7 Ways Contractors Can Save Money
Planning for construction costs can mean the difference between making a decent profit and barely breaking even. When you’re dealing with jobs that are in the six, seven, and even eight figure budgets, project management can become very complex with many variables to account for. Using integrated construction software can make it easy to stay above the green line throughout the project lifecycle. As industry costs and fees increase, these tips can help you get some relief from draining the project account.
1. Design effectively
Working with an architect that designs cost-effectively from the start is a good sign. Changes made during the design process are less costly to implement than those made during construction. Researching affordable building materials ahead of time in tandem with the architect can help cut costs prior to groundbreaking.
2. Comparison shop
Saving on small costs here and there can make a difference in the long run. Take the time to shop around for the best prices on materials and equipment. While you may have solid relationships with legacy suppliers, it’s smart to check market and competitor prices regularly. If another outfitter can provide a better deal, see if your go-to company can meet or beat it.
3. Invest in quality tools upfront
Cheaply made tools can waste time and money. Putting money toward something once that will last is a much smarter decision than purchasing the same poor tools over and over.
4. Inventory your assets
Take the time to create an inventory list of all the tools and equipment on the jobsite. As employees sign them out and in at the end of each use you’ll cut down on loss, theft, and disorganization. With Viewpoint, creating an master inventory list that is able to be updated in real time makes it easy to stay abreast of equipment and tools.
5. Reduce wasted materials
Ordering the right amount of materials at the right time is key for cost savings. You’ll eliminate material loss and labor waste by ensuring subcontractors are scheduled at the right time and the respective materials are where they need to be.
6. Schedule smart
Schedule your work crew efficiently from day one. No one wants too little workers on site, or too many at a time. You can avoid paying employees to stand around and wait by watching the job progress, following the weather, assessing individual worker speed, accounting for delays, and more.
7. Invest in technology
From the small (such as electronic payment systems) to the large (like Viewpoint Enterprise Cloud software), technology investments can save in the long run, both for accuracy and profitability.
Staying on top of expenses with up-to-the-minute reports won’t leave any surprises. Knowing where your expenses stand helps you keep track of money in and out throughout the job.
Finding the right integrated construction software for your company can help jobs of any size be more profitable. Learn which Viewpoint product is right for you by contacting us directly or connecting via Facebook or Twitter.