What is the Riskiest Part of the Construction Cycle?


Construction Executive

You’ve secured a new construction project for your team and your company is excited to tackle a new endeavor. However, the early stages of any construction investment can be precarious. Be prepared for the ups and downs that come with any large-scale construction project. Here we’ll discuss the riskiest aspects of the construction cycle, and how you can conquer them.

Don’t Waive the Bond Requirement

The most volatile time in the construction cycle is often the beginning. Setting initial costs and schedules for the project can be dangerous. This is the most critical time to pay attention to detail and triple-check every step. A simple way to minimize the chaos of starting a new construction job is to avoid waiving the bond requirement. Giving up the construction bonding requirement may seem like an option to cut costs, but you must avoid this. Securing initial costs is tricky, and you don’t want to put the future of the entire project in jeopardy.

Don’t Delay Payment

Protect your company by staying accountable. Within 20-30 days of the invoice, you should be issuing payment. The most straightforward way to ensure that your construction project stays risk-free is to pay everyone on time. All contractors should provide up-to-date statements with exact fees so there are no discrepancies. Review invoices carefully to ensure both parties agree on the completed work and its cost.

Do Include Specific Workers in the Contract

Include language in contracts that locks in the workers you need most. Solidify that the staff you’ve requested won’t be substituted out as the project progresses. The last thing your project needs is the addition of last-minute, unqualified workers added to the job. Vet your trades carefully, and be diligent about keeping them on through the duration of the project. The best way to retain your high-quality workers is to stick to a tight time table.

Do Focus on Project Management

Time is money, and if a contractor is behind, it slows down the entire project. Emphasize the importance of the schedule to your staff, and be communicative with your team. Make sure a solidified schedule with all tasks is posted somewhere prominent, or make it available to everyone through email or messaging. Be hands on: Check on the site and the timeline frequently to guarantee there haven’t been unapproved changes.

The bottom line is, project management is defined by tight schedules and saving money. Dodging the dangers of the riskiest time in the construction cycle is a great way to guarantee the success of a job. If you’re looking for more time management tips to help you and your staff execute like true professionals, check out CCS Construction Staffing today.

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