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Over the last few years, construction companies have been forced to adapt to a new reality—one that significantly impacts their budget. Several factors contribute to businesses’ ability to save and make money, including the labor shortage, an unstable economy, and the cost of building materials.
Keep reading to learn how these factors affect your business, along with steps you can take to build an effective budget—no matter the circumstances.
Like any business, construction firms are always thinking about ways to save money. But in an unpredictable market, this has never been more important.
We asked our network of construction professionals about their top concerns when it comes to budgeting:
So, what does this mean?
These factors have a significant impact on how much money your construction business makes and saves. As a result, buyers, lenders, and companies are more cautious.
Fortunately, you don’t have to wait until things change to earn some breathing room. Our eBook, “Construction Budgeting Insights,” includes everything you need to know to navigate the current landscape and still meet your goals.
Keep reading for a preview of what’s covered, including budget-friendly habits you can lean on to help you through tough times.
Can’t wait? Download the eBook now
While the construction industry has been historically reluctant to adopt technology, difficult times call for digital measures. Many firms have incorporated technology to properly allocate resources, enforce safety precautions, and improve workflows across project lifecycles.
Additionally, AI in construction is on the rise. While only 21% of construction professionals currently use AI, being among the first could put you ahead of competitors. For example, machine learning is beginning to transform the industry, especially in reducing costs and saving time—a game-changer in challenging times.
When building out your pipeline, prioritize projects that will give you a higher return on your investment. Consider which projects will best suit your team and resources.
Additionally, look at focusing on highly active sectors, including healthcare, education, and manufacturing. If your employees have the capacity and skill, these projects will keep business moving steadily.
Your employees are most important in helping your business grow, making the labor shortage worthy of your attention. Refine your hiring process and offer competitive salaries to attract the right professionals.
Have an open role you need to fill? We can help. Start a conversation and a recruitment consultant from our construction team will be in touch.
But your efforts shouldn’t halt at hiring. Evaluate your current workforce and identify areas for improvement. Upskill your existing employees to increase productivity, improve retention, and future-proof your organization. Investing in their development will fill talent gaps and help your team adapt to the changing landscape.
While sustaining your business is great, outpacing the competition is even better. That’s where doing your research can go a long way in helping reduce cost overruns.
If you want a more in-depth view of the current market and how it affects your bottom line, download our eBook, “Construction Budgeting Insights.” In it, you’ll find the information you need to build an effective budget and maintain the success of your business.
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