Project managers are tasked with the equally challenging and crucial role of allocating a construction business’s limited funds for the most effective results. In the decision-making process, construction managers have to weigh a variety of competing goals to keep everything running smoothly. Often, this high-wire act leads to an underfunding of various elements. Let’s explore some areas of your construction business that could probably use greater investments in both time and money.
Every project manager would be psyched to get more leads for construction work. After all, this is what keeps construction businesses rely on to keep going strong. If you’re noticing a dry spell of leads, you might consider funneling more attention to this area of your business. You can buy leads, hire dedicated lead-generation teams, invest in developing strategic relationships, or concentrate manpower on getting bids out quicker.
Putting more time and money towards budgeting sounds counterintuitive, but it’s a net benefit if you’re able to save resources in the long run. Inaccurate budgeting can lead to greater costs down the road if you’re forced to schedule last-minute orders, push back deadlines, hire extra team members, or make other adjustments in the eleventh hour. Project managers can save significantly by accurately budgeting projects so they can handle everything in a timely manner.
Too often, project managers see the value of safety protocols in what they prevent not the advantages they bring. For example, a clear advantage of sufficient safety standards is to keep craftsmen healthy so they can keep the project moving. However, the less-obvious benefits of having a happier, more trusting, and more productive workforce should be taken into consideration too. This perspective shows a direct correlation between safety investments and greater efficiency.
Further Reading: Tips for Keeping Safety Training Fun, Loose, & Informative
It’s easy to lose track of your equipment’s age, performance, and quality. Even minor issues can lead to costly and frustrating delays. If you hear craftsmen complaining about poor equipment or you’re noticing projects take longer than anticipated, you might need to invest in some equipment repairs or entire replacements. It’s a good idea to keep track of when your purchase each piece of equipment so you can anticipate issues before they might arise.
Software is another major area of consideration for increased investments. There’s a slew of professional-grade software that can help project managers improve on-site collaboration, project budgeting, scheduling and timelines, and so much more. Some of these programs are designed specifically for the construction industry while others have broad applications yet still offer valuable shortcuts, automation, and other advanced features for construction businesses.
Collaboration is a complex and dynamic process. The quality of communication and connection on the job site is affected by a multitude of factors including technology, team organization, and more. Investing to improve collaboration might mean hiring an additional manager for improved organization, getting committed communication software, buying higher-quality equipment, or simply committing more time to routine meetings.
Many construction managers lose valuable time and money through poor hiring practices. Ineffective hiring strategies can lead to low-quality candidates, high turnover rates, decreased efficiency, and team issues. One of the most effective ways to invest in better hiring practices is to outsource it altogether. An experienced construction staffing expert can help you find the perfectly-matched talent to take your business to the next level.
If you’re struggling to find the right talent for your construction projects, you’re in the right place! Madden Craftsmen specializes in staffing PNW construction businesses with highly qualified and hard-working craftsmen. Get started by filling out a job order with what you need or contact us to learn more about our process.