There’s a lot of money that can be made in the business of construction. Property investments will always be a seductive choice for those looking to make money and many of them will choose to create their own investment from the ground up. However, those potential profits can be easily sucked away by a crew that isn’t smart about their own investment. Cost-effectiveness is key, here’s how you grab it.
Safety is number one
When looking at eliminating lost money and productivity, you have to make sure the safety of your team is made your primary concern. From ensuring that you enough PPE in good condition for everyone on site, not just the crew, to having health and safety specialists come into the site on an advisory role. You need to know the risks of every site and every piece of equipment to avoid losing money through hefty workers’ comp payments.
Security is a close second
It’s not as common as injury, but crime is still a serious risk on any building site. You might be leaving equipment unattended that some believe could make them a nice profit if they were to simply take it. To protect your investment and that of the client, you should consider investing in security measures. This might mean hiring a security guard or installing CCTV. It might mean tagging your equipment with an inventory system so you’re alerted as soon as someone unauthorised accesses it.
Know your suppliers
The market of supply for your construction equipment, from tools to safety gear, is wide. Without truly taking the time to source and get to know the best suppliers, you’re going to have trouble choosing the best amongst them. Or even finding the most cost-effective tools to use for the job. For instance, leasing heavy machinery instead of buying them only to use them sparingly, or looking at services like Rope and Rail for making inspections that help you better identify any issues in the job so far. Using plastic extrusion manufactures for bespoke parts is also an option.
Cost more effectively
Offering more accurate estimations and keeping track of your budget doesn’t just help your client know that you’re trustworthy in terms of prices. It’s also vital for gauging the profitability of any job. Make sure you’re researching costing techniques to find the most accurate amongst them. From listing all resource costs to paying close attention to employee time cards. You need to be able to make decisions on the fly in regards to making a job more cost-effective.
Make a more efficient team
The better the team does their work, the quicker and more effective the build. To make your team more efficient, you need to spend time training them. Delegate management roles to those individuals with the strongest work ethic and best leadership skills. Develop and explain performance metrics with your team so you can better gauge their productivity and help them solve any problems getting in the way of it. Clearer goals and better planning are crucial.
Eliminating loss, getting more accurate with your finances, and using the people you know and employ for more cost-effective decisions is what’s going to make your investment truly smart. Get working on getting your business in ship-shape with the tips above.
