grow your contracting business

What to Expect from Ox Bonding in 2018

As we head into 2018, we realize that it’s not enough to simply provide bonds for our clients. We are always working to expand our services so that we can help you grow your business.

In the past year, we’ve been developing our contractor credit program, adding new options and services, and gearing our bonding and back office solutions for the future of the industry.

The following are just a few ways that we hope to help you grow your business in 2018.

1. Bonding for Growth

We’ve always been there to serve our clients when they were facing issues that threatened the financial future of their businesses, and we’ll continue to do so. But now we see our role as doing more than simply sustaining contractors through hard times. Instead, we work with contractors to help them grow their businesses.

  • Providing our thorough assessment of a contractor’s finances and back office, allowing us to effectively gauge their ability to grow their business.
  • Working with contractors who have never been bonded before.
  • Helping companies get the larger bonds they need to compete for bigger projects.

2. Bonding for the T-List

This past year, we introduced our ability to bond contractors through a “T-Listed” surety. This has allowed many of our contractors to compete for publicly funded projects, as well as privately funded projects that might have been otherwise unavailable to them.

This has been especially important in states like Texas, where massive infrastructure projects are underway.

3. Project Accounting

One of the key things that sets Ox Bonding apart is our ability to provide our clients with the benefits of our Project Accounting Service. By offering this service, we do more than save our clients money on collateral—we help them create a more efficient and effective back office.

When clients use project accounting, it also provides many benefits to the contractor, such as:

  • Vendors are paid on time.
  • Projects are not held up due to mismanaged funds.
  • Invoices are reviewed for overbilling.
  • Change orders are submitted and processed on time.

4. Requisition Cash Advances

Businesses live and die by their cash flow. That’s why we offer Requisition Cash Advances as part of our project accounting service. This service allows contractors to:

  • Get advances on payments for approved materials and payroll expenses.
  • Take advantage of early payment discounts.
  • Maintain cash flow over the course of a project.

5. Risk Management

Another service that comes with our contractor credit program are our risk management services. Hopefully, most contractors won’t need to take advantage of this service, but in the event that issues emerge, we can provide you with the benefit of our construction experience. Our risk management department is often able to work as a liaison between contractors, projects owners, and general managers.

By opening lines of communication, we can help contractors and project owners find solutions allowing their projects to get done so that contractors don’t default on their bonds.

Looking for more ways to grow your business? Ox Bonding can help with services that can help you streamline your back office, improve your cash flow and align your business to take advantage of present and future opportunities.

Whether you’re looking back or looking forward, you can put Ox Bonding’s experience to work for you. Download an enrollment application or call us today at (877) 55-THE-OX.

Contractor's guide to Contractor Credit Program

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