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Commercial Construction Project Planning: 3 Warning Signs Your Budget Might Go Bust

HardHatChat

Budget is always a major consideration for our commercial construction clients, and as a general contractor we devote significant time to the budgeting process. Here are a few signs that, in our experience, indicate your project budget is more likely to bust: Skimping on Professional Services.

Budgeting 337
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Key Factors for Choosing a National Commercial Construction General Contractor

HardHatChat

Selecting the right national commercial construction general contractor is a critical decision that can significantly impact the success of your construction project. Over the past 20+ years, with 2500 completed commercial construction projects, we have learned that it takes more than a great price to win a bid.

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How to Stop Profit Margin Fade

Construction Business Owner

1 challenge many contractors face is profit shrinkage or profit margin fade. This recurring problem occurs when the final construction project job cost finishes higher than the bid estimate or budget. Then completed jobs often cost more than their estimated bid budgets.

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Commercial Construction Delivery Methods: 3 Times To Go With A Negotiated Bid

HardHatChat

Any long-time readers of Hard Hat Chat have probably picked up on the fact that I’m a big fan of the negotiated bid. The GC then works with the client to budget the job based on pricing from subcontractor partners. The GC then works with the client to budget the job based on pricing from subcontractor partners.

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9 Keys to Building a Reliable Commercial Construction Subcontractor Network

HardHatChat

As anyone in the commercial construction industry knows, reliable, responsive, and skilled subcontractors are the lifeblood of our business. Your reputation and finished product as a national general contractor are only as good as the performance of your local subcontractor partners. Believe me, it takes some trial and error.

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The High Cost of Low Bids: When Contractors Compete on Price, Everyone Loses

Levelset

Prioritizing a low bid over contractor performance is a lose-lose procurement strategy. Unfortunately, low bidding is an accepted practice for both owners and contractors alike. Owners will say that focusing on the lowest bid possible ensures they get a good price. Who’s responsible for low-bid procurement?

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8 essential steps for effective project cost estimation and budgeting

Fieldwire

To say that winning bids is the key to success in construction is a half-truth. Estimating project costs correctly and managing the budget accordingly are just as vital. Subcontractors getting awarded a contract spells financial disaster if the bid is too high to be competitive or too low to be profitable.