Home to more than 1.8 million people and 40,000 businesses, Nashville continues to grow. With the consistent economic development, construction firms are getting more projects than ever.
As the pressure of overload sets in, it's important to be proactive with smart growth. Recent construction surveys by Raken, a construction reporting app, found 5 common factors in the most successful construction companies. Review the following strategies to best utilize the increasing business opportunities.
- Utilize Technology
At 1% of total revenue, construction spends the least on technology of the 19 major American industries. While finance managers may be nervous about the immediate expense of new technologies, the improvement provides excellent potential for long-term benefits such as cost-savings, clear communication, increased productivity and efficiency.
Checkout apps specifically for construction to help onsite communication and updates. There are several apps providing relevant business information which will help with project control and organization.
Take a step further from simple data storing with old software, such as spreadsheets, and move forward with data interpretation and utilization. Consider improving technology as an investment for your company. With modern advances, you have the ability to further utilize date for effective decision making.
- Meaningful Documentation
When it comes to project documentation, more is not always better. It can often lead to clutter and greater confusion if not used purposefully. Two primary reasons for documenting, are to manage projects and to resolve disputes.
Once you’ve found the technology which makes the most sense for your company needs, get the entire team on board for consistent data collection. If clear communication is problematic, consider delegating program implementation to a communication officer.
Consistency and clarity are key in communicating onsite documentation. To better manage and prevent risks, ensure each construction lead is up-to-date on correct documentation procedures. With clear documentation goals, you can avoid making the same mistakes twice and streamline company success.
- Operation Transparency
Despite the separation of departments and responsibilities, cross-departmental information sharing can eliminate communication problems and increase morale.
Two minds are better than one when it comes to project development. Share insights and ideas with open communication. When departments help each other succeed, the company has a better chance of succeeding as a whole.
Maintain clear project objectives, risks and expectations throughout the company for efficient projects. Additionally, transparency will increase cost-savings and timely completions.
- Stay Organized
With multiple subcontractors, locations and moving pieces, organization is key. With a clear blue print and multiple backup plans, you can reduce delays following unexpected events,
Purposeful planning and communication will ease the strain of constant multi-tasking. Additionally, your estimates will be more accurate when each sub-project has been thoroughly organized. With accurate estimates, you can improve your client relationships and increase organizational success.
- Avoid Lawsuits
In battling litigations such as mold, water damage and defective workmanship, 71% of large construction firms are spending over $1 million in lawsuits. However, by following the steps above, you can either avoid these situations or at least be well-armed for defense in court.
Utilizing organization and documentation will decrease the likelihood of major errors. Notes such as product defects or inter-personnel disputes will help with effective future decision-making and avoiding unnecessary mistakes.
Additionally, if planning ahead does not prevent the law suit, it will provide detailed defense and paint a picture of accountability. Having organized documentation will demonstrate the integrity of procedures. Close monitoring will help save you from larger fines. Don’t forget photo evidence. A picture is worth a thousand words.
Remember visibility, communication and technology to improve efficiency and the bottom line. The more supervisors and leaders are on board, the higher you can boost morale and have more focused, dedicated laborers.
At the end of the day, safety is key. Ensure safety for your laborers and clients by utilizing sound structure materials. From flooring and roofing to bathrooms and doors, be sure to utilize quality products.