There’s a sustainability issue in this industry that often gets overlooked. We discuss concerns about groundwater, energy and mineral resources, but fail to address the sustainability of the contracting firms responsible for supplying access to these resources. The success and longevity of local drilling companies is a sustainability issue of its own and, while many factors contribute to the success of a business, it’s worth seriously considering the financial aspects that have historically led to profitability and growth for contracting firms.
One of the keys to building a long-lasting business is to position your company so that lenders seek you out. I know this because I have the pleasure of working with successful business owners every day as a direct lender. I’ve been looking “under the hood” at thousands of businesses for the past 20 years, and I’ve seen how companies that earn favorable terms from lenders thrive and grow with unmitigated success.