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The importance of time in the construction business

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“Time is money” is a famous saying that is true for any business, especially the construction industry. This saying is an old cliche that everyone has heard of at least once in their life. But it’s true for every business.

As an owner, you can’t afford to slow down. And for the construction sector, speeding up the completion of projects will keep you competitive and ahead of the pack. Every construction company needs several professionals and skilled workers to complete one project. They are normally paid per hour and it’s one of the biggest costs. This is why clients would want an assurance that this resource is efficiently utilized. 

That is where project management comes in. This is the process of organizing activities and implementing time frames for these tasks. The purpose of this strategic process is to boost efficiency and the productivity of workers.

What are the benefits of time management?

  • It can lower the overall construction costs by assigning attainable daily tasks with corresponding time frames. This will ensure the efficient use of their time and hours billed to the client. 
  • It organizes the time frame approved by the client into milestones scheduled for the purpose of meeting and beating deadlines.
  • This helps in securing the profitability of contractors who are legally bound in a contract with their clients, where delays can lead to profit loss or contract termination.
  • It helps complete projects on time. This can impress your clients which would lead to positive testimonials for your construction business. Which you can use to get a new project. This can also lead to you winning the trust of your client and possibly new contracts from them. 
  • It generates knowledge of the project details which would incur fewer surprises.
  • When you implement time management protocols and processes, you can improve and maximize the quality control measures through the sequencing of the work. 
  • Proper time management allows you and your business to improve the planning of the allocated resources, like labor, equipment, and time.
  • The proper time management of the project also allows the business enough lead time to search for critical materials and elements. That is cost-efficient and of good quality grade. 
  • Subcontractors, designers, vendors, and clients are given ample time to plan their own roles and corresponding activities through proper time management. 
  • It also sequences activities that can improve safety performances that ensure maximum protection for your workers. 
  • It will decrease the risk of damage to installed work and any adjacent property, which would lead to a reduced punch list. 
  • The proper time management of a project allows you, your client, and your business appropriate time to process the necessary permits. Knowing when a task will be completed lets you schedule the needed inspections. 
  • Having a project management timeline lets you know when certain phases or aspects of the project will be completed giving your business an idea of when each payment for your suppliers or vendors is due. Paying on time will help the next stage move on schedule. 
  • Proper time management tracks the hourly time used in production by workers.

Time management is a vital element needed by construction companies. The effective use of it can successfully meet the budget and timeframe that is allocated for the completion and development of any work. It is more than just a tool construction companies use to achieve success and profitability. 

Proper planning and management of tasks, resources, and time lead to success in every endeavor or business. Hard work is needed for any plan implemented to achieve its goal. A schedule properly prepared will yield enormous benefits to the team, the business, and the clients. 

Time management is more than just scheduling tasks, more than just sequencing activities, and tracking production hours and labor. It is the planning and proper preparation of a schedule and a project. It is the pace and the speed that will put you and your business ahead of your competitors. 

Remember, time is money. So, let’s not waste our time and start implementing time management and get ahead of the rest. 

Shivendra helps construction companies and contractors win more projects and grow profitably. Regarded as a master of practical implementation, Shivendra has guided organizations such as Downer and Siemens as well as smaller contractors to achieve double-digit improvements to their bottom line. Underpinning his extensive industry experience are qualifications in engineering and a Ph.D. focused on rapid cost improvement techniques. He is the author of two books, The Competitive Contractor and From Paper to Profit, host of the Competitive Contractor podcast, and the founder of Shivendra & Co and The Constructors Network. You can find more about Shivendra & Co on