The ultimate goal for any company is to make a profit. In the construction industry, unexpected costs can add up quickly and completely destroy your bottom line. You may not be able to control everything, so it’s especially important to focus on the costs that are easier to predict and ensure that efficiency is in place.

From my experience working with large equipment manufacturers and multi-faceted construction companies, I have learned that the one common concern in the industry is cutting costs. Costs are often simple to identify in aspects of the company such as compliance, employee engagement, and in many different areas of general operation. To offset the unexpected costs that arise on the jobsite, it makes sense to keep the following four key money saving tactics in mind at all times.

Keep Costs Low with These 3 Money-Saving Tactics

Optimize your revenue per hour. Put standardized systems in place and automate operations. With company standards in place, your employees work more efficiently and overall productivity increases. Additionally, your new employee training time is decreased. Automating your office with upgraded software is just as important as quality equipment on the jobsite. With automation, you will eliminate hours spent on paperwork and streamline things like invoicing and project estimation. Consistency in all areas of operations benefits business with improved customer service, engaged employees, better quality output, and best of all, decreased costs.

Decrease equipment downtime. Daily machine walk-around inspections are critical to maintaining your equipment at its peak performance level. Let’s face it, maintenance costs time and money, but the downtime that results from having machines break on the job are even more costly. To avoid this from happening, you need to know where your machines are, what it’s doing, and how it’s performing. Daily inspections allows for prediction of problems before they happen, and regular maintenance reduces high costs. The better you take care of your equipment and machines, the more profit you will make on each project.

 Know your numbers. The only way you will ever maximize your profitability as a company is if you know the numbers that drive your success. It’s essential to set sales goals, maintain an accurate operating budget, and base all of your decisions on facts and data. Run reports and spend time analyzing the exception to the rule. Don’t make the mistake of running your business hoping to make money after each project. Know what you need to make money and give accurate estimates instead of “guesstimates.” Knowing your numbers and sharing them with your key staff so that everyone is on the same page will not only relieve stress, but it will set your company on the path for more success and more profitability.

Focusing on cutting costs in these three specific areas can have a domino effect, positively impacting all of the unexpected costs that happen on the jobsite, as well. Adapting a new technology that tackles more than one of these areas is a great strategy to consider. For instance, eesyQ is a mobile inspection compliance tool that enables your company to standardize your daily walk-around inspections and provides valuable reporting in just two clicks. With eesyQ, you will decrease your equipment downtime, optimize your revenue per hour, and easily access important data.    

With customized technology that will propel your company to increase profitability, eesyQ is a simple to use application that you can implement right away. Click here to schedule your free demo and see firsthand how it will impact your bottom line.