Project Planning 101: When to be Wary of Budget Overpromises

Whenever you’re undertaking any kind of commercial construction project, two big priorities always surface to the top: time and budget. Keeping both in check is critical to a successful build. Unfortunately, many projects go off-track in one or both of these areas at some point in the building process.

As you plan your next commercial build, pay attention to some warning signs that might signal budget trouble for your project.

Rushing into a job without first hiring the right professional service providers.

We get it. You’re excited to get started on a project and you have some basic plans and drawings in place. You assume decisions will get made along the way and changes are easy to make.

We’ll stop you right there.

If time and budget are priorities, then this is a red flag. Hiring experienced architects and engineers early in the planning process is worth the investment to avoid costly mistakes or changes once the project is fully underway. Getting off to a strong start with good plans gives you a more accurate budget picture from the get-go.

Considering only the traditional bidding process for the job.

You want the lowest cost, so you assume bidding out the job based on a set of construction documents is the way to go. But is it the right choice for you? The challenge with this method, also known as Design-Bid-Build, is that it restricts any kind of flexibility during a project, and inevitably changes need to occur throughout the course of a build. Moreover, bidding out to the lowest bid may also compromise quality, which could cause more expense down the road.

Creating rigid specification for equipment and materials.

As we just mentioned quality is of the utmost importance, but your contractor may also be able to advise you on other options that are just as good (or better). They may also have connections you may not have. When quotes are bids are too specific and rigid, you may encounter budget surprises when changes need to be made. Make way for flexibility and trust your general contractor for the best advice and materials to align with your budget and goals.

If you notice any of these warning signs, it’s time to step back and ask yourself if you trust your team. We’ve been in the business for more than 20 years, and know keep your project on budget.

Put yourself in good hands with an experienced, local South Florida construction team and contact us today for a consultation.

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