With a looming slowing in construction in 2019, its become increasingly important to maximize efficiency to ensure profitable construction projects. Here are some tips from the pros on maximizing profitability in construction.
1. Attract Talent (and keep it!)
You already know it is a tight labor market. Many face limits in how much work they can take on because of staffing limitations. To remain competitive, its suggested to offer better benefits as a part of a strategy to keep talented workers.
2. Go Green
With news and government reports continuing to sound alarm bells about the Earth’s ecosystem, it’s a great time to solidify your “green” construction skills and market those capabilities as a key differentiation. Ecological awareness is growing and business with credibility for green policies are more likely to grow. In construction, smart strategies for handling material waste, resource consumption, and disposal are key. If you can deliver a build that also minimizes environmental impact, all the better.
3. Control Costs
By keeping solid talent you’ll reduce recruitment costs. Smart insurance strategies can maximize protection while lowering costs. Worker Safety programs can keep workers on the job instead of recovering from injury. All of this works together to decrease costs over time.
4. Construct With Modular & Prefab
Modular and prefabricated systems help reduce waste and disposal costs. They can be easier to work with once the systems are understood. While they may be more expensive from a material acquisition perspective, they often reduce labor costs.
Approaching 2019 with a positive attitude and the right strategies can help you gain a competitive edge over the competition. For a complete review of your insurance and benefits reach out to us for assistance. We’ll be glad to help and point you in the right direction.