Amidst the many challenges of finding and retaining skilled workers in construction, one of the most key investments is in a strong project manager. Industry experts point out the value of great project management—and the risks of going without it—and offer advice about complementing traditional project management approaches with agile principles.
Managing and Mitigating
Having a stand-out “field general” (aka onsite project manager) can make the difference between failure and successful project completion. As Phil Shepard Bond Manager and Head Underwriter at Colonial Surety points out:
A strong project manager is key to keeping projects running on time and on budget. When issues arise with scheduling changes, poor sub-contractor performance, or other delays, a good project manager will make sure to manage and mitigate problems and keep the project running smoothly. In addition, strong project management will keep open lines of communication between the obligee, contractor and subs and suppliers and even utility companies. Efficient, effective project managers are invaluable to successful day to day supervision, coordination and scheduling—which lead to successful project completion.The reverse can cause project delays, liquidated damages or even lead to owners considering termination.
In addition to investing in great project management, successful builders also take control of their financial. Doing so enables increased flexibility in running your business. For example, with the right financial data in hand every day allows you to make smart decisions about people power, eye new bids and plot your way to growth. That’s why construction company owners rely on The Partnership Account® for Contractors from Colonial Surety. With it, you’ll have your own private digital dashboard, providing you with a day to day snapshot of your single and aggregate limits, as well as your current and available bond capacity. As your work in progress decreases, you can even update your work on hand—increasing your aggregate so you can go ahead and move that next bid ahead. After all, you’re in control. Get started today: Pre-Qualify and Get Free Scores Here.
Agility
Just as sports legends are able to gracefully make unexpected moves, so too do successful construction businesses. Agile project management does not necessarily mean jettisoning traditional approaches and buying into every new software package on the market (though hopefully your project management system does not reside on crumpled post-it notes in your pockets). The experts at For Construction Pros point out that agile project management principles can complement more traditional approaches and offer these five examples for project managers to consider:
- An iterative planning approach that segments projects into shorter “sprints,” so teams have more latitude to quickly adjust to project changes and other shifting factors (such as supply chain constraints) with minimal impact on project cost and schedule. The goal: continuous improvement and refinement.
- Scope, schedule and resourcing adjustments as needed, based on close collaboration and communication with the customer. This limits scoop creep and helps to keep stakeholders on the same page in terms of expectations.
- Specific execution teams, perhaps cross-functional and multidisciplinary, that are responsible for planning and executing their own work.
- Delivery of work product/value throughout various execution stages of a project.
- Quality verification and testing occur as deliverables are produced throughout the duration of a project, not all at once at the end.
Ready For Your Next Project?
With the right partner, you just might find that you are more prepared to compete for some new bids then you think. With the The Partnership Account® from Colonial Surety, you will use our powers of attorney to issue your own bid bond—and you can do so right up to the last moment, incorporating last minute price fluctuations and supply substitutions. With Colonial behind you, you’re also armed with a complete, powerful online surety management system. In addition to issuing your own bid bonds, you can expediently order performance and payment bonds, run management reports, check your current and aggregate limits, view your underwriting profile—and more. Let’s get you growing!
Learn more and pre-qualify for The Partnership Account® here now.
Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.