What does a financially secure construction partner look like?
What exactly does it mean to be a ‘financially secure construction partner’? Naturally, it implies you have a healthy balance sheet – as in more assets than liabilities. However, the real strength of a healthy balance sheet lies in how it supports goals such as excellent workmanship, tight scheduling and budget control; goals which just happen to be priorities for architects and property-owners alike.
We’ve identified six key elements that make up a ‘financially secure construction partner’. They’re all interlinked so let’s jump straight in:
1. Efficient and pragmatic procurement
From structural steel to nuts and bolts, procurement should be based on knowledge, experience and realistic calculations. Knowing what’s required to deliver the architect’s vision is how to get the spec right. Until you’ve satisfied the ‘buildability’ of a project, it’s impossible to understand the scope and detail of the procurement task.
2. Managing the budget
It takes skill to manage the budget on any build project. As mentioned above, scoping out the project properly in the first place is vital. As the project proceeds, however, ideas and circumstances evolve.
A structural challenge or unexpected turn of events will mean an alteration to the budget – not always upwards. Sometimes you have to gently rein in a client’s excitement – manage their expectations and guide them towards the right decision (for the project).
Then there are things outside our control affecting the global market place: pandemics, ships getting caught in canals, international trading negotiations, etc. They all take their toll on labour, materials and, therefore, schedule and budget. We may not be able to control these events but we can manage and minimise the uncertainty.
3. Scheduling based on ‘optimum’ timescales
The delivery of materials and completion of each stage constitute key dates in a project schedule. If something changes, it might impact on another element. Our role as construction partner, is to minimise any domino effect on other parts of the project, leading to hold-ups or bottlenecks. Delays can be expensive.
4. Careful management of the project life-cycle
Successful management of the schedule minimises impact on the budget. Once we take on a project, we’re responsible for its progress which calls for careful planning and timely decision-making. The construction partner manages the whole team – all the trades (including 3rd party specialists), right up to the architect and their client. It comes down to having a firm grip on the site and its real-time status. At the same time, first-class communication means everyone is motivated to deliver what’s needed, when it’s needed.
It’s important, also, that you’re never too stretched to react to schedule changes in any one project so the stability of our ‘order book’ is never compromised. Careful use of our resources means no single project is going to unsettle our ability to deliver.
5. Stable team of people
Skilled labour shortages can impact a project’s progress. Galower employs its key people, such as site managers and lead tradespeople, rather than hiring great numbers of contractors. We also have our own M&E team. It means we’re more likely to have a stable team of people fully behind our philosophy and focused on delivering a great project. Quality is a means to an end for Galower because we want to do a good job. It’s also makes economical sense to do things properly first time.
6. Maximising strengths without compromising quality
The financially secure construction partner selects projects that suit their skills, experience and style of working. Galower has a reputation for high-end, specialised work, where our standard of workmanship and resourcefulness is highly sought-after. That’s where we focus our attentions so we can always point to an excellent track record.
The financially secure construction partner makes smart business decisions that ensure high quality and affordable workmanship is delivered on every project. With Galower, this means being resourceful and considered, allowing for the unforeseen while spotting the opportunities.