Your building is under construction and things are going well. Not great, but well. The sooner your building is completed, the sooner you will be out of interim financing and start to realize an income stream from your new apartment building.
The question is; How to improve on the time scheduled for construction of your building without sacrificing quality of construction? In other words you want to complete your building faster than originally scheduled.
I’m sure you have heard that old saw, “money talks and bulls----t walks.” Well that’s as good a place as any to start looking at what incentives you could offer which will motivate your construction people to complete your project faster without sacrificing quality.
- You can easily calculate how much money will be made if your project is completed faster than scheduled and offer to split the extra earned money with the contractors, fifty/fifty.
- Schedule cash bonus awards for each week your contractors can pick up or improve their progress by one day.
- For the five key people involved in this project, arrange for a three day vacation, , for them and their wives, to an exotic area if the project completion date is improved by one month.
- Start taking your contractors out to lunch for your weekly construction meetings, with a focus on the contractors providing you with ideas on how to improve on the time of construction. Have a small bonus for the best idea of the week from $100.00 to $500.00 to be paid upon acceptance and implementation of the new idea.
There are other good methods of using cash to motivate your contractors, and if you use your imagination, you will find many more methods for using money as an incentive.
Here are some other motivational methods which do not use direct payments of cash as the incentive.
- Fear; threaten the contractors with no more work from your company unless they can improve on the schedule.
- Leadership; stress craftsmanship and pride which will allow the project to be completed ahead of schedule.
- Hold a party for the contractors whenever significant time has been reduced from the schedule.
- Hire a construction consultant to implement some of these or other strategies . Have him or her report directly to you, focusing on time saving ideas that will work and can be tracked daily.