Although the weather has been shaky to say the least regarding one of our projects, the vendor relationship that have been utilized for this current project has been huge. Be it the last minute request on a skid steer for this snow season, the sales representative that I have been working with at Sunbelt has been super responsive.
This leads me to sharing how you could manage addressing cash flow processes when approaching a challenging project, or as I would like to call it....a project with room for opportunity to succeed.
1. Make sure you are budgeting for each project well before approaching the start date. You will have costs related to preparing and submitting a bid, but let's say you won your contract (congratulations!) and now let's look at ways to finance your project. Of course there are banks. However, if you are unsuccessful in reaching your anticipated funding, you can consider factoring or non conventional lending (you will have to research on google). Anyway, our path chosen was to make sure we have a great account relationship with our vendors where they have been helpful in providing terms (an approved agreement on when to be paid back). Based on what my representative at Sunbelt has worked up, things are looking great.
2. Control your project costs as closely as possible. Being that my business deals in the outdoors, the weather can make you gloomy or happy depending on what you are looking for. The rain has been unpleasant, but my shout out for the vendor comes in to play as I made a last minute request for a skid steer in order to manage some of the adversity the weather has been causing us. The skid steer was prepared the same day and therefore the project is still in full throttle.
3. The one thing that I learned is to make sure you communicate clearly on what you are working on and your vendor relationship tends to step in appropriately and they even offer great suggestions.
Here is to a great week this winter season and Happy belated New Year.