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Profiting from Project Conclusion, Part 3

Profiting from Project Conclusion, Part 3Have you structured your project as a series of mini-projects, each with its own milestones, sign-offs, and invoicing? Did you use a “progressive punchlist” so you can minimize equipment leasing and other costs? Did you avoid having a big “post completion” workload?

If yes, you’ve helped your cash flow while better utilizing the resources you’re paying for.  But as you complete this job, address these three issues:

  • An orderly decrease in staffing. Ideally, you’ll know when each person on the project will no longer be needed and can be assigned to another project. What you don’t want is for unnecessary people to show up “just in case.” That means the customer will see people just standing around, and those people aren’t available for billable work even though you’re paying them.
  • An orderly return of leased equipment. Returning everything at once can be a daunting task. You also don’t want to be paying leasing fees for equipment you’re done with. This is yet another reason to break the job into mini-jobs. To keep leasing fees down, you will need to identify from the project schedule when that equipment isn’t needed.
  • Tool and test equipment assessment. What is the condition of the equipment you used? Were there any issues with it during the project? Is it time to upgrade any particular item?

« Part 2 | Part 4 » | Source: Mark Lamendola | Mindconnection