{"id":17861,"date":"2023-04-21T12:00:10","date_gmt":"2023-04-21T11:00:10","guid":{"rendered":"https:\/\/c-link.com\/blog\/\/"},"modified":"2023-04-20T18:51:47","modified_gmt":"2023-04-20T17:51:47","slug":"innovative-ways-contractors-can-manage-cash-flow-reduce-costs-and-win-more-work-during-a-recession-pt-3","status":"publish","type":"post","link":"https:\/\/opengra.com\/c-link2\/blog\/innovative-ways-contractors-can-manage-cash-flow-reduce-costs-and-win-more-work-during-a-recession-pt-3\/","title":{"rendered":"Innovative ways contractors can manage cash flow, reduce costs and win more work during a recession (pt 3)"},"content":{"rendered":"<h4>PART 3 OF 4: HOW GOOD DESIGN MANAGEMENT CAN HELP CONTRACTORS REDUCE CONSTRUCTION COSTS DURING A RECESSION<\/h4>\n<p>Before we get stuck in, let\u2019s have a quick recap\u2026<\/p>\n<h4>WHAT DOES THE FUTURE HOLD FOR CONSTRUCTION?<\/h4>\n<p>The truth is no one knows the future, but there is some guidance to help assist in commercial decision-making.<\/p>\n<p><strong>2022<\/strong>: Despite the uptick in insolvencies, <a href=\"https:\/\/www.ons.gov.uk\/businessindustryandtrade\/constructionindustry\/bulletins\/constructionoutputingreatbritain\/constructionoutputingreatbritaindecember2022newordersandconstructionoutputpriceindicesoctobertodecember2022#:~:text=Year%2Don%2Dyear%20change%20in,%25%20and%208.5%25%2C%20respectively.\">2022 saw construction output increase by 5.6% (compared to 2021)<\/a>. This rise was driven by new work (+3.8%) and repair and maintenance work (+8.5%).<\/p>\n<p><strong>2023<\/strong>: This year will be harder. <a href=\"https:\/\/www.gai.org.uk\/GAI\/Knowledge\/Construction-Products-Association-New-MEMBERS.aspx#:~:text=CPA%20Construction%20Industry%20Forecasts%20%2D%20Winter,fall%20by%204.7%25%20in%202023.\">The CPA (Construction Products Association) predicts that construction output will decrease by 4.7% this year.<\/a><\/p>\n<p>Despite this slowdown, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-28\/jp-morgan-becomes-first-bank-to-predict-uk-will-avoid-recession?leadSource=uverify%20wall\">JP Morgan<\/a> and others believe the wider <a href=\"https:\/\/www.cityam.com\/glimmers-uk-will-avoid-recession-this-year-emerge-as-experts-cheer-return-to-growth-in-pmi\/\">UK economy will avoid recession<\/a> but will still see slow\/negative growth in the first two quarters of 2023.<\/p>\n<p><strong>2024:<\/strong> The CPA also predicts that construction output will recover <a href=\"https:\/\/www.constructionproducts.org.uk\/news-media-events\/news\/?kc=Economic%20Insight#:~:text=The%20construction%20industry%20is%20expected,with%20growth%20of%20just%200.6%25.\">by 0.6% in 2024<\/a>.<\/p>\n<h4>WHAT&#8217;S THE PLAN?<\/h4>\n<p>The outlook doesn\u2019t look great, but it doesn\u2019t look apocalyptic either.<\/p>\n<p>The plan for most construction businesses will be to weather 2023 and make the necessary business adjustments to take advantage of the 2024 recovery.<\/p>\n<h4>WHAT CAN CONTRACTORS DO TO PROTECT THEIR BUSINESSES DURING THE DOWNTURN?<\/h4>\n<p>Despite the UK technically avoiding a recession, 2023 may still feel like one.<\/p>\n<p>By all accounts, 2023 will be nothing like 2008 and will be further distinguished by the fact that goods, services and energy will remain expensive despite a decline in demand.<\/p>\n<p>This means that traditional \u2018belt-tightening\u2019 and cost cutting won\u2019t work. At least not in isolation.<\/p>\n<p>In this series of blogs, we\u2019ll be looking at innovative ways that construction businesses can reduce cashflow bottlenecks, reduce cost and position themselves to grow faster than ever in 2024.<\/p>\n<p>We\u2019ve identified 3 areas\/practices which can help contractors achieve this.