Construction projects are massive undertakings. This idea is true whether it's a small residential project or something on a larger commercial scale. These projects take extensive planning and skill to execute; however, even more important, they require a fair amount of money to complete.
If your construction firm is not investing in site security, you could inadvertently be driving up your costs for completion. Learn just some of the areas in which a lack of protection can cost you money.
A construction firm's' success is often measured based on the scope of their calendar. The more projects listed on the calendar, the healthier the business is thought to be. However, a single security incident can put future contracts in jeopardy because of how security problems can impact timing.
If custom pieces or a large amount of materials are stolen, this could easily put you behind schedule for weeks or maybe even months. This delay would then set you off track for future contract completion dates.
Because most construction firms plan projects based on projected completion windows, when you're unable to complete the current project on time this may also mean you will be unable to begin the next contract on time. In this scenario, the clients for these future projects could decide to take their business elsewhere, causing you to lose out on revenue.
While equipment costs are a leading expense for construction businesses, labor costs aren't easy to look over. When you consider the fact that the average firm only yields about a two to three percent profit on completed projects, even a one percent increase in your labor costs would have a significant effect on your overall profit margin.
If this were to be a repeat occurrence, it could have grave long-term impacts on the financial health of your business. Weather and delivery delays can impact labor costs; security concerns can do the same. For example, if a construction site is vandalized, the damage could take several days to repair.
Instead of paying the team to complete the project, you're paying for the days of repair and for more days of actual site work. You also have to account for more hours of work during the pay period. All around this equals greater cost for you.
For any business, a professional reputation is a must. The construction industry is no exception to this idea. Clients only want to pair with companies they have confidence in, especially when they have never partnered with you before. When your reputation is tarnished, your ability to gain new contracts can suffer.
In fact, one of the leading factors that impact a construction firm's' reputation is their ability to deliver projects on time. When there is a security issue like vandalism or theft that sets you off schedule, clients are not going to blame the perpetrator.
Whether it's a business that is waiting to open its doors or a family waiting to move into their home, this delay is likely costing them time and money, and as a result, the clients are going to blame the construction firm for any delays.
Don't jeopardize the security of your worksite and, most importantly, the safety of your assets. Pair with a professional security team to assess your need. They can help you develop a perimeter and on-site security plan to protect your projects.
No matter the size of your project, the professional team at Protection Plus Inc. will use our decades of law enforcement experience to monitor your worksites so that you can keep your business prospects safe and your clients happy.