Guide to Saving Money on a Construction Site
Construction work is all about staying on time and within budget. If you’re wondering how to save money on a construction site, here are some cost-saving ideas for construction companies:
Preventative Maintenance for Vehicles
Vehicles are expensive to buy — and they’re also expensive to repair. You can save a bundle on costly repairs when you take action through proactive and preventative maintenance. Preventative maintenance helps you discover problems before they spiral out of control. If you have a large operation, it may make financial sense to take on a full-time mechanic to care for your construction vehicles.
Consider Insurance Options
You may have an insurance company that you use regularly and trust. But are they cutting you the best deal? Shop around and look at insurance rates to see what’s out there. You don’t necessarily need to leave your current provider, but you can take better quotes back to them to see if they will match.
Who’s handling your construction accounting? Make sure you have an accountant who understands contracting and who can work quickly. You may even find that a local accountant who understands contracting will do a better and more affordable job than a large, national accounting firm.
Hire the Right Team
Your work is only as good as the people and materials who go into it. Making sure you have the right team is essential to staying on time and doing quality work. You may end up paying a little bit more in the short-run to get the right people, but having the right people can save you a ton of time and money on the backend.
When you hire good people, there are fewer things that need to be redone and the entire project moves forward at a pace that only thoroughly experienced workers can push.
Are you paying for cell phones and email service on a job site? Perhaps you choose certain communication tools and services as standard for all your jobs. But take a closer look at these services and make sure they’re essential before you give them the okay. For example, you may find that you need half as many cell phones as you might typically select for a job.
Enter the Right Contracts
Make sure you get paid — and that you get paid on time — when you enter into the right contracts. Make sure the late penalties are large enough to make them hurt and use legal resources to enforce the contracts that you do have.
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