<\/p>\n<ul>\n<li>Free Issuing<\/li>\n<li><strong>Good Design Management<\/strong><\/li>\n<li>Diversify + Win New Business<\/li>\n<\/ul>\n<p>This blog is going to focus on good design management.<\/p>\n<h4>WHAT IS GOOD DESIGN MANAGEMENT?<span style=\"font-size: 11.0pt; font-family: 'Avenir Next LT Pro',sans-serif; color: #0e101a; font-weight: normal;\"><\/span><b><span style=\"font-size: 11.0pt; font-family: 'Avenir Next LT Pro',sans-serif; color: #0e101a;\"><\/span><\/b><\/h4>\n<p>Not to be confused with CDM (although they are interconnected). Good <a href=\"https:\/\/c-link.com\/blog\/project-lifecycle-design-management\/\">Design Management<\/a>, from a contractor&#8217;s perspective, starts during the <a href=\"https:\/\/c-link.com\/blog\/want-project-success-it-all-starts-at-tender-stage\/\">tender stage<\/a> and is the most cost-effective way of reducing construction risk, and unintended construction costs.<\/p>\n<p>Put simply, design management means managing the design process in a way that reduces risk to the project and contractor. It takes many forms but tends to focus on the following areas:<\/p>\n<ul>\n<li><strong>Site risk:<\/strong>\u00a0Managing how the design of the project interacts with a particular site.<\/li>\n<li><strong>Procurement risk:<\/strong>\u00a0This covers everything from subcontractor selection to specification.<\/li>\n<li><strong>Construction risk:<\/strong>\u00a0This covers everything from constructability to third-party agreements and health and safety.<\/li>\n<li><strong>Change control:<\/strong>\u00a0This is the management of post-contract design changes (common during a recession).<\/li>\n<\/ul>\n<h4>HOW DOES GOOD DESIGN MANAGEMENT HELP DURING A RECESSION?<\/h4>\n<p>A significant proportion of additional construction cost is created by poor design management. The ability to manage the design and its associated risk pays dividends in several ways:<\/p>\n<ul>\n<li>Contractors are able to\u00a0<strong>avoid \u2018problem projects\u2019\u00a0<\/strong>that are likely to overrun and possibly cost you money.<\/li>\n<li>Contractors are able to <strong>win more tenders<\/strong> by demonstrating mastery of the project information. FYI: We wrote a 4-part blog series on how to gain an edge during the tender process,\u00a0<a href=\"https:\/\/c-link.com\/blog\/client-tips-on-how-to-gain-an-edge-with-your-tender-returns-pt-1\/\"><strong>here<\/strong><\/a>.<\/li>\n<li><strong>React more quickly<\/strong>\u00a0to changes in the client&#8217;s investment\/development strategy, e.g., extreme value engineering, or programme acceleration.<\/li>\n<\/ul>\n<p><strong>GDM helps contractors avoid problem projects\u00a0\u00a0<\/strong><\/p>\n<p>Problem projects pressurise cashflow, divert resources and strain relationships at the best of times. They can be commercially fatal during a construction downturn.<\/p>\n<p>Knowing how to avoid them is a matter of life and death and key preserving project resources for the right project.<\/p>\n<p>Good <a href=\"https:\/\/c-link.com\/blog\/rfis-and-design-management\/\">Design Managers<\/a> tend to look for the following red flags in a tender request:<\/p>\n<ul>\n<li>Check whether the client is notorious for not paying their bills on time (or at all). Contacting their past construction partners will give you a good insight.<\/li>\n<li>Be wary of tenders from clients with no online presence. It&#8217;s not uncommon in the construction and property world but it&#8217;s worth paying attention to.<\/li>\n<li>Understand where the client is getting their equity from. This is particularly important for large projects. If a very large project is being financed by foreign money, check whether that region or country is stable. E.g. A client who is drawing equity from Russia may be having trouble now.