The construction industry has the potential to be one of the most lucrative, but it can also be difficult to make a decent profit, and which one it will be for your business depends, to a great extent on how productive your business and your employees are.
It is estimated that as many as a quarter of all construction projects slip by more than 20 percent, with a further 25 percent slipping by more than 30 percent, which is a whole lot when you think about it! Luckily, there are lots of fairly simple things any construction business can do to increase productivity and lessen wastage. Here are some of the most effective productivity boosters in that industry:
Make Use of Technology
Most construction companies will be using some technology, even if it’s only basic spreadsheets to keep track of inventory, but many companies are not embracing all that is on offer. For example, if your construction company isn’t already using software to speed up your estimation process, then you are probably falling far behind the competition in terms of productivity. It could also cost you jobs because you simply won’t be able to provide clients with information as fast as you would like.
This software can not only save time by automating lots of processes, but it will also help you to maintain greater levels of accuracy and smooth over many of the problems that you may face when dealing with employees and it will even save you paper, which might not seem like much, but which will add up to a decent saving over the years. This is just one example of one piece of technology available to building contractors – there are many more – and the more you use, the more efficient your business will be.
Analyze Data More Closely
If you’re a contractor and you aren’t collecting data on every aspect of the construction process on every job you do, you are missing a very real opportunity to increase your productivity. The more you know about previous jobs and what worked well and what held up the job, the better able you will be to change and modify your way of working so that you do more of the stuff that works well and less of the stuff that allows for slippage and adds time and money to your projects.
Provide More Training
If your construction workers and office staff, etc., aren’t trained to a high level, then they are obviously not going to be quite as productive as they could be. The more experience they have of working on various job sites and the more time and money you spend educating them on effective techniques, the faster and better they will do the work, which is a win-win for you.
Use Prefabrication More Often
It’s obvious, but the more use you make of prefabricated structures, which have already been assembled, at least in part, the less time your projects will take. Using these elements that have been produced in a factory will also likely cut your costs.
These methods may be simple, but they are effective, and they will enable you to boost your bottom line.