3 Tips for creating construction budgets [2023].

Looking to save time and optimise budgets for your construction projects? We are going to give you 3 tips to avoid major mistakes.
Table of contents

1. Obtain actual prices from suppliers

In order to quote a tight quotation for your clients, having access to an up-to-date database of construction material and item prices will help you to complete the quotation. Accessing a database allows you to reduce the time it takes to deliver a quotation to your client, and therefore start work sooner.

Do most customers ask you for a quote overnight? Don't waste time always starting from scratch, evaluating and comparing prices from your suppliers.

2. Do not forget basic elements

Unforeseen events in construction can be of all kinds: defective material, lack of material, wrong estimated work times, unfavourable weather, transport problems... To avoid losses (differences between budgeted and real costs) it is necessary to take into account three key elements that must appear in a budget. Spending time calculating these 3 elements for each work will never be a bad investment:

  • How much material do I need?

Correctly estimate the material needed to complete the tasks defined by the project. Even if you have a measurement, it is important to validate it before and during the work to anticipate problems. As depending on the defined material and its exploded view, the amount of extra material to be ordered will also vary.

  • Execution time. What is the price of labour, and how much time do they need for each task?

Estimating the execution time is important in order to be able to plan and project the execution time. The execution stages require different planning periods, as they all usually require different preparation times. Experience is one of the most important factors in being able to anticipate the situations that a team will encounter throughout the process, and thus be able to make a good approximation.  

  • Displacement: Where is the work located?

Consideration of the project site, the logistics of materials collection and equipment movement will be important. Poor measurement or coordination can lead to long delays. It is important to assess these factors in advance to avoid problems.

3. Avoid wasting time repeating routine tasks.

Time is money! Choose a good budget management programme. The construction sector has undergone a spectacular technological transformation in its processes. There are construction management and budget generation programmes on the market that will help you in your day-to-day work.

Every construction site is different! If you spend too much time creating new items for each client, you will lose productivity and money. At tribboo, we make you save time in this process, our budget creation tool allows you to get a reference budget automatically from your measurements, how to add/delete/modify items in a more agile way.

Discover the Tribboowe will help you manage your budgets.