It’s difficult to make money in construction; especially in lowest-bid public works contracting. But at Surety 1 we routinely see contractors who lose money make the same mistakes. Here are 5 of the most common mistakes losing contractors make.
To state the obvious, contractors never hope to lose money. But from a bonding perspective, not only does losing money hurt the bottom line, it makes it very difficult to obtain bid, performance, and payment bonds. Being able to bid public works requires bonding, the lifeblood of a public works contractor. Sharpen these 5 steps and watch your profits, and bonding, grow!