Obtaining, maintaining, and maximizing the use of your construction bonding program for Federal construction can be a lot like being the captain of a ship for several reasons: All captains must be licensed to command their vessel as unlicensed or unqualified captains could potentially risk their vessel, life, and the lives of others if the captain is uncertain about how to navigate the waters. As a result, rigorous qualifications must be mastered in order to assure the success and safety of all vessels and people on the water. The Federal “waters” of construction require bonding on all projects over $150,000. This bonding acts as a “license” or proof of qualification assuring the best chance for success.
Navigating the waters of a Federal construction bonding program requires an effective plan for minimizing the potential for risk from running aground, damaging your business, and affecting your future bonding program (license to perform work). Timely and trusted reporting (your business radar, weather reports, and sonar) provides you with advanced warning of risk and allows the captain to course correct in advance of the risk as well as maximize the most efficient or profitable course.
Experienced captains who are known to consistently run efficient courses and maintain the avoidance of risk are trusted by the owners of the vessels with larger ships and more difficult courses resulting in more profit. Be the “Captain” of your ship. Seek out the resources to understand and develop the most efficient course for your business. Demonstrate the ability to anticipate and mitigate risk, and the bonding market will surely allow your vessel to grow and expand.
In the true words of George William Curtis, “…It is not the ship so much as the skillful sailing that assures the prosperous voyage.” So set sail, be prosperous, and be ACTIV!