As the year draws to a close and a new one beckons, it’s time for a quick reality check!
- Are you busy with many projects and feeling overwhelmed?
- Are you planning ahead and making sure each project is profitable and contributes to your success?
In this blog, we’ll give tips to ensure you plan profitable construction projects in 2024.
Are these profitable projects or just projects to get you going in the new year?
Before bidding for projects, pause to evaluate if they will make money. Ask yourself, “Are these projects going to line your pockets, or are you simply taking them on to fill your schedule?”
Remember, it’s better to focus on a few high-profit projects than spread yourself thin on many that might yield different results.
2024 plan of action for contractors
With a clear understanding of your project pipeline, it’s time to craft a solid action plan for 2024. Make sure your plan covers all parts of your business, like managing your supply chain and allocating resources. Here are some key areas to consider:
- Supply chain ready to go: Ensure you have a reliable supply chain in place to meet the demands of your projects. This includes securing materials, labour, and equipment at competitive prices.
- Has everything been costed and agreed? Before starting the project, make sure to estimate and agree on costs with clients and subcontractors accurately. This will avoid costly surprises down the road.
- Has your preconstruction work started yet? Preconstruction is a crucial phase that sets the stage for a successful project. This includes finalising designs, obtaining permits, and conducting site surveys.
- Have you confirmed and agreed to prices for 2024? It’s important to secure prices for materials and labour to stay within budget.
- Have you procured your material and supply chain for the jobs ahead? Don’t get caught off guard by supply chain disruptions. To avoid delays and stay on track, make sure you secure your materials and supplies ahead of time.
- Your own employees – Are your resources ok for all these projects? Evaluate your current employees to see if they have the skills needed for your projects. If not, consider hiring additional staff or outsourcing certain tasks.
- Plant and machinery – Have you enough? Check your plant and machinery to ensure you have the capacity to meet the demands of your projects. If upgrades or new equipment are needed, factor in the costs and timelines for acquisition.
Have you been going alone without a Quantity Surveyor up until now? Is it something you will think about in 2024?
If you’ve been managing projects without a quantity surveyor, it’s time to reconsider. A QS can help estimate costs, manage contracts, and reduce risks effectively. Their knowledge can save you time, money, and stress, ensuring your projects are completed successfully.
Here are some additional tips to help you navigate the new year:
- Set realistic goals: Don’t try to bite off more than you can chew. Set achievable goals that you can build upon gradually.
- Keep everyone updated on the project’s progress and any problems to ensure effective communication.
- Be adaptable: Things don’t always go according to plan. Be prepared to pivot and adjust your approach as needed.
- Seek support: Don’t be afraid to reach out for help when you need it. A strong network of colleagues and mentors can provide valuable guidance and support.
Conclusion
As the new year approaches, take the time to assess your current situation, plan strategically, and seek support where needed. With careful preparation and a proactive approach, you can set yourself up for success in 2024 and beyond.
Remember, planning profitable construction projects requires a comprehensive approach that considers every aspect of your business, from supply chain management to resource allocation. Following the strategies outlined in this blog can increase your chances of executing profitable projects and achieving your overall business goals in the coming year.
Need help from a team of trustee Quantity Surveyors and estimators in 2024? Get in touch with the team at Carroll Estimating today to learn how we can support you from tender bid right the way through your project and payment claims to the final account for less than the cost of one QS employee.
