Securing a large project is the dream for many construction teams. However, this type of opportunity can only result in a strong book result if costs are managed efficiently. This is even more important considering that UK construction saw a drop in spending of £1.1 bn in 2023, which has only improved slightly since.
This article highlights the best methods for construction teams to adopt when reducing spending and increasing profit margins.
Spending less whilst completing large construction jobs is not just about improving profits for that one project. It also helps construction companies develop robust processes that can be applied to future work to ensure that all work is financially viable. Although larger projects can be potentially very profitable, if something goes wrong it could result in devastating impacts such as loss of business position and workers.
Construction teams need to save money on larger work to ensure financial stability throughout projects, to ensure timescales are met and to keep customers happy. These all also contribute to team reputation, which is essential for securing more work in the future.
There are a number of ways that construction teams can save money on large projects. Teams can choose to either use a selection of these of just a few based on their current business structure.
Having a detailed list of activities for any project is vital, but even more so for large jobs. Alongside the schedule for complete work, a succinct financial budget must also be created to forecast costs and profits. This should also have a small amount of room for movement should anything not go quite to plan.
One of the main costs when it comes to spending on large jobs is employee costs. While figures such as salaries and expenses are likely to be irreducible, one area where construction teams can save money is by booking serviced accommodation wisely.
This is a vital consideration if teams are working in a new location. Being close to the site means they can complete work faster and spend less money on travel costs. Companies such as Comfy Workers are a great option for this, as they offer pre-negotiated prices and full booking support to ensure accommodation never exceeds budgets.
Not all risks can be accounted for, but most can be highlighted by completing detailed risk management planning and checks throughout a large job. Construction teams should ensure this is part of processes to reduce the chance of extra spending having to be accounted for. In fact, risk management also allows money to be saved, as it means any potential issues are mitigated before work even starts.
Money can also be saved by investing in a quality set of construction professionals.
Sourcing multi-skilled individuals is essential for large jobs as it means more of the work can be completed without third-party assistance. This is important as larger jobs tend to cover more aspects of construction, which is often what ends up costing more.
Although these tips are helpful, if construction teams don’t adopt a balanced approach from day one, costs will likely start to rise. However, the good news is that any of these tips can be implemented during active projects. Whether teams are looking to book affordable accommodation or bring in new members, being mindful of the needs of a large project is also imperative to ensure costs can be saved.
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