It’s hard enough as it is planning a commercial construction project budget. Maintaining that budget is even harder. Everything sounds great on paper, but when it comes to actually building the property, it is so easy for things to quickly spiral out of control. Here are 3 warning signs your budget might go bust on your commercial construction project planning.
Errors Are Popping Up
Time is money. When errors are popping up, that means your project is leaking money. Covering the cost of every error can end up in going over budget. This is especially true when it comes to commercial construction project planning.
When you are wasting time in the construction field, that means materials are being used improperly and might need to be replaced. Not to mention, you are blowing time on billed man hours you can’t get back.
A lot of these problems can be either poor planning and bad designs. On the other hand, they can be due to poor craftsmanship of contractors. Either way, these mistakes can be costly. True, you can’t anticipate errors on your contractors’ end of the deal.
Therefore, the best thing you can do to keep this budget cost in line is to double check all of your planning. Being thorough on your end will lessen the cost of overall project errors. Also, invest in construction planning software systems so that everyone is always on the same page.
Lack of Goal Communication
Speaking of being on the same page, if there is bad communication from the top down then the budget may be in trouble. Before any project is started, everyone involved should be able to unanimously state what is the goal and vision of this particular project.
From there, they need to be aware of any milestones and deadlines for specific deliverables. They must know what the review and approval process for each step of the way. That way workers can ensure that all aspects of the project are in line with the final vision.
Without a clear direction, the project can quickly become mismanaged. Mismanagement snowballs into the first warning sign your budget may go bust…errors!
Surprises Pop Up
Sometimes unexpected and unwanted situations pop up. This causes you to play with the cards you are dealt. Unfortunately, these circumstances may result in going over budget on your commercial construction project.
These sorts of surprises can be a number of things:
- Asbestos
- Mold
- Natural Disasters
- Poor Foundation
- Termites
The best thing you can do is to anticipate less-than-stellar occurrences popping up. Put a cushion into your budget for these sorts of instances so you’re not blindsided as they spring themselves onto your project.
