Productivity and efficiency.
Historically, these have not been bragging points for the construction industry.
Construction contractors are some of the most hard working people out there, but the industry is sluggish when it comes to completing projects on time. Sadly, the industry is infamous for often deviating from set budgets and specifications. In fact, 98% of megaprojects suffer cost overruns that exceed 30% [McKinsey & Company].
It’s time to take a serious look at how your projects are run and find ways to improve the process. Here’s a good place to start:
Do Your Prep Work
If you show up to a grocery store without a shopping list, you waste time wandering through the aisles and waste money buying things you don’t need.
The same is true when you show up to a job site without a plan. Take the time to prepare before arriving at a job. Establish realistic estimates for materials, manpower, and equipment before starting the project.
This will save you so much time and money and will improve construction efficiency overnight.
Communicate, Communicate, Communicate.
Communication is key. While you aren’t physically at every job site every day, your crew is. They’re your eyes and ears on the ground, so keep the lines of communication open.
Stay in close contact with project supervisors and be clear about your expectations. Ask for and be open to their suggestions to improve efficiency at each work site. You might be surprised to hear how much time and money is wasted when you aren’t there. Once your expectations for employees are clear, find ways to monitor their progress.
Give Credit Where It’s Due
Establish performance measurements and consider offering a financial bonus when these measures are met. You could measure factors like punctuality, quality of work, and work being completed on time, or any other attributes that are important to you as a construction manager.
Who doesn’t like extra cash? We recommend starting a bonus program that ties to a worker’s responsibility. For example, you can reward your field supervisors with a bonus for working ahead of schedule. Keep bonuses relevant and achievable for workers of all levels [Construct-Ed].
Take Time for Training
Training your employees properly is critical to your business.
Not only does adequate training give you peace of mind that your employees know what they’re doing, but it’s also critical to maintaining the safety of your workers.
Since OSHA was founded in 1971, it has reduced workplace fatalities by 66%. This can be attributed to their safety standards and thorough research of the most common hazards in the industry [OSHA]. Employee training offers immediate returns in both efficiency and safety.
Find the Right Software
Surely you didn’t get into the construction industry because you love paperwork. The right software is vital to improve construction efficiency and keep you spending your time building and managing instead of filing paperwork.
That’s where CoFi comes in. Our software is the first of its kind to bring lenders and contractors together for a simplified and streamlined lending process. We exist to solve the pains of construction financing.
No more frustrated subcontractors who are waiting for payment 60+ days after completing the job. No more pushback from lenders while processing loan payments. No more stress surrounding the financials of your construction business.
With CoFi, you can pay your subcontractors on time. You can say goodbye to the hours of paperwork and hello to faster access to the funds you need to run your business.
Try CoFi Today
CoFi is changing the world of construction lending. You know your job inside and out, and we know ours. CoFi is here to improve construction efficiency and help your business thrive. Schedule a personalized demo of CoFi software today.
