If you own a company linked to the construction industry, you are probably already in the process of preparing to submit projects and capture new business opportunities. This is because it is expected that during the current and next year multiple projects will be auctioned, both governmental and private, and from the third sector around the island. In this preparation process, it is important that you consider aspects such as a possible increase in payroll, financing to expand facilities and technology that will allow you to better manage time and documentation. Let's look at why.

Difficult time management between meetings and the field

Some of the projects may be relatively distant from each other, and even in somewhat isolated areas in the interior of the Island, which can complicate the project management phase. Also, due to compliance with federal regulations, delivery schedules are expected to be more rigorous, as is adherence to budget.
However, these factors should not be a barrier for you to aspire to capture several of them. The key lies in organization, discipline, and planning ahead.

Technology has brought with it applications that can be very useful for "time keeping" or task management in each project. Some of them allow you to manage each project from your cell phone, such as Raken, Fieldwire, Orangescrum and others. Evaluate which one is the most convenient for you and include them in your office administrative expenses.

Is it time to expand facilities?

As part of your growth plans, you should evaluate whether the space you currently use will be sufficient to accommodate additional personnel and equipment. If your operations require the storage of certain heavy equipment, this is another variable to take into consideration when evaluating the type of facility you will need.

Lease vs. buy

Before making the decision to lease or buy a new facility and, on the other hand, the possibility of acquiring or leasing heavy office or construction equipment,you should evaluate aspects such as: duration and amount of the projects, frequency with which you use the heavy equipment, current cost of the equipment in the market and if the projects in perspective will help you recover the investment in a reasonable time. It is essential that you avoid compromising cash flow and evaluate financing alternatives for equipment purchases either through term loans with collateral or loans with SBA guarantees.

Outsource or hire: the big dilemma

If you have set out to take advantage of this economic downturn and expand your business to meet demand, you will most likely need to recruit additional full-time key personnel for administrative and project management duties.

Such talent is an investment you should consider making in your payroll. A good source of recruitment can be professional organizations such as the College of Engineers and Surveyors, the College of Architects and Landscape Architects, the Association of General Contractors, and universities. Remember that this is a referral industry. If the quality of the construction or design was excellent or the inspection was rigorous and documented and the pre-established work schedule was met, doors will be open to you for future projects.

On the other hand, certain skilled personnel that you use on a recurring basis on your projects may see your company as a steady source of contracts with which you can negotiate better rates. It's a win-win situation.

You have time to make this second half of 2019 one that allows you to plan your financial future based on the growth of your business! Make an informed decision and get your bearings at any Oriental branch or call 787.777.2021.

Check the list of requirements and expand your business today!