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5 Tips for Keeping Your Construction Project on Schedule

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Construction projects are known for getting behind schedule. In fact, McKinsey & Company reports that large projects across asset classes typically take 20% longer than planned and are up to 80 percent over budget.

There are many things that can delay a construction project: bad weather, supply chain issues, faulty workmanship, overbooked crews, and more.

But it doesn’t have to be that way. To keep your construction project on schedule, here are five things you can do:

  • Review construction plans

Before you break ground, it’s important to review construction plans. These include the scope of work, construction drawings, and other project documents. 

Make sure you and all your subcontractors review them so that everyone is on the same page. If there are any questions, be sure to answer them. 

Then have everyone sign a written contract outlining their responsibility and deadlines. When it’s all in the contract, things are more likely to stay on schedule.

  • Create a master schedule

Create a master schedule for everyone to see. Break the project down into phases and put tasks and assignments into the proper sequence. 

The master schedule gives everyone visibility into what stage the construction project is currently at. For example, it can help painters know when the insulation has been installed so they know when the walls are ready for them to paint.

  • Communicate and collaborate

Next, you need to establish standard forms of communication, whether that be by text message, email, or some other method. Determining how information will be communicated is critical in avoiding confusion and disputes later on.

Good communication needs to be built on trust and respect for all team members. Everyone should have access to project updates so they stay in the loop. To prevent unnecessary delays, an open door policy with project managers is best. 

  • Monitor and document progress

Unfortunately, projects rarely adhere to schedule 100% of the time. Chances are you will need to make minor adjustments here and there, and that’s okay.

The key is to closely monitor a project’s progress so you can quickly get back on schedule. One way to do this is to create daily reports on milestones hit. That way, everyone knows where the project currently sits.

Another way to monitor and document construction progresss is to use construction enterprise asset management (EAM) software. It allows you to input project updates and easily disseminate them across your team. But that’s just one feature of construction EAM software. It can also help you:

  • Meet construction industry safety and compliance requirements
  • Increase revenue and profitability
  • Reduce costs and capital requirements
  • Prevent equipment breakdowns
  • Maintain optimum parts inventories
  • And optimize project budgets

When it comes to construction project management, construction EAM software has you covered.

  • Make contingency plans

Lastly, it’s important to have a plan B (and C and D) if things don’t go according to plan. 

For example, your construction project might be delayed by a storm or supply chain issues. In this case, you may want to alter the construction schedule or assign overtime to make up for lost time. 

Keep a close eye on progress reports to manage risks and delays and find creative ways to minimize and make up for them.

The bottom line

Despite most construction projects getting delayed, you can still finish yours on time.

By reviewing construction plans, creating a master schedule, communicating and collaborating, monitoring and documenting progress, and making contingency plans, you can mitigate the threat of delays and even finish ahead of schedule. 

The key is to have a proactive mindset. With good planning and prevention, you’ll be ahead of the game.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

Business Strategies of Michael Gastauer

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Michael Gastauer, a German billionaire and entrepreneur, has led Black Banx to remarkable heights with his innovative strategies in the digital banking sector. As the founder and CEO, his vision has transformed Black Banx into a significant player in the global financial industry, serving millions and revolutionizing banking practices. 

Gastauer’s approach has been distinctly customer-centric, focusing on solving real-world problems through accessible financial services. This strategy has not only captured a vast market share but also established Black Banx as a model of innovative fintech success.

Innovate Early and Often, Invest Strategically

Gastauer’s journey began with a robust foundation in the fintech sector, where he initially created and later sold a payment services company for US$480 million. 

This significant capital boost allowed him to invest in his next venture: Black Banx. Launched in 2014, Black Banx differentiated itself by offering real-time account opening and cross-border payment solutions to a global audience, addressing major inefficiencies in traditional banking. 

Gastauer’s foresight in identifying and investing in these key areas early on allowed Black Banx to scale quickly and efficiently. His strategy was clear: leverage high initial investment to accelerate growth and secure a substantial market presence before competitors could catch up.

Within a year of its inception, Black Banx expanded rapidly, reaching over 1 million customers. This was just the beginning, as the platform soon integrated cryptocurrency options, enhancing its appeal and utility for a broader client base. By the end of 2018, Black Banx was valued at US$9.8 billion, a testament to its rapid growth and the successful implementation of its business model. 

Gastauer’s bold move to integrate cryptocurrencies early in the game positioned Black Banx as a pioneering force in fintech, well ahead of traditional banks.

Pinpoint Problems and/or Challenges

One of the core components of Gastauer’s strategy was to tackle financial exclusion head-on. Black Banx made significant strides in offering banking solutions to the unbanked and underbanked, particularly in regions with limited access to traditional banking services. 

By leveraging technology and strategic partnerships with mobile network operators, Black Banx has been able to extend its reach and offer innovative banking solutions to millions worldwide. This strategic alignment with mobile operators has been crucial, as it taps into an existing infrastructure to reach remote areas, significantly lowering the cost of expansion.

The platform’s ability to facilitate quick, cost-effective international money transfers has been a game-changer, particularly in markets like the Middle East, Asia, and Africa. This not only supports individuals and businesses in these regions but also contributes to the overall growth and stability of the global economy. 

Gastauer’s focus on simplifying and reducing the cost of these transactions demonstrates a deep understanding of the core needs of his customers, thereby enhancing customer loyalty and trust in the brand.

Take a Tech-Driven Approach

Under Gastauer’s leadership, Black Banx has remained at the forefront of technological integration within the banking sector. The adoption of blockchain, AI, and data analytics has enabled the platform to offer personalized financial services, enhancing customer experience and satisfaction. 

This technology-driven approach ensures that Black Banx stays ahead of industry trends and continues to offer relevant and secure banking options. Gastauer’s commitment to integrating advanced technology not only streamlines operations but also provides a scalable model that supports continuous growth and adaptation in a rapidly evolving market.

Leave No Market Unturned

Gastauer’s vision for Black Banx was never limited to a single region. By 2023, the company had expanded its services to include 28 FIAT and two cryptocurrencies, with a robust presence in over 180 countries. This global approach has not only diversified the company’s customer base but also minimized regional economic risks, allowing Black Banx to thrive in a competitive and fast-changing financial landscape. 

The strategic decision to operate across diverse markets also mitigates the risk of localized economic downturns affecting the overall health of the company.

Set Milestones

The year 2023 was a landmark year for Black Banx, as it reached 39 million customers and reported revenues of US$2.3 billion. The company’s ability to maintain a high rate of customer acquisition and satisfaction speaks volumes about its effective strategies and customer-focused approach. 

The first quarter of 2024 continued this trend, with Black Banx announcing a pre-tax profit of US$639 million and revenues of US$2.1 billion, driven by strategic implementations like fixed monthly account maintenance fees. Gastauer’s strategy to introduce fixed fees was a calculated risk that paid off, providing stable revenue streams and further solidifying Black Banx’s financial foundation.

Michael Gastauer’s strategic foresight and relentless innovation have propelled Black Banx to new heights, making it a leader in the digital banking sector. His commitment to financial inclusion, coupled with an aggressive expansion strategy and technological integration, has not only shaped the future of Black Banx but has also set a new standard in the industry. 

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