Financial Planning and Budgeting Tips for Commercial Construction Projects  

No matter how you do it, commercial construction projects are not cheap. But, it’s all for good reason– you’re paying for things like structure and safety in buildings. These things are essential. Benchmark Houston Builders recognizes the costly reality of building commercial construction projects while making sure you are getting the most out of your money. Read on to learn about financial planning and budgeting tips for commercial construction projects. 

Have a Set Plan         

Perhaps one of the most important steps towards financial planning and budgeting for a commercial construction project is having a set plan. Your business plan serves as a tool and a map. By having a clearly defined plan, you are better able to hold yourself accountable and stick to a budget. Writing up a business plan allows you to be more strategic in your budgeting as opposed to just sticking random allocations of money in certain areas. 

Do Your Research    

Another budgeting tip for your next commercial construction project involves doing your research. Research is important to decide on a company for your project. You can use the research phase to compare costs and value. Just because one company is cheaper than another doesn’t mean it is always the best option. Do thorough research on the type of quality you will get with the price you are being quoted to have a better idea of what value each commercial construction organization is actually providing in the long term. 

Look at All the Costs    

While it can be tempting to stay in the big picture, it is helpful to break down costs in all of the possible areas when building your next commercial construction project. In addition to getting a cost of labor from your construction company, you will also need to look into other direct costs such as material, labor, hourly wages, taxes, PTO, equipment, and transportation. When budgeting, looking at fixed costs is also important. Fixed costs may include employee salaries, rent, utilities, advertising budgets, and any memberships or subscriptions that must be paid.  It is also necessary to estimate variable costs and overhead costs to get a complete understanding of the costs ahead of you. 

Use Value Engineering    

If you are looking to save money with your commercial construction project, value engineering is a great tool. Value engineering is finding alternate solutions for your build-out that end up achieving you the same effect– all while reducing commercial construction costs. By focusing specifically on the functions of various components and materials, value engineering allows for a greater value analysis which can help save money. 

Hire a Construction Management Company  

Another financial planning tool for saving money on your commercial construction project is hiring a construction management company. Instead of having to hire out and pay individually for different parts of the job, we take care of that all for you! Benchmark Houston Builders is the premier commercial construction business in Houston. We work diligently to provide the best quality all while getting you the best bang for your buck.. Contact or 713-921-2500 to learn more.