For construction business owners, becoming profitable is a simple concept: time equals money. Without profitable projects, it’s nearly impossible for any business to stay afloat. Although many will deny it, technology, or lack thereof, is the culprit for profit loss. For many reasons, the construction industry has fallen short when it comes to technological advancements and without a doubt, it has an impact on the cash flow. Legitimate concerns come about when construction business owners contemplate adopting new technology: Will the cost be worth the benefits? Will it really increase productivity?
According to research, construction executives are more likely to invest in technology if it aids in boosting profitability. In a survey by Vistage CEO Confidence Index, 73% of CEOs at small to-mid-sized construction companies believe that their success is reliant on efficiencies that result in a reduction of time and/or cost. So why is there still such a lag in technology adoption? Truth is, some business owners just wonder if it’s worth it. With this simple construction ROI calculator, you can see for yourself!
One of the most common questions business owners have is how to calculate overhead and make more profit in construction. There are many ways to do this, but one of the easiest ways is to determine where you lag in productivity. Unfortunately for many construction companies, productivity is lost due to a lag in technology adoption and spending time on paper workflows.
Ready to see how much time paper workflows is costing you? Quickly calculate your Construction ROI here.
Between estimates, invoices, purchase orders and more, you may be losing precious time on the job due to stacks of paperwork. With advancements in technology, you can drastically improve your chances of success. By understanding how much time goes into these tedious yet important tasks, you can fully grasp how much money you could be saving you or your employees on an hourly basis.
So why is it so important to understand how much time you’re spending on paperwork? Simply put, knowing where your time is spent can help you pinpoint exactly where you need to cut costs, or more importantly, become more efficient. The easiest way to get started is to calculate your ROI. To make this easy, you can simply use this calculator. It only takes a few minutes to calculate just how much time and money you are currently losing by using paper and spreadsheet for your project management in the construction and service trade. By becoming more efficient in your day-to-day paper processes, you can easily save time and money on your next project!