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Maximizing Your Construction Budget During a Global Pandemic: A Guide

13 September 2020 No Comment

Construction makes the world go around. It is one of the few industries that continued even during the global lockdowns because city infrastructure cannot stop. What has changed, however, is the budgets you have to work with. Finding ways to keep to strict budgets without cutting corners is something many project managers are pulling their hair out trying to do, so use this guide to get started:

 

Improve the Design Process

The biggest problem construction projects have is unrealistic expectations. By using better tools, you can improve the design process and provide better estimates for your clients. You may even need to design the project to be completed in stages so that they can rehire you or even another team without leaving a job half-finished.

Offering this type of service is key to winning those contracts over your competitors. If you can promise project stages and the final designs so that they can return to these renovations or builds later, you’ll have a more attractive offer than your competitors.

Find High-Quality Alternatives to Standard Solutions

There are a lot of innovative solutions to everyday construction problems out there, and they will allow you to keep to even the tightest budget without a sacrifice in quality. An EPS Block of Geofoam, for example, can cut back the high cost of soil or similar construction filling. Not only is it lightweight and easier to install in any construction or engineering project, but it is also effective, allowing you to enjoy a safer construction site that takes a fraction of the time to finish.

These types of solutions exist everywhere, and the best place to start your search is online or by getting in touch with the people you know. You would be surprised at the innovative solutions your colleagues have come up with for their own projects, solutions you can utilize on your own site today.

Brainstorm and Train

Everyone needs to be on board with this tip. If everyone is safe and efficient, work can be done faster and within budget. Don’t expect you’ll know all the time-saving solutions, either. Brainstorm with your colleagues and your team to find things that take too long and work out faster solutions.

Rent Instead of Buy

If you need a new tool or another machine, rent for the short term. This can apply for those big plant machines all the way to hammers and saws if necessary. Renting will allow you to keep your cost low and avoid big upfront costs when you cannot afford them right now. Just remember to negotiate when you rent, just as you would if you were buying. There are many places you can rent as well, including from peer-to-peer. Everyone is looking to bring in a new income stream, which means you have a lot of options when it comes to sourcing the tools you need for the job.

Keeping costs low without cutting corners can put you in a pinch, but now is the time to come up with unique solutions and a better way of business. Start with great construction management software and building information modeling and then get creative. Find your own stride, and you’ll succeed as a business beyond your wildest dreams.

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