<\/li>\n<li>Pay attention to the level of resolution in the site drawings. Poorly recorded site constraints can cause significant and expensive problems.<\/li>\n<\/ul>\n<p><strong>GDM helps contractors win more tenders\/work\u00a0<\/strong><\/p>\n<p>During a downturn winning the projects you actually want to work on is essential.<\/p>\n<p>We wrote a whole blog series on how to gain an edge during the <a href=\"https:\/\/c-link.com\/blog\/construction-tender-process\/\">tendering process<\/a>. You can read that, <a href=\"https:\/\/c-link.com\/blog\/client-tips-on-how-to-gain-an-edge-with-your-tender-returns-pt-1\/\">here<\/a>.<\/p>\n<p>Good <a href=\"https:\/\/c-link.com\/own-the-build\/episode-53-how-to-manage-a-design-team\/\">Design Management<\/a> can provide a competitive edge because it allows a contractor to demonstrate a full understanding of the brief and the associated risks.<\/p>\n<p>During a downturn, there is a strong temptation for clients to take the lowest bid. 9\/10 times contractors don\u2019t want to win on price alone. A contractor who can demonstrate that they are lower risk and reasonably priced will win. The construction stage always feels like the largest risk to a client, this feeling only increases during a downturn.<\/p>\n<p><strong>GDM helps contractors react more efficiently to design changes\u00a0<\/strong><\/p>\n<p>In a declining economic environment time is money.\u00a0It\u2019s essential for a contractor to be able to deliver a built product to market ASAP (before it loses value).<\/p>\n<p><a href=\"https:\/\/c-link.com\/own-the-build\/episode-53-how-to-manage-a-design-team\/\">GDM<\/a> enables this.<\/p>\n<p>It enables the contractor to understand, not just how long it will take to complete the project, but which parts of the project can be amended to reduce cost (<a href=\"https:\/\/c-link.com\/blog\/whole-life-costs-vs-value-engineering\/\">value engineering<\/a>) and accelerate the programme.<\/p>\n<p>A contractor that knows (ahead of the request) how to reduce cost and speed up construction is well placed to profit from this (almost) inevitable request.<\/p>\n<p><a href=\"https:\/\/c-link.com\/own-the-build\/episode-53-how-to-manage-a-design-team\/\">GDM<\/a> coupled with the ability to accelerate and cut cost protects the contractor without causing conflict.<\/p>\n<h4>HOW IS C-LINK HELPING CONTRACTORS COPE WITH THE DOWNTURN?<\/h4>\n<p><a href=\"https:\/\/c-link.com\/\">C-Link<\/a> is working with leading construction businesses to streamline their most resource-intensive, time-consuming activity, estimation and sub-contract tendering.<\/p>\n<p>On average <a href=\"https:\/\/c-link.com\/\">C-Link<\/a> is saving main contractors up to 900-man-hours per project. (300-man hours during competitive tender and 600-man hours during sub-contractor tendering and management.)<\/p>\n<p>If you\u2019d like to discuss how <a href=\"https:\/\/c-link.com\/\">C-Link<\/a> can help you do the same drop us a note <a href=\"https:\/\/c-link.com\/contact-us\/\">here<\/a>.<\/p>\n<p>If you\u2019re not ready but if you\u2019re intrigued, why not check out our <a href=\"https:\/\/c-link.com\/\">platform<\/a>?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PART 3 OF 4: HOW GOOD DESIGN MANAGEMENT CAN HELP CONTRACTORS REDUCE CONSTRUCTION COSTS DURING A RECESSION Before we get stuck in, let\u2019s have a quick recap\u2026 WHAT DOES THE [&hellip;]<\/p>\n","protected":false},"author":28,"featured_media":15745,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-17861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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