To help him get there, Daniel’s Truist relationship manager provided guidance on expanding his line of credit, reassessing his insurance needs, and upgrading to digital banking tools.
“When a client has a challenge that’s complex, it’s their relationship manager’s job to make the solution clear and simple,” says Thomas Ransom, Virginia Regional President at Truist Commercial. “That’s true throughout the lifecycle of their business.”
Here, Daniel shares his top digital-first strategies.
Start by adopting a flexible mindset.
In 2018, when Daniel first began expanding into commercial concrete work, he needed to buy an extra excavator, but his old bank balked at his request. The machine he was looking to purchase was refurbished, not new, so it didn’t fit a traditional equipment loan. That didn’t stop Truist from providing assistance in the form of a flexible line of credit and a commercial card.
Solutions like these can often benefit different types of businesses. A flexible line of credit can cover short-term cash flow needs, giving you access to capital during the time between invoicing and client payments. You can also use it to stock up on extra inventory when suppliers’ terms are favorable. And it can let you act quickly to cover unexpected purchases—say, if your 3D laser screed gets dropped in concrete and your next job starts tomorrow.
Seek to be a digital pioneer in your area.
“Besides being a concrete nerd, I’m a bit of a tech nerd,” says Daniel. “And that’s helped me grow.”
In 2022, O’Dorisio Carpentry & Concrete was the only commercial concrete company in the region using a 3D robotically controlled laser screed, even though the technology had been introduced in 1984.Disclosure 1 The machine uses a laser to scan an area and create a detailed map that shows even the smallest bumps and divots, as well as the angle or pitch of the ground. This allows the concrete to be poured at a different depth—millimeter by millimeter—resulting in a more precisely leveled floor.
That can improve safety and efficiency in buildings like warehouses, which are well-traveled by robotic and heavy equipment that may be sensitive to bumps and changes in grading. Investing in the 3D laser screed has enabled Daniel to win larger bids, save on labor costs, waste less material, and improve work speed while also improving accuracy.
Daniel’s improved access to working capital also helps him upgrade or replace equipment quickly when it becomes outdated or damaged. “The environment we work in is really hard on digital equipment,” he says.
Digitize banking to speed the cash flow cycle.
Back when he was laying sidewalks for homeowners, Daniel’s business was mostly cash-based, with Daniel being paid either on a weekly basis or whenever the job was done. Pouring the foundation for a multimillion-square-foot sports arena was a whole new ballgame. Daniel needed financing upfront so he could secure the equipment before getting started on a big job—long before he’d see the payment from his customer.
Switching to Truist digital banking and treasury management services has allowed him to get real-time cash reporting from any digital device, wherever his day takes him. It’s also sped up his business cash flow cycle, thanks to automated deposits.
Daniel also likes that he can easily look at his financial data digitally when estimating timelines and costs for prospective project opportunities.
Bonus tip: Daniel advises keeping your relationship manager updated on big jobs you’re bidding, even if you haven’t won them yet. That’s made it easier for Truist to turn around financing requests quickly, so there’s not a big delay between getting the project contract signed and starting work.
“When you have the right technology and the right team, you can keep doing the work,” says Daniel. “And I love doing the work.”
How your business can get there
Daniel’s advice: Be curious and stay on top of industry trends, even if your competition isn’t exploring them yet. View digital transformation as a journey, not a one-and-done. “And find a banker who listens and doesn’t just throw out a lot of fancy words,” he adds. “If something’s a no, Truist tells me it’s a no. But they also tell me what we need to do to get to a yes. And that’s what we do next. I respect that and appreciate it very much.”
The results
● Winning larger bids and beginning them more quickly
● Reducing costs of labor and materials
● Improving work speed along with accuracy
● Growing annual revenue from $1 million to $10+ million
