Making bid/no bid decisions for your small business construction company can be a difficult and stressful process. Aligning your vision for the growth of your business, tolerance for risk, along with current market opportunities requires a carefully thought out plan and corresponding process of implementation. The first question you need to ask yourself is…Why am I in business? Trust me…I have seen and heard it all. There are no wrong answers as people and organizations open/inherit/acquire construction businesses for many different reasons. Your answer needs to be carefully thought out and consistently communicated as well as defended as the basis of your bid/no bid decision-making process. Some examples include: 1) Are you in business to make as much money as possible?…then focus on acquiring as many profit dollars as possible. A colleague once quoted to me “revenue is for vanity and profits are for sanity?… a reasonable mantra if you are solely driven by money. 2) Do you want to walk around town as the local “big shot” stating you own a $million dollar business?... or are you driven to prove something to others?, then ego/revenue dollars may drive your decision. 3) Is pure social responsibilities paramount to you?... looking to provide employment for as many individuals as possible? Most businesses are driven by forces embodying varying combinations of these and other motivating factors. What satisfies you at the end of the day, justifying all this hard work and stress? Why are you in business? Whatever your reason, it’s your reason and yours alone. Because of the years of experience here at Bold Concepts, our hope is to assist you in keeping in line to achieving your objectives and goals while hoping to maintain a profitable business.
Being successful in the federal 8(a) construction program
The Federal 8(a) construction program can be exciting, confusing at times, and profitable; but, in order to make it a success, you really have to create goals and have a solution-oriented mindset.…