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Is Your Construction Project Losing Money?

23/7/2020

1 Comment

 
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Your project is losing money.
Do you know why?
Do you blame the estimator?
Do you blame your crew?
Do you blame the weather?
Do you hide the losses from your manager?
Do you shout and threaten those working for you?
Do you hope things will improve?
Do you run away?
Do you look for the real reasons?

When a project is losing money it is important to:

  •  Investigate where the money is being lost.
  • Put in place steps to recover money and mitigate further losses.
  • Stay calm.
  • Be upfront with your manager.
  • Ask for help if necessary.
  • Be at the coalface.
  • Don’t procrastinate – take decisive action.
  • There is usually always more than 1 reason for losses.
  • Get to the underlying cause and not just the symptom of the problem.
  • Do not take the wrong action that will make things worse or negatively impact the project.
In the next article I will discuss some reasons why your construction project could be losing money. Read Why is your construction project losing money?

Do you want to learn how to manage construction projects successfully?

Picture
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Paul Netscher has written several easy to read books for owners, contractors, construction managers, construction supervisors and foremen. They cover all aspects of construction management and are filled with tips and insights.
The books are available in paper and ebook from most online stores including Amazon.
​
© 2020 This article is not to be reproduced for commercial purposes without written permission from the author.
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1 Comment
primavera p6 link
19/1/2021 12:14:04 pm

Schedule inconsistencies, overrun issues or certain errors can increase the cost of your project immensely. Primavera P6 is great at identifying and signaling these risks before they turn into real problems.

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    Copyright 2016 - The attached articles cannot be reproduced for commercial purposes without the consent of the author.
    The opinions expressed in the attached articles are those of the writer. It should be noted that projects are varied and different laws and restrictions apply which depend on the location of the contractor and the project. It's important that the reader uses the supplied information taking cognisance of their particular circumstances. The writer assumes no responsibility or liability for any loss of any kind arising from the reader using the information or advice contained herein.
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  • Construction Home
  • About Paul Netscher
  • +Construction Books
    • Successful Construction Project Management
    • Building a Successful Construction Company
    • Construction Claims
    • Construction Project Management: Tips and Insights
    • Construction Management: From Project Concept to Completion
    • An Introduction to Building and Renovating Houses
    • The Successful Construction Supervisor and Foreman
    • Designing your ideal home
  • Construction Management Services
  • Book Reviews
  • Contact
  • Blog | Construction Management
  • Site Map
  • Blog | Home Improvement
  • Index of construction articles
  • Useful Links
  • Index Home Improvement