The shaky economy that put many contractors, commercial builders and small businesses in survival mode, has finally stabilized. Today, the residential construction industry is regaining power, but a competitive market accompanies the growing demand for building services.
Companies that fail to manage the multifaceted components of their construction business are subject a slew of financial risks. There are opportunities to grow, no doubt. The construction reporting app, Raken, recently introduced several tips for construction firms hoping to champion the industry. Here, we will go over them.
Technology is Your Friend
Contrary to some popular belief, technology is not overly expensive. With cloud-based technology solutions, apps, and processes now readily available to those in the construction industry, it has never been a better time to start researching solutions that will work for you. Training costs and the initial time investment make many construction companies hesitant about investing in new equipment and devices, but we have found this to be a Huge mistake.
Technology may seem a grandeur investment of time and money, but it’s one that will pay off. Companies that don’t keep up with technological trends are at risk of being upsurged by their more savvy competitors. Technology doesn’t solely benefit construction work; it can increase documentation and oversight or mitigate safety risks. Ultimately, there are technological solutions for the totality of construction-related challenges and risks and can benefit your budget long-term.
Document, Document, Document
While documentation is essential, many construction companies and managers put it on the backburner, and unknowingly put their business at risk. Professional, detailed documentation can shield your employees and business in the face of liabilities and risks. On top of consistent, make sure that your documentation is accurate, comprehensive, and accessible. Taking seconds to collect and organize your data regularly can save you hours of stress in the future.
Documentation impacts a variety of construction components and complications, including on-site accidents, legal issues, and overall project management. Don’t found its importance in one job role, make it a priority for all of your employees.
Make sure that managers and executives are plugged in. People and job roles not directly involved in a construction project should still be informed of its dynamic and progress. Blind leaders are ineffective leaders, and productivity requires visibility from all sides.
There are a variety of ways to increase your operations visibility, including KPIs, site visits, and shared documentation. Software solutions can help track components such as KPIs, but direct inclusion, such as management walkthrough, should be prioritized. Visibility is especially crucial for construction firms juggling multiple projects at once.
No company wants to get dragged into a legal battle. In a worst-case scenario, a lawsuit could bankrupt a construction firm. Reducing legal risks on small and large scale levels can save your company’s time and benefit its reputation.
Elicit contracts for everything in precise detail, and enforce safety codes regularly. OSHA rules and local regulations should be seen as the minimum. Check and upgrade your worker’s gear and tools, and train everyone when acquiring new equipment. Never cut corners when it comes to safety.
Construction projects are complex and multifaceted. Today, it’s rare for a single construction firm to handle a job entirely alone. Usually, experts are called in or outsourced, for specific services, such as landscaping, or materials, such as countertops. Whether you’re installing windows on a skyscraper or calling in a tile expert to finish off a bathroom, it is vital to organize and oversee the range of tasks and workers on your site.
Address a projects complexity from day one by developing contracts, assigning duties, addressing schedule overlaps and contacting outsources. Create backup plans for the unexpected, and keep your cohorts on the same page with regular meetings.
Conclusion: Address Every Challenge Every Time
As competition in this industry intensifies, construction managers must recognize and address challenges and techniques ranging from finances to safety to documentation. Remember that communication is necessary across situations; keep everyone talking and in the loop. Efficient technology can save you from onboarding new staff, and incentivize current employees to be more productive.
Having a solid grasp of the slew of components that make industrial and commercial construction projects run smoothly can benefit your budget, productivity, and long-term success.