Construction Investments to Save you Cash
As a project manager in construction it’s your job to save cash where you can in planning, coordinating, budgeting and supervising a project from start to finish. Knowing where and when to spend and what to spend on is your responsibility. There are numerous things you can do to manage your budget, do you rent this, buy that, hire here, or finance there? All these questions must be answered to deliver a project on time and under budget.
It’s a competitive world the construction industry so we want to help you save cash on your budget.
The following article contains a few tips to help you save cash on your construction project.
You can save cash on construction projects by cutting back on costs, avoiding expensive mistakes and using materials that are more cost effective. However there are also a few things that you should actually spend money on to save you cash in the long run.
Invest in technology
It’s 2016, back to the future was last year and there is no lack of technology to help project managers. Applications, software, websites and programs these are constantly being updated and new technologies created on a daily basis.
Having the right project management software can help you work efficient and effectively, manage your budgets and help find your inefficiencies. They can really save you money over the course of a project.
These software applications can assist in the process of planning, designing and building, assessing, managing, compliance and helps you make hard decisions. Most have cost benefit analysis on various items included in construction and can track your manpower, they will also estimate the cost implications of faults and design or schedule changes.
Invest in time saving construction products
Software or project management apps will save you time managing a project, there are many decisions that can make the construction and fit out more efficient. Prefabrication has seen a rapid rise in the construction industry in the past 30 years, it saves you time and in-turn money, and creates energy efficient spaces that look great. It’s not only used in residential construction but in civil sites, industrial applications, and large apartment blocks, even in aircraft, maritime and spacecraft construction.
Try pre-fabricated items including walls, fixtures, fittings even whole kitchens, bathrooms, laundry’s and other fit outs in residential construction. Try Ikea for residential fixtures and fittings these will save you valuable time and labour costs giving your crew time to work on other tasks.
Pre-fabrication has also now collided with the green movement in the form of shipping container building or cargotechture. Shipping containers offer strength, low expense are widely available and are eco-friendly and can look great – give them a try to save you time and money.
Buy don’t hire
On many construction projects there will often be the question of whether you should hire or buy some pieces of equipment needed on you site. In more demanding economic times it’s harder to make that decision on what to hire and what to buy.
If your project is likely to run for a few months or you can use equipment for multiple projects then purchasing will be much more cost effective than hiring. This is particularly due to additional costs that come with hiring equipment, and that’s without considering costly damage fees and waivers.
A great example of inexpensive equipment to purchase that’s often hired is temporary fencing and safety barriers. Unlike hiring you don’t have to pay the additional fees and delivery charges for your project. Just buy your own fencing and use it where and when you want, it will most likely pay for itself over the course of a major project or a couple of smaller ones. So if you have a long project, or a couple of projects in the pipeline, why not buy your temporary fencing? – take a look at the The Temporary Fencing Shop.
The hire industry is fraught with additional costs and complicated paperwork, it can often be much easier to be in control of your own products, no damage fees or waivers, no contracts to extend, no delivery and assembly fees. Other hire equipment that could be cheaper to purchase, depending on how long you need them could be generators, access equipment, drill and cutting tools and even onsite toilets. Good project management software should have estimating software that helps answer the question of whether to hire or buy.
Invest in going green
When looking at the costs of construction you should also consider the costs on occupying the finished space. If you invest in ecofriendly technologies in you will often see a great return on investment.
Potential buyers will often spend more on a space for high energy efficiency ratings or being able to live “off the grid”. Invest in double or triple glazed windows, solar electricity and heating options, rainwater collection and grey water recycling. Occupants may even earn money from these investments by putting power back into the grid.
So consider these construction investments to save you cash and improve your bottom line today. If you have any further suggestions, make sure to leave a comment below.
Author bio: This article was written by Liam Banks from The Temporary Fencing Shop, specialists in all temp fencing products and temporary pool fencing across Australia.