Any time you’re working with heavy machinery, being exposed to the elements, and doing heavy lifting, there’s going to be risk.
You already know that there’s potential for problems on the construction site. Some of those risks are physical – people may be injured or disabled, and in worse-case scenarios there could even be loss of life.
Most of your risks, though, are financial. Things like these can cost you:
- Running behind schedule
- Financial penalties
- Liability for damages
- Budget inconsistencies
- Problems with materials
- Employee mistakes
- Damaged or lost tools
- Errors that hurt your reputation
Fortunately, there are ways to manage that risk so that your job is more likely to go smoothly.
Tips for Managing Risk on Construction Projects
Your construction project begins long before you break ground. So does risk management
1: Plan Accordingly
When you put together your financial estimates, be as data-driven as possible.
The less information you have to start with, the more likely you are to make errors in your calculations. Misquoting your budget can be a big mistake, so draw on your experience, ask a lot of questions, and start with a calculation instead of a guess.
2: Check Tools and Materials
Maybe you don’t have access to your suppliers’ storehouses, but you can ask questions ahead of time to ensure you’re getting materials that are the quality you need.
Also, maintain your equipment well, and regularly check to see that all of your machinery is running optimally.
A broken hammer is a minor inconvenience. A busted cement mixer can set you back, both in completion time and in your checkbook.
Be sure that you’re ready to take on the job before you get onsite.
3: Expect the Unexpected
It’s always a good idea to have a backup plan.
Even with regular maintenance, due diligence, and every precaution you can think of, things are still going to go awry.
Sometimes, employees make expensive mistakes – even the best people on your team mess up sometimes!
By planning ahead and preparing for the worst case scenario, you won’t be totally derailed by mishaps. Optimism is great…as long as you temper it with realism.
Get a good Las Vegas business insurance, work with foremen that can adapt to the changing needs of various construction projects, and hope for the best while you prepare for the worst.
4: Follow Safety Guidelines
The best way to get your team to follow safety guidelines is for you to diligently follow them, too.
Set the right example, and much of your team will follow.
Safety isn’t just about saving money, either – staying safe on the job keeps people alive. Take it seriously.