In the construction industry, companies need to operate as efficiently as possible in order to stay profitable. Using technological resources to your advantage and practicing good organizational oversight will help you operate efficiently and grow your business.
Secure Project Document Storage and Sharing Solutions
Contracting companies that are leaders in their field organize project materials electronically. Instead of a physical project binder, a construction document management system centralizes all of the materials that go into planning and executing each phase of work.
In deciding which type of system to get for your company, ease of use should definitely be in your top criteria. One of the biggest benefits of this type of resource is that it allows multiple parties to access project documents and collaborate. You want materials to be readily accessible so everyone involved in a project can pull up specifications quickly before making an order or retrieve permitting information in seconds when an inspector is onsite.
Cybersecurity also has to rank high among your priorities. Construction companies are extremely vulnerable to data breaches, so you should use advanced safeguards to protect your project data and share information securely.
Bid Prep Tools
Your bid preparation process is going to be fundamental to your company’s ability to get projects, maintain positive relationships with clients, and generate formidable profit margins. Going too low for the sake of being the lowest bidder can turn out to be a regrettable tactic. Of course, overbidding is likely to lead to a lot of missed opportunities.
Use a program that will help you calculate bids with a high degree of accuracy. Ideally, you’d like a system that automatically prompts you to itemize and quantify your material needs. In addition, forecasting your personnel expenses with precision can help ensure that you’ll staff projects adequately.
Putting a lot of detail into estimates can be a time-consuming proposition, but excellent technological tools can simplify bid preparation dramatically. Being able to turn bids around quickly could work to your advantage.
A lot of prospective customers feel uneasy about working with companies that drag their heels on bid preparation. This is particularly true of individuals seeking out estimates for residential construction and renovation projects. They tend to fear that companies that are too busy to submit a timely bid are probably going to be too busy to complete work on schedule. If you don’t make a timely response, they may conclude that you’re busy finishing other projects or trying to find RFPs that have more potential value than their project.
This type of attitude towards bid tardiness is also something to watch out for when you’re creating a proposal for a large project with an extensive scope of work. You certainly don’t want to be the last entrant rushing to submit materials with minutes to spare.
With a first-rate bid preparation tool, you can create detailed estimates as soon as you have the information that you need from clients and vendors. Incorporating a lot of detail into bids makes a positive impression on potential clients. It shows them that you’re well-organized and you’ve considered the work that needs to be done with methodical attention to detail.
Expense Management Software
If the accounting program that you use to manage project expenses is a continuous source of frustration, it’s time to consider an upgrade. The notion of a change might seem a little daunting because learning a new system will take some getting used to. Nevertheless, you may find it much easier to navigate a system that’s designed better.
Many seasoned general contracting company owners and project managers who have been in the industry for decades have an instantaneous negative gut reaction to accounting software that they aren’t familiar with. In part, this is because the earliest iterations of these programs weren’t exactly user-friendly. Every tool to track expenses resembled a blank excel spreadsheet. They weren’t equipped with substantive frameworks and input fields, forcing users to handle a lot of the basic legwork on their own and hit roadblocks frequently.
Since then, accounting solutions for the construction industry have advanced considerably. You can input information and generate reports effortlessly. You can track your costs closely, and you may be better able to steer clear of avoidable mistakes or oversights.
General contracting companies have to be forward thinking about their budgetary priorities. Affording general overhead expenses and engaging leads for your next project always have to be at the forefront of your day-to-day management activities. Nevertheless, you also have to consider how to allocate capital towards growth-oriented technology. Ultimately, building a strong and supportive systematic infrastructure will make it easier to stay on top of your workload.
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