Managing the finances of a construction site is crucial to the success of any crew. Your ability to manage your overheads and meet cost expectations will play a large role in dictating the kind of relationship you’re likely to have with your clients. As such, you should inspect the biggest sources of financial loss and what you can do about them.

Safety

Construction sites are a relatively dangerous place to work and the results of accidents on-site can be drastic. For that reason, construction crews that have to pay out due to poor safety policies on site can find themselves constantly fighting major costs. Handle work safety on your site by performing a full health and safety audit and assigning a safety officer to help put together and enforce a policy.

Equipment

The machinery and equipment used on-site are likely to be one of the most valuable assets at your disposal. Misusing it and failing to maintain it can lead to costly repairs down the line. Even worse is buying equipment you don’t need as much as you think you do. With firms like the Freo Group, you can hire machines instead of buying. As such, you can make sure you don’t buy machines that then go unused for the next few projects on your schedule.

Turnover

An even more valuable asset than the equipment on site is the employees working there with you, as well. You can lose a lot of money through both absenteeism and levels of high-turnover. Working with sub-contractors can help you mitigate the risk, but it’s often better to address the multitude of reasons behind your retention levels and to invest in your team the benefits and training that make your crew worth sticking around.

Materials

Both the costs of the materials themselves and the logistics for handling them can get out of control relatively easily if you’re not careful. Finding reliable suppliers like Boral can help you gain access to both the volume you need as well as a ready-built infrastructure to have them delivered to your site as and when you need them. Of course, care must be taken to secure your materials as best as possible, too.

Timekeeping

An inability to meet your deadlines can do more than be an annoyance to both your team and your client. Improper timekeeping can also have an immediate effect on the costs of the project, as it will mean you have to pay for additional labour and materials, as well as the time that it takes to factor in these additional costs for new estimates. You can never really prevent overrun in projects, but tools like Clockify can at least help you be more accurate and see disruptions ahead of time.

To put it simply, a construction site needs to continuously manage the risks of financial loss and look for the most cost-effective options to ensure a lack of danger ot your own assets. This means looking at safety, as well as outsourcing the costs you shouldn’t bear, yourself.