Summary
The inaugural National Subcontractor Market Report examined general outlooks toward business growth & financing in the construction industry. This report was founded upon a survey conducted in March 2021, which queried contractors on their business growth goals, sources of capital they’re using to stimulate growth, and the role of supplier terms play in their overall financing decisions.
Billd’s Cofounder and CCO Jesse Weissburg and VP of Marketing Jon Katz joined this episode of the Built with Billd podcast to break down their key takeaways of the report, including:
- Optimism among contractors looking to grow their businesses, despite mounting economic challenges
- The methods contractors plan to use to grow their businesses
- How contractors are using supplier terms – and how they should be using them
One thing to note: despite the optimism contractors share about growing their businesses, contractors are finding it difficult to get the appropriate financing in place to actually accomplish this growth. This leads to a necessity to examine all options when it comes to acquiring capital and increasing financial flexibility.
“ Capital is pretty readily available right now outside of construction. But, as we all know, banks and investors aren’t necessarily bullish as it relates to lending to subcontractors. So subs have to get creative as it relates to their supplier terms, using cash, and alternative financing mechanisms.” – Jesse Weissburg, Cofounder & CCO, Billd
