Business

For Business Owners, Time is Money

Published

3 years ago

January 15, 2022

There’s plenty of truth to the old saying ‘time is money’. The adage is especially applicable for business owners who often have to ration the minutes of each working day in order to accomplish a specific set of tasks. But the idea of time as having specific monetary worth goes further than that. When it comes to a company’s investments, for example, interest-bearing accounts yield more the longer they’re held.

Likewise, owners who use efficient fleet management systems can make deliveries on strict time schedules. Every corporate accountant knows that paying vendors early can save money, and getting tax payments to the government before due dates helps avoid costly late fees. Why does each passing minute on the clock represent monetary value to entrepreneurs, owners, and managers of so many types of companies? Here are some concrete examples that demonstrate the age-old principle and offer food for thought to anyone who operates a business in an ownership or managerial capacity.

Investing

Every business that maintains a savings or investment account has an inherent understanding of the time value of money. For instance, very large corporations typically hold investment portfolios for decades to maximize interest accumulation. The principle is the same one individuals use for retirement savings but on a grander scale.

Vehicle Fleet Management

Fleet management systems deliver efficient results in multiple areas of endeavor. In addition to helping create ideal routes, advising drivers about dangerous road conditions, and keeping track of driving hours, fleet programs use advanced telematics to track location, fuel use, mileage, and other essential parameters. Transport supervisors know that late shipments mean unhappy customers, which is why they rely on fleet programs to maintain on time schedules and keep tabs on dozens of statistical data points.

Paying Bills

In nearly every industry, vendors offer one or two percent discounts to companies that pay bills within ten days or the invoice date. For busy organizations, these relatively small amounts can add up to major savings on an annual basis. The same principle applies to tax payment but in a different way. There’s no discount for paying early or on time, but there can be significant penalties for late tax remittance. That’s why so many corporate accountants advise management to take advantage of early vendor settlement and timely tax payments. Even medium-sized businesses stand to save thousands of dollars yearly through diligent accounting practices.

Training

It’s costs plenty to train a new worker. Typical estimates range from a few hundred to many thousands of dollars for standard onboarding procedures. However, investing in the development of your team and creating a culture of responsiveness, productivity, and inclusion is worth it. Because the expense related to training is so high, businesses work hard to design efficient, fast teaching materials and systems. The most common method in current use is the hybrid technique, in which new hires independently work through several volumes of text material and watch a few hours of video tutorials on their own time.

Alongside that component of the program, they receive in-person instruction from a member of the staff with whom they’ll soon be working. Keep in mind that once the new person is fully trained, there’s always the risk that they’ll quit within a short period of time. For owners, this risk is nearly impossible to avoid and one that often takes its toll on smaller organizations.

Business

Mega Construction Projects That Relied on Advanced Crane Technology

Published

2 weeks ago

February 21, 2025

Matthew Wiles

When it comes to large-scale construction projects, the right equipment can make all the difference. From towering skyscrapers to massive bridges and complex infrastructure developments, cranes play a crucial role in lifting, transporting, and positioning heavy materials with precision and efficiency. As technology has advanced, so too has crane engineering, allowing for safer and more ambitious builds. In the points below, we take a closer look at some of the world’s most impressive mega construction projects that relied on cutting-edge crane technology to bring them to life.

Burj Khalifa – Dubai, UAE

Standing at a staggering 828 metres, the Burj Khalifa remains the tallest building in the world. Constructing such a colossal structure required cranes that could operate at extreme heights. Specialised luffing-jib tower cranes were employed to lift materials hundreds of metres into the air, battling high winds and desert heat. These cranes were anchored to the structure itself as it rose, ensuring stability and precision throughout the build.

Sydney Metro – Australia

As Australia’s largest public transport infrastructure project, the Sydney Metro has transformed the way people move around the city. The project required massive tunnel boring machines (TBMs) to carve underground routes, but just as critical were the cranes used to transport and position enormous precast concrete segments. Mobile and crawler cranes with advanced hydraulic systems played a key role in assembling stations and track infrastructure with minimal disruption to existing road networks.

Hong Kong-Zhuhai-Macau Bridge – China

This engineering marvel, stretching 55 kilometres across the Pearl River Delta, is one of the longest sea crossings ever built. Given its scale, floating cranes with immense lifting capacity were used to position pre-fabricated bridge sections. Some of these cranes had lifting capabilities exceeding 3000 tonnes, demonstrating the sheer power and precision required for such a complex marine project.

The Panama Canal Expansion – Panama

The expansion of the Panama Canal was one of the most ambitious infrastructure projects in recent history, involving the construction of massive new lock chambers. Gigantic gantry cranes were used to install the enormous steel lock gates, some weighing over 3000 tonnes. These cranes had to operate with pinpoint accuracy to ensure the seamless functioning of the canal’s new locks, allowing for the passage of larger vessels.

Hinkley Point C Nuclear Power Station – UK

The construction of this next-generation nuclear power plant has required some of the world’s most advanced heavy-lift cranes. The site features one of the largest land-based cranes in the world, capable of lifting reactor components that weigh hundreds of tonnes. These high-tech cranes have been crucial in ensuring the safe and efficient assembly of the plant’s intricate infrastructure.

The Role of Advanced Crane Technology in Modern Construction

Each of these projects would have been impossible without the evolution of crane technology. Innovations such as digital load monitoring, autonomous operation, and enhanced safety systems have allowed cranes to handle heavier loads with greater precision than ever before. For companies tackling complex construction projects, working with an experienced crane hire provider is essential. Businesses like Sventek Cranes offer cutting-edge crane solutions, ensuring that even the most ambitious projects can be completed safely and efficiently.

Mega construction projects continue to push the limits of engineering and design, and advanced crane technology remains at the heart of these achievements

Whether it’s lifting components for a record-breaking skyscraper or positioning bridge segments over open water, cranes will always be an integral part of building the world’s most remarkable structures. By leveraging state-of-the-art crane systems, today’s construction industry is making the impossible possible – one lift at a time.