9 Top-Notch Ways to Spend Your Budget on a Commercial Construction Project

Responsible for overseeing and budgeting an upcoming commercial construction project? Are you struggling to figure out the best way to allocate your money?

You’re not alone. The following are 9 top-notch ways to spend your budget on your next commercial construction project.

1.       Hiring

As you’ve likely noticed, there is a shortage of talent in the construction industry. You may be tempted to hire anyone willing to work just so you have enough hands on deck. But skimping on the right talent can be a costly mistake. Hiring should be a question of quality over quantity. Be willing to fork out a few extra bucks for the right people. Skilled workers are faster, safer, and won’t make costly mistakes you’ll have to fix later.

2.       Training

Training goes hand-in-hand with hiring. A shortage of talent might prevent you from finding workers with the skills you need. Rather than hiring anyone and hoping for the best, spend resources training the workers you have for the particular demands the job requires. For many of the same reasons already mentioned, better trained employees are less costly in the long run.

3.       Insurance

Insurance costs should always be factored into your budgeting. Spend time considering whether general liability insurance is enough, or if you’ll need job-specific or business-specific policies. Don’t forget about builder’s risk, wind, fire, and flood policies.

4.       Technology

Technology has overcome and revolutionized nearly every industry on the planet – and construction is no exception. Construction technology like drones, AI, software, and even robots are all changing the way people build. It may be worth doing some investigating and see how technology could help you automate, improve efficiency, or ensure quality.

5.       Tools

This one should be a no-brainer. Nothing simultaneously kills efficiency and worker safety like old tools. You may think what you have is good-enough, but chances are, that will translate into a project that is also just good-enough – which is likely not what the client paid for.

6.       Materials

Knock-off brands are a great way to save money on your grocery bill. They are not, however, the right option when it comes to your construction projects. There are many new materials making a buzz in the construction industry, like self-healing concrete, transparent aluminum, or even spider silk. Revisit your materials and see if there are better options for your needs.

7.       Planning

Ever heard the expression measure twice and cut once? Cliché for the work you’re doing yes, but incredibly important. Always make sure to invest in proper site preparations, quality blueprints, and all pre-build tasks. Many problems that arise during commercial construction projects could have been avoided through better planning.

8.       Surprises

Always have a Plan B. Better yet, have Plans A through D. It’s important to budget for contingencies. Few things are worse than being strapped for cash and having a problem arise you don’t have the resources to fix. You don’t want to approach a client hat in hand asking for more money to fix a problem you caused. So set money aside for surprise costs.

9.       Permits

Always make sure to allocate a portion of your budget to securing the proper permits. Check zoning laws, survey the land, and square away any electrical, plumbing, or mechanical needs.

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