Cash in on bigger, better profits with construction management software
What do nail guns, cement mixer trucks, permits, labor and risk insurance all have in common? The obvious answer is they’re essential to any big project. Another correct answer is they’re all costs to your business. And some of them aren’t very cheap.
Correction. Most of them.
In the construction business, managing profits is one of the most important (and often challenging) parts of operations. Better control of costs equals better profits. It’s simple math. However, the growing complexity of home building project management makes this difficult. So, what’s the easiest way to increase your bottom-line? Consider making construction management software your penny-pinching pal.
Sophisticated, more robust tools keep everything running smoothly, and a smooth operation is a profitable one. Here are four ways to gain more green using construction software:
Improve estimate and bid accuracy
Even before the construction process begins, a project can be plagued with big losses. When it comes to estimates and bids, you want to be right on the money – pun intended. Even small variances can pile up and bust your budget. Estimate too high and the bid may go to someone else. Too low and you’ll wish it did.
Commercial construction software is the best way to fix this. Many tech packages make it easy to track and log prices for different aspects of the job. Even better, they are able to do more complex forms of math in estimating overall costs. Put the calculator away because your handy software mathematician will lead to far more accurate calculations too. That’s a huge plus – again, money math pun intended.
Manage costs in real time
In construction, change is the name of the game. That means the quicker updates are made the better, especially if it affects pricing. With commercial construction project management apps, you have the power to keep projects up to date in real time. Each and every time a purchase is made, update right from your phone. No more running back to the office and wrestling with messy spreadsheets – that is if you remember to enter the data once you’re there.
This power is shared with any team member, too. As the project progresses, they can easily enter prices for purchased materials. Then managers can see the current cost and adjust budgets to keep things under control. Talk about power.
Project flow managements
Keeping a large construction team on task is a job in and of itself. Suppliers. Subcontractors. Cost estimators. Designers. The list goes on and on and on. Fortunately, remodeling project management software can make it easier. Now, you can assign tasks to all your key players in seconds. Use this feature to edit workflows in real time as the needs of the job change. Because they will. A lot. Now, no matter how many changes your project faces, everyone’s time (including yours) is optimized. It’s no secret that saved time is saved money.
Improve business operations
Transparency is more than some fancy buzzword. It’s the ability to collect detailed data about project costs with ease. It’s having records that let you analyze business operations. It’s seeing ways to reduce costs most companies don’t see. It’s what’s going to give you the competitive edge. That’s all made possible with construction management software. Think about it … having data about similar projects makes bidding new jobs easier and more accurate. This increased accuracy takes some of the risk out of bidding new projects, so you’re more likely to stay profitable.
Problems won’t be a problem anymore either with increased access to so much data. Now, it’s easier to spot something before it’s an issue. For example, having the same electrical subcontractor may save money over time, but it could also pose a risk. If you continue to delay projects because your contractor isn’t available, you could lose money. You may not have seen this without a system that tracks how long it takes subs to finish a job. With this in mind, you can forge forward with more solutions and less problems.
Your construction company (and wallet) could benefit from having the right management software. Simply give us a ring at (888) 415-7128 to learn how Buildertrend is a proven way to increase profits. In construction, making money doesn’t just happen. Using award-winning software to escape razor-thin margins only makes “cents”.