The coronavirus pandemic has disrupted businesses across all sectors. One industry that really felt the impact of the pandemic was the construction industry. Projects across the country were abruptly brought to a halt. Limited work exemptions and mandatory restrictions further created challenges.
These will continue to impact construction for several months until the pandemic comes under control. The following tips can help you overcome the cost challenges that your projects might face.
1. Participate in All Stages of Planning: Be involved at every stage of the planning. When you are attuned to all the stages of construction, you can find out where you can save money or cut costs. Planning is where you can manage costs; if you don’t get it right here, you will see overruns and delays.
For example, this is the stage you decide where to buy construction materials like cement and electrical products. So, right at the planning stage, you can determine how cost-efficient it would be to buy, say, electrical fittings from wholesalers like industrial electrical wholesalers.
2. Save on Land: Choosing the right plot for construction is critical, especially consider the level of the ground. If the level is much lower than the road, you will need filling material to level the ground. This will increase your costs to a great degree. Secondly, check the development regulations. Do a survey of areas that have the potential for development in the near future and is currently available at a low cost. Adhere to the government rules as well to avoid paying fines.
3. Make Smart Decisions About Material Procurement: You can save on construction materials like cement and wood. Buy good quality materials but find a way to buy them at competitive prices. For instance, you can save money on construction materials if you buy them wholesale. Determine what materials you can afford at cheaper rates and materials you cannot compromise on.
For example, you can buy affordable doors and windows but cannot cut the costs when it comes to electrical fittings. They must be of high-quality because they can prove to be dangerous if inferior quality materials are bought. You can rely on industrial electrical liquidators for electrical fittings or buy from electrical wholesalers to get a competitive price.
4. Hire an Architect: Bring in an architect to give shape and structure to your vision. Having a professional will help you save the overall costs by helping you optimize the design. They will ensure that you don’t overdesign or under-design the structure. Moreover, an architect would engineer the construction in a way that will save you costs in the long run. These could include future recurring costs and maintenance costs. They will have a better idea of what materials you should use and even suggest green materials that will help you trim your costs.
5. Calculate Works Hours: There are some tasks that you can do with your team and some tasks require you to bring in a contractor. How do you determine which option would be more cost-efficient? It could go either way and you may end up overspending. You need to get the right balance between both.
Calculate the number of hours that need to be put in completing the project and what is the revenue of the projects you are working on. Divide that by the number of hours worked and that will give an estimate of how much it would cost per hour. Based on that, you can make a call whether you can afford to spend extra time and finish the job on your own or hire a contractor and get the job done quickly.
Final Words: While it is uncertain how severe the pandemic’s effect on the economy may be, you can take certain steps to better position yourself. This will help you recoup the additional costs and time.
About the Author: Jeson Pitt works with the marketing department of D&F Liquidators and regularly writes to share his knowledge while enlightening people about electrical products and solving their electrical dilemmas. He’s got the industry insights that you can count on along with years of experience in the field.