After several lackluster years, the construction world in
B.C. is heating up again. With more work comes more risk. The
promise of greater returns will be illusory unless those risks are
properly managed and contained. Fortunately, there are some
basic risk management strategies that are sure to help keep you out
of trouble.
First, undertake preliminary risk assessment before
you approach a new project. Some considerations in this
regard are whether you have worked with this owner, contractor or
trade before. If so, was it a good and profitable experience?
Have you had payment, delay, or other issues with this
client? How much work do you have on your books already and will
that impact your ability to deliver a quality project or obtain
bonding if your bid is successful?
