Increase profit margins by improving productivity
2. Track and measure progress
Essential of every implementing plan is to track and measure progress. As mentioned earlier, there have to be a person who will take care if the construction site to be done on time. For that goal to be achieved, supervisor should check daily what was done by the workers and complete weekly or monthly reports about it. These reports would enable company to measure the progress more accurately so there would be increased productivity through cost savings, improved quality work and more satisfied workers.
Increase profit margins by improving productivity
3. Improve efficiency by training the crew
An important element to improving productivity is increasing efficiency on the project by training the crew. Construction companies should always be ready to train their crew in order they could deliver higher quality of work. How to operate the new equipment is one of the skills that could immediately deliver results in productivity. Mastering skills through training is measurable benefit since the workers could better understand the new techniques that will deliver greater profits and cut the costs that will ultimately bring higher wages for them.
Increase profit margins by improving productivity
4. Implementation of new technology
Implementing new technology in the project or in the whole company is one of the core forces that would surly increase the productivity and raise the profit margins. New technologies like scheduling software and more efficient equipment can immediately show their ROI in productivity. Recent studies show that construction sector spends less for R&D than any other industry. Companies should more careful in implementing new technology because there have been a high number of attempts to introduce new technology and equipment overnight, that resulted in confused workers and decreasing productivity. That is why the training that companies provide in how to use the new technology not only to be focused on the part “how” rather than how the company and the workers would benefit from.