Every company looks at their bottom line and the only way they ever feel successful is if they are continuously making money every day of the year. However, there comes a time when the owner or manager inside a company has to make a choice of what is better, saving time or saving money. While the monumental savings can be fantastic, sometimes saving time is the better choice. It all depends on the scenario in question.
A company will really need to consider whether saving time or saving money is better when they are left with a choice of huge savings on a product, but a longer wait for delivery of the product. The company will need to weigh whether or not the savings will be enough to wait for the product to be delivered. The only way it is better to spend less on a product is if a company isn’t going to make much money on the project, but only if the project doesn’t get delayed for too long.
Oftentimes, a company is held accountable when part of a project is not completed in time or the overall project is completed late. This accountability comes with a price tag that can be larger than any savings that the company may have tried to find by purchasing products at a lower price, but with a later delivery time frame.
Length of Work
A cheaper product may not be as easy to install as a more expensive one and any savings that a company might see with purchasing the cheaper product could be spent in the additional labor costs. It actually might even cost more in labor than the original savings. In this scenario, saving time might be the better option.
What may seem like a minor delay in the beginning of a project can end up as a big headache at the end. An order of a cheaper product may not arrive on time and that can prolong the start of the next phase and the one after that. It is not always easy to play catch-up on a construction project, so companies will need to think before purchasing a cheaper item that will not arrive as quickly as a more expensive one. Especially if there is a chance that the product will be more than a day or two late.
A construction company owner or manager has to consider every scenario as they are contemplating saving money or time. Companies can rarely save on both and while saving money might seem like the best choice, saving time might save more money in the long term.
Our project planners and construction project managers are well versed in all parts of the building process and will help you make the best decisions for the duration of the project. Give us a call at 407-316-8544 to discuss hiring us to manage your construction project.