As a contractor, you’re responsible for all the resources your company uses to fulfill your obligations to clients. The Business Dictionary defines resource management as “the process of using a company’s resources in the most efficient way possible.” If you don’t have resource management skills, you can use these strategies to further develop them.
Protect Your Equipment and Supplies From Theft
Good resource management means taking inventory and protecting your assets.
Tool, equipment, and supply theft can turn a thriving construction firm into a bankrupt enterprise. According to Tool Watch, construction businesses lose about $1 billion every year to theft, which means a sound resource management strategy needs to start with security.
On the construction site, you might need security cameras, motion detectors, or a security guard. These precautions help deter thieves from stealing equipment and supplies off the job site after your crew leaves for the day. While this might seem like an extravagant expense, it’s more cost-effective than continually replacing assets that you lose to theft.
Better lighting, fencing, and warning signs can also guard against theft. Since the public isn’t the only threat when it comes to security, make sure you thoroughly vet your employees’ backgrounds before you hire them, as well.
Conduct Regular Audits
An audit examines your workflow from project conception to completion. It analyzes your use of materials and assets so you can shave costs next time and reduce your overhead. Contractors often operate with extremely narrow profit margins, which means that every penny saved benefits your business.
A construction site audit can identify safety risks, find ways to save money, and locate weaknesses in your workflow. Whether you conduct the audit yourself or hire a third-party professional, it’s an essential component to your growth and success as a contractor.
Pay More Attention to Human Resources
Contractors sometimes fail to utilize their most important assets – their employees – effectively. From understaffed and overstaffed projects to employees whose skills and talents are never put to proper use, your human assets need special consideration when it comes to resource management.
It’s vitally important to avoid working your employees too hard. If your workers burn out, they become safety liabilities on the job site and you put them at risk for injury. Similarly, you don’t want to under-utilize employees who put forth their best effort and help you finish jobs on-budget.
Hire a Dedicated Resource Management Professional
Sometimes you need a fresh brain to help you manage resources effectively.
You can’t do everything. When you’re tasked with managing every aspect of the jobs on your company’s plate, something will fall through the cracks. If you know you’re not using resources as efficiently as you should, consider hiring a resource manager.
He or she has the specialized skills and experience necessary to bring each of your projects into line with your budget, goals, and existing assets. Don’t be afraid to reach outside the firm and pluck an expert from the talent pool.
Resource management might constitute one of the most difficult parts of being a contractor. However, maintaining your education can help you confront these challenges. Browse courses by state to complete your continuing education requirements today.