Over the next five years, federal agencies, states, and local authorities across the country will receive $1.2 trillion to improve public infrastructure like roads, bridges, airports, ports, broadband internet, and power. This provides a unique opportunity for construction companies (both large and small) to profit from the influx in government spending.
It also provides unique challenges. Savvy business owners will know how best to navigate them to grow their businesses effectively during this spending boom.
If you’re planning on leveraging the influx of government dollars into the public construction industry, read our top tips below for increasing revenue and maximizing profits.
How to Navigating the Unique Opportunities and Challenges of the Recent Infrastructure Bill
1. Know Your Costs
More government spending means more bidding on contracts. And while you want to be the most attractive bid, you don’t want to put yourself under by bidding too low. If you know your costs, you can create an estimate with attractive profit margins—helping you grow your business in the long run, not just stay in business.
2. Plan for the Unexpected
Any construction worker worth their salt knows to expect the unexpected. It wouldn’t be the construction industry without a few weather delays, late shipments, sick employees, etc. When you submit your bid, make sure it includes a little extra padding in case something goes wrong. That way, you can protect your profit margins.
3. Keep Accurate Records
You can expect increased oversight whenever you work a government contract. Government agencies often want every hour accounted for and every hour charged to a specific job or task. They may even want evidence your crew was on the job when they said they were. If that’s the case, it’s helpful to have a timekeeping solution that records your employees’ GPS coordinates whenever they clock in or out.
4. Stick to Your Budget
Managing projects effectively is critical to sticking to your budget. If you don’t already have a software solution to help you manage your projects, find one that allows you to manage them from start to finish, communicate with your employees about each one, and easily schedule them to work.
It’s easier to take advantage of infrastructure spending when you use a software solution designed specifically to help construction companies save time and money. ClockShark streamlines business processes to help you manage jobs from start to finish. With it, you can know your job costs, keep more accurate records, know where your team is during the workday, and stick to your budget. Try it free for 14 days and see what a difference it can make for your business.