Thanks to the support of our general contractors, developers, and government owners, GCPay will celebrate our 20th anniversary of managing projects in the commercial construction space later this year! This major milestone in product history is all due to the trust your teams place in GCPay and the diversification we all have in the construction segments we work with. With you, we have lived through everything from the deep dip in 2008 to the screeching halt of COVID-19 in 2020 and now the craziness in construction material prices, labor shortages, and job delays.
Trust and diversification continue to play major roles in all our businesses. By trusting that the payment application process within GCPay is secure and easy to manage, your teams can place greater focus on the day-to-day construction of facilities. As a contractor, you must have trust in your teams as well as your contractors to deliver projects on time!
Diversification is another trait the GCPay business and our clients have in common. In 2008, when many commercial construction projects were put on hold or canceled due to banking regulations and interest rate hikes, we leaned heavily on our government clients where projects were exploding. In the next decade, we saw major spikes in multi-family housing, new build retail and office space, hotel expansion, and major growth in residential construction. Many of our clients have also embraced diversification to ensure if one construction segment slows, an increase in another would continue to drive their business. However some of our clients with little to no diversification no longer exist.
How diversified is your business today? Are you trusting the right companies and products to accomplish your growth goals? Why not take a quick look at that WIP report to ensure if one segment dips your work in others can offset it, and keep your backlog full? And, most importantly, always make sure you trust your partners who help to drive your business to success!
