How project manager can minimise the financial impact of their construction projects due to Covid 19 outbreak?
1 reply
May 18, 2020
When managing contractors, subs, suppliers, and others on a construction job, it's crucial to be transparent right now. Letting everyone know what's expected of them, and giving them an honest outlook of how the job will be affected by the virus and shutdowns is crucial. And, being fair and timely with payments is crucial, too, since businesses will be hyper-sensitive to payment disputes.
Plus, it's probably a good idea to check in with everyone working on the job to see how the outbreak is impacting their ability to perform work. They may be facing labor shortage issues or solvency problems due to the outbreak and recession - and getting out in front of problems will help to keep them from snowballing and putting the project in danger.
As for what specific issues to look out for or things to expect: Obviously, job site safety should be the number one concern before moving on with your jobs. If the site isn't safe, then work can't continue - and an outbreak among your contractors and vendors would be debilitating for the project. Further, work stoppages, hiccups in the supply chain, and cash flow may all be impacted, depending on a number of different variables (like the state where work is being done, the people you're doing business with, and the types of projects you're working on).
Resources for how to deal with the coronavirus in the construction industry