Helpful Tips for Finishing Construction Projects Profitably

1. HELPFUL TIPS FOR FINISHING CONSTRUCTION PROJECTS PROFITABLY www.econstructionmart.com

2. Construction as an industry is pivotal to the entire economy. Where else can you get to create jobs, grow the economy and yet add to the aesthetic development of a region? Construction business in itself runs on enormous scales and irrespective of it being a project undertaken by a renowned international player or by a local builder, it has a ton of risks in terms of capital and human life itself.   Maximum of the people in construction project management are busy simply getting everything on schedule and reducing damages. If you look closely, is that all a construction project manager or a real estate builder is supposed to do? At the end of the day, it is a business and it has to focus on the bottom line, the profits. If you are in the real estate business by any means and involved with the process of construction, here is a set of helpful construction tips that will not only make you run your construction business more effectively but also more profitably. Instead of giving generic advice like be proactive, lead from the front, always vouch for customer satisfaction – this guide gives will equip you with specifics: 1. Get your partners on board before you bid for projects. www.econstructionmart.com

3. This is the fundamental to any construction project. You feel it is generic? Read further and you may know otherwise.   This process starts with identifying your key partners – your financiers, your lawyers, your professional building designers and architects, your contractors, your own business partners and obviously your clients. Most of the leaders in successful construction business know this – they have to have a very clear picture of how the project is supposed to turn out and they know with equal clarity how to get there. The only thing then remaining is getting your partners to agree on the same.   For instance, you are working on a residential project and are about to finance it with debt. Now, your building construction financing partner, which would usually be a bank should know exactly how you plan to monetize your project and be supportive of your initiatives. Are you getting corporate clients on board, adding advertising space in the premises, renting the apartments instead of only leasing or selling them out and any customer benefits you plan to give – instead of only catering to the fiduciary responsibilities, take your investors and financiers with you in the entire journey of finishing a project. This will only reinstate their belief in you and your project. www.econstructionmart.com

4. 2. Have an end-to-end project plan made and give it to every team member. Once the partners have been taken care of, the next line of command comes with the people who will be executing the project – your line managers. Perception can be an obnoxious pain point if everyone is looking at the same project from a different angle. Are you putting emphasis on cost cutting or are you supposed to deliver a premium product? Are we adhering only to the zonal guidelines or do we want to comply with international standards? Have every facet of the plan covered and distribute the entire plan to each decision maker in the team. This would keep a system of checks and balances between different teams. 3. Use an advanced construction project management software. Several construction businesses running straight out of spreadsheets. Spreadsheet is an amazing tool but it is not meant to give you specific or customized insights for your project. Hence, get an end to end construction management software which will take care of fluid information flow and give you required analytics at the tip of your fingers. A construction management system will help you identify the key laggards in the system and help you with operational process improvements. 4. Conduct stress testing for all facets of your project and www.econstructionmart.com

5. be prepared for alternate scenarios. Understand everything that is at risk with each construction project – capital, flora & fauna of a region and human life itself. Are you installing any special processes to manage these systemic risks?   Most of the project managers believe that adhering to the government guidelines and industry standards will keep their project secure, but most of the times when there is a problem on the sight – they are facing it unprepared. An intelligent thing to do here would be to stress test every single facet of your project including the design, material’s strength, efficiency of the sourcing company, labour’s work-hour routine, etcetera. Once you have stress tested them, look at each component and imagine what if everything that can go wrong here, actually goes wrong? You will be automatically prepared even when the smallest of the things go wrong on site and your focus will be on delivering the project in its truest form, instead of troubleshooting round the clock. www.econstructionmart.com