Technology tips and trendS
Dear Readers;
Bonding is a hot button in the construction industry because so many factors can affect your capacity to secure bonds for government contracts. In this issue of The AccuBuilder, we deliver expert advice on how to increase your bonding capacity, how to select a bonding agent and what financial fiascos to avoid if you’re interested in doing bonded work.
Enjoy!
Josh Stearns,
Vice President of Sales & Marketing
AccuBuild Construction Software
5 Tips for Increasing Your Bonding Capacity
According to Dwight Reilly, a bonding agent/broker with Crosby Insurance Agency in Anaheim Hills, CA, “Securing a bond should be thought of as going to your banker and asking for a $1M loan. Bonds are similar to credit guarantees.”
Bonds are written by insurance companies because they have the assets to extend credit to contractors and the personnel to handle claims. However, the financial data required to secure a bond is similar to the data required to secure financial credit.
But to boost your bonding capacity, says Reilly, you’ll need more than a healthy bottom line. Here are his five top tips for increasing your bonding capacity. Read Article...
Bonding: Beyond Financial Ratios
by Danny Parrish
Improving your financial position is vital when it comes to bonding. However, there is another important element to securing a bond or increasing your bonding capacity that is often overlooked by contractors: relationship building. In addition to giving attention to your financial statement, you should also consider strategies that will enhance your relationship with your surety (or insurer).
The easiest way to do this is to have your agent or broker schedule regular meetings with your surety. At these meetings, discuss the full range of your company management efforts and expertise. Present information about projects that have been awarded to you, recognitions that you have received and ways that your company helps the community. Your goal is to impress your surety with the strengths of your company and your people at all levels – from senior management to field staff.
Underwriting decisions are made on more than financial ratios. By showcasing your abilities and giving your surety a good look into the totality of your company, you’re giving them a reason why they should issue you a bond – not a guess at why they should not.
Danny B. Parrish is President of Parrish Consulting Group, which provides a wide range of consulting and temporary services to construction companies in the areas of accounting, finance, strategic planning, marketing, human resource and information management. A former national president of CFMA, Danny is a frequent speaker at national and regional industry events. His experiences in the A/E/C & Design-Build environment have given him opportunities to serve as an advisory board member for organizations seeking outside expertise and assistance and as a consultant to insurance agencies, software enterprises and accounting firms seeking insight into the construction financial management environment. For more information, call 972-567-2381 or e-mail dbparrish@msn.com.
Don't Let Spyware Slow You Down
by Josh Stearns
Spyware has become a huge problem for both business and home computer users. To put it simply, spyware is software that gathers information about you and your search habits through your Internet connection without your knowledge, usually for advertising purposes. Companies use information obtained through spyware to study consumer trends by analyzing what Web sites people visit and what they buy online.
Spyware applications are typically bundled as a hidden component of freeware or shareware programs that can be downloaded from the Internet. Once installed, the spyware covertly monitors your Internet activity and transmits information about you to someone else.
More often than not, once your computer is infected with Spyware, you will get subsequent pop-ups or e-mail spam that relate to what you have been looking at on the Web. For example, if you were looking to buy a new computer on the Internet and spyware was installed on your computer, you might get a pop-up or e-mail offering you a deal on a new computer. Pretty tricky, eh?
Although spyware is, in most cases, legal, it can be a huge nuisance because it slows your computer down and inhibits your ability to get work done. But there are steps you can take to decrease or prevent the loading of spyware on your computer. Here are four things you can do to avoid spyware. Read Article...
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