We all need to work to make a living. In some professions, taking on every job that comes your way may be the best avenue to financial security for the whole family.
Some construction companies may take this approach, but there comes a time when a project and your company aren’t a match. There’s nothing wrong with saying no – and we want to explore some things you should look out for before signing any contracts.
The project doesn’t fit your portfolio
Have you grown a successful construction company with a ton of big projects in your portfolio? If so, it might not make sense for you to take on small home-improvement projects or the like. You may not want to tie up resources in smaller projects in case a large project comes along that you want to put your name on. It’s also logical that you may be too expensive for someone looking for small projects.
The same is true for the opposite – if you’re a small construction company just getting off the ground it might be sensible to avoid biting off more than you can chew. You have the experience and knowledge to get the job done, but you might not have the staff, materials, or finances to compete with bigger companies at this point. There’s nothing wrong with this. Those bigger companies started off in the same place you did.
Too good to be true
We all want that one big project that puts us on the map. It can be tempting to take the big, shiny project that hits our desk right away – but tread carefully.
Some projects genuinely are too good to be true. A quick and easy project promising big money? A massive project hoping to hire a small or new construction company? These can be signs there’s something missing behind the scenes. It’s important to thoroughly vet each project to make sure you’re not being put in a position to fail before you even start.
Your team is stretched thin
Burnout is a major problem in many industries, but the physical toll construction projects take on workers can be detrimental. If you’ve been constantly shifting from project to project recently it may be sensible to pass on a project or two so your contractors and workers aren’t pushed beyond their limit.
Burnout leads to mistakes. Mistakes in construction can lead to lawsuits, injuries, or worse. Be sure to take the pulse of your team before committing to that next big project when you’ve been booked up recently. Another option is to hire a separate team of contractors who haven’t been as busy lately – even if you’re not as familiar with them.Your experience in construction should tell you when a project isn’t the right fit for you and your team. There are many reasons to consider taking on or turning down a project depending on the circumstances at that time. If you’ve recently signed a contract but realized it’s not going to work out or need help negotiating a legal and feasible construction contract, contact Florida Construction Law Group today.