurance. In many cases, you will not even begin to commence the project without having the right amount and type of coverage. So, for instance, if you do not have adequate workers' comp insurance, you might end up with a work stoppage order once the inspectors come to the site. This is why you need to contact your insurance broker and lawyer and make sure that you are covered. Not only will it allow you to continue to work without hindrance from inspectors and governmental regulators, but it will also safeguard you in the event that anyone gets injured or any property is damaged. 

Hiring Extra Workers

In most cases, you will need to hire extra workers. If you are someone who currently runs a small crew, then it is important that you take the time before the project commences to bring in extra workers. You never want to be short-handed on a large project, so you need to hire on extra people before the first day. If you do end up showing up short-handed, it might make a bad impression, which will cost you future work opportunities.

Renting Large Equipment Such As Bobcats

Most small contracting firms do not have large-scale equipment. It does not make sense for a business that doesn't normally handle large development bids to own heavy-duty machinery such as bobcats and backhoes. However, you will need these machines once it comes time to perform the work. So, the correct thing to do is to head to a business that rents heavy-duty machines. You can inquire as to how much a bobcat costs to rent, and then you can rent one for just the days you need it. This will lower your overall cost but will allow you to get the job done. 

For more information, reach out to a bobcat rental company.