Every one of your team needs to be paid what they’re due, on time, every time. With skilled construction labour in short supply, you don’t want to run the risk of losing key people because of late payment issues.
Even when your own customers are paying on time, the nature of construction project payment cycles means paying the payroll and sub-contractors can be a significant challenge. The work needs to be done and usually paid for before the customer settles up.
Short-term loans and invoice finance can be a real help in these situations. They give you the cash you need to pay your team. Knowing you have a solution in place spares you the last-minute stress that some firms struggle with when the payroll is due.
Growing your business
A less obvious, but very significant, financial challenge for construction businesses is how to fund growth. If you want your firm to thrive and grow, it needs investment. You need a plan that will help take you from where you are now to where you want to be.
Unfortunately, the other financial challenges such as paying your team, funding equipment and managing day-to-day cashflow, can be distractions from growth planning. If growth is important to you, it will always be harder when you’re more focused on the urgent.
It pays to take the time to consider your longer-term funding solutions.
How we help construction businesses find funding
Whatever your financial challenge is right now, be it late payments or funding the purchase of plant and equipment, we can help. Our team has worked with many construction business owners who are looking for the right finance for their situation.
If you want to explore your options for raising funds for your construction business, get in touch with us today.
As a founder of multiple businesses, Jamie believes that mindset, discipline and ambition are key drivers for success, both for his businesses and for his clients.
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The first steps towards the funding your business deserves
Disclaimer: JD Capital Finance (Registered office -First Floor, Steeple House, Church Lane, Chelmsford, England, CM1 1NH, Registered Number 10128297) helps UK firms access business finance, working directly with businesses and their trusted advisors. We are a credit broker and do not provide loans ourselves. All finance and quotes are subject to status and income. Applicants must be aged 18 and over and terms and conditions apply. Guarantees and Indemnities may be required. JD Capital Finance can introduce applicants to a number of providers based on the applicants’ circumstances and creditworthiness. JD Capital Finance may receive a commission or finder’s fee for effecting such introductions.