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Working on your next construction project? Sticking to a budget is key. Here’s how to keep costs low without impacting performance.
Construction is booming in Cambridge. With affordable housing construction regularly approved, tons of new homes in the region, and a new travel hub promising to attract people to the area, there’s never been a better time to get digging. This is not a drill (geddit?)!
But if your construction company gets a shiny new contract to construct something in the area, a surefire way to attract poor reviews is going over budget. Many projects have a set budget for a reason, and sticking within it is key.
With a whopping 69% of construction projects going over budget, and projects going 80% over budget on average, you can stand out from the sea of other construction companies by promising to be more frugal while still providing excellent results. Here’s how.
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Work with a reliable supplier
For every construction project, you need materials and tools. You could source them from the first place you find and pay a hefty price tag for tools that aren’t as effective as you’d like.
Or, you could buy second-hand items at an affordable price from a reputable supplier and find tools that neither put your budget nor your timeframe at risk. Take telescopic handlers (known as telehandlers), for example.
As crucial as they are to many projects, buy from the wrong supplier and you risk your costs going through the roof.
Luckily, by buying a Manitou telehandler from a reliable site, you’re guaranteed excellent value for money. A reliable name at impressively affordable prices. What’s not to love?
Be honest with your client
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We’ve all had those clients. They want a brand new house built from scratch with an indoor swimming pool, 80 square metre kitchen, giant garden, and secret wall. Their budget? £100,000. It’s not gonna happen.
While it’s not your place to tell your client what to do, you’re certainly well-placed to advise them, and if you think their current budget won’t stretch to the work they want, tell them. That way, they’ll either have to adjust their needs or increase their budget.
Plus, you won’t have the uncomfortable experience of having to tell them halfway through the project that the budget and their desired outcome simply don’t match up.
Reduce unnecessary waste
All too often, we throw things away without considering whether they could be reused or recycled in some way. Not only does this lose money, but it’s also pretty bad for your firm’s carbon footprint. With construction creating around a third of the world’s waste, creating a firm that can boast eco-credentials should be a priority.
Instead, reuse excess construction materials wherever possible and encourage your team to measure up accurately to ensure you’re not left with excess materials in the first place.
Over-estimate costs
If a client is asking for a budget estimation, it’s better to overestimate how much the overall project will cost rather than underestimate it. Your client will be much happier if there’s money left in the bank at the end, but much less pleased if you go over budget.
Perform a risk assessment
Knowing the factors that might make you go over budget or time frame is key to ensuring it doesn’t happen. Before you begin the project, carry out a risk assessment that looks at every aspect of the project, from the staff members to the materials.
Look at times in which a bottleneck could occur or parts of the project in which things could go wrong. You can then use this risk assessment to prepare for (and hopefully prevent!) the worst.
Keep track of materials
When you have so many on-site staff working on different sites or aspects of the project, keeping track of all your materials is easier said than done. You might, in some circumstances, find yourself unable to locate certain tools, which delays projects and allows unnecessary money to be spent on tools you already have.
Employees might keep hold of materials in case they need them again, not realising that this causes issues elsewhere. To tackle the problem, create a sign-in and sign-out policy for tools so that you can locate which member of staff has the materials you need at all times. Incentivise workers to properly use the process and avoid mistakes.
Cost Management: The Key to a Successful Project
From finding the right goods for the job (hello second-hand telehandlers in mint condition) to being transparent with your client, keeping costs low on a construction project doesn’t have to be a challenge.
By prioritising efficiency and frugality, you’ll stand out from the crowd, keeping your current customers happy and attracting new ones.
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