How to Manage Construction Delays And Avoid Cost Overruns

Construction delays or costs running over the estimate can be a disaster for a project and can end up costing the business owner in the long run. It’s crucial for construction business owners to know what they can do to help minimize these risks and ensure they have everything they need to complete each project. A few ways to help prevent construction delays or cost overruns include the following. 

Rent Equipment That’s Needed

Sometimes, the project will require equipment that the business doesn’t own. It might be specialty equipment that the business doesn’t normally use or they may have some already but not enough to complete the project because they’re being used by a different team elsewhere. When it doesn’t make sense to purchase the equipment, it may be better to look into renting it. A compact excavator rental can be a great way to save money compared to a purchase and it won’t be necessary to store the equipment when the job is done. 

Make Sure the Scope is Well-Defined

A project may end up taking much longer to complete or end up costing a lot more because the client keeps adding to the project. While this can mean more money for the business owner, it could also mean delays for other projects. Instead, it’s important to make sure the scope of the project is well-defined before creating an estimate or a timeline of how long it will take to complete.

Prepare for Equipment Failure

Equipment failure can happen at any time, so business owners will need to be prepared. There are ways to help prevent equipment failure, such as making sure the equipment is well maintained, but that won’t prevent every type of failure. It’s important for construction business owners to make sure they have everything they need on hand to handle equipment failures, whether that means parts for repairs or a place to rent new equipment until the one they own is fixed. 

Be Aware of Potential Weather Delays

Many construction projects can end up being delayed because of the weather. During seasons where it’s more likely to have adverse weather, keep this in mind when planning how long the project will take. It’s better to estimate it taking a few extra days than to have extreme weather to deal with and try to rush to get it completed on time or have to let the client know the project is delayed. 

Keep an Eye on Inflation

Inflation is causing everything to go up in price, and construction materials are included. Though inflation happens all of the time, it’s easy to forget about it, especially when inflation isn’t happening quickly. With how rapidly inflation is impacting the price of materials today, though, it is important to keep it in mind when creating estimates or talking to clients about projects. If the materials won’t be purchased right away, add a little bit to the estimate to cover the possible inflation.

Be sure you have a plan in place and are prepared for anything that could happen. This can help to minimize potential delays, ensure everything is moving forward as expected, and help to reduce the potential for the cost to be higher than expected. Look into equipment rentals today to make sure you have a source to get new equipment fast when it’s needed.