Construction and the trades play an essential role in the health of our community and economy. Now, more than ever, business owners are busy managing day-to-day operations, estimating jobs, and scheduling production, leaving little time to divert attention to the financial side of their business.
In a time when we could all use more certainty: your professional business advisor can provide peace of mind that your project will become a reality — reinforcing your company’s long-term success.
Proactive planning is critical to all construction project success and long-term business viability. Unfortunately, financial planning can take a back burner as other business matters become a priority, and we reassure ourselves that we will get to it when business “slows down.” Business owners often focus on production scheduling and wait until contracts are finalized before obtaining a financing commitment and contacting their advisor. “We see many business owners contacting their advisor reactively,” explains David Morgan, Manager of Business Banking at Westoba Credit Union. “By partnering with you earlier in your project planning process, we can help you reduce uncertainties and move through your project seamlessly.”
This certainty translates to a smoother and more innovative project process in the construction industry that leaves you with more time to focus on the critical day-to-day operations. Essentially, having a proactive partnership with your business advisor means that you will face fewer delays and cashflow uncertainties, building a strong foundation for success from the start.
Having regular and consistent conversations with your advisor is a part of the proactive partnership equation. Your advisor will want to have regular project updates and understand your six to twelve-month horizons to provide expert advice on how to proceed. “By being involved in the early-stage planning, we can help take your vision and start projecting some clarity on how you’re going to accomplish it,” says David.
You might be mid-construction on a project right now, but what’s next? It’s never too late for your advisor to step in. They could provide some essential clarity that your project needs to move forward with confidence. With a better understanding of your construction plans, expected timelines and cashflow situation, your advisor can begin to understand your company’s unique needs and develop tailored solutions. Beyond the current project, your advisor can help you plan for the future to ensure your success for years to come.
“We work with our advisor to manage multiple mixed-use developments throughout Manitoba on an ongoing basis,” says Westoba Member, Jacobson & Greiner Group President and CEO Jared Jacobson. “Staying in regular contact with our Business Advisor helps manage financing and strategy ahead of time. This creates more options and fewer hold-ups for our partners and investors in perpetuity and keeps us up to date on any changing trends within the industry.”
Photo provided by Jacobson & Greiner featuring Bellafield development, southwest of Brandon, Manitoba.
Little in construction ever stays static, and situations continue to evolve as projects progress. Still, you don’t want to be caught without a backup if your plans change. Your advisor can add value, and when they can develop flexible solutions that can quickly adjust to your plans.
Every project and company is unique — perhaps your project requires financing upfront or throughout construction. Either way, you know what to expect at each point of the project and from your credit union, leaving little to chance, and you better prepared for potential issues.
“When we understand your needs, we can create financing that works for both the business owner and the credit union and layout a plan to achieve your vision,” says Megan Daly, Assistant Manager of Business Banking at Westoba. “Having a more flexible financial plan and partner could be the difference between a successful and unsuccessful project.”
Expert & Personalized Service
Experience helps any plan go the extra mile. Having an advisor who has expertise in financing projects in the construction industry can help provide better solutions and results for your business. Westoba leverages the expertise and experience of our knowledgeable Business Banking Advisors to help business owners through every step of their project and beyond as they look towards the future. This personalized service is unmatched by larger financial institutions. A proactive partnership approach has continued to be the secret to success for our member business owners. We work hard to create long-term relationships with each one. “The best relationships are those where we are both engaged early in the process so that we can be better partners and advisors to our business owners,” explains Megan.
Having a personalized relationship with each of our members allows us to guide their businesses towards greater success. “We encourage our clients to ask questions along the way, so we can reduce as much uncertainty for them as possible and lend our expertise to help them reach their business goals,” says Megan.
The Way Forward
In these unprecedented and uncertain times, it’s more important than ever to have a financial plan from the beginning of your project. With your financial institution on your side, providing expert and personalized service each step of the way, you can be confident that your project will be successful.