Sometimes the best way to have more money is not necessarily to make more. If you want to have more money you need to actually stop spending so much. Construction is a great example as you see a lot of waste and delays lead to thousands of dollars lost on each project. If you want to maximize your profits you need to follow these tips:
- Reduce Trash: Broken pieces of wood and empty water bottles are trash. Full sheets of plywood and loose nails are not. Every contractor knows that there’s a big difference between trash and real trash and each jobsite can see hundreds of dollars in wasted materials. Cutting down on that will help you save thousands of dollars a year.
- Reduce Wasted Time: How often do you have someone at the warehouse or store in the morning, they run everything to the job site and then need to run something else either because they didn’t know they needed it or because they forgot? If you can cut down on wasted trips, delays and other things like that you will get quicker results.
- Talk To Subs Early: Don’t wait until you need a subcontractor, talk to them early on, get prices and do your homework. In construction, the cheapest one is not necessarily the best. The team you need is going to be affordable but they are also going to get the job done right. Delays and mistakes cost money so if you can find a sub who limits those you will save time and money.
- Give Yourself Time: Remember, every aspect of the job needs to be done right and there could be delays due to mistakes, weather or something else. Give yourself as much time as you can because rushing only costs you more money and makes things more difficult for you.
- Maintenance: Remember all your equipment, the tools, the machines, everything, takes a lot of abuse when they are being used. Don’t be afraid to have them maintained, cleaned and checked out, especially if you know they will not be needed for a week. A crane rental company usually offers repair services for major construction equipment so they can come out and check to make sure your cranes are operating correctly. This will also prevent delays down the road.
As you try to trim your waste and hold on to more of the money you are making you will notice that quality work is worth more than less expensive bids. The best crane rental company for example, is going to save you thousands because the work will be done on time and on budget. Follow these steps and you will see an increase in profit after each job.