20 Oct 5 Development Traps And How To Avoid Them
When managing the delivery of any development, especially one with multiple stakeholders or complex planning considerations, there are always a number of potential obstacles to consider.
Here are some tips from the coal-face about five common development traps and how to avoid them:
1. Never forget that time is money
Although there may be a complex issue that’s demanding all your attention, it’s important to keep all your other balls in the air at the same time. Otherwise, if one drops, it could start a chain of events (and costly delays) that may affect your bottom line.
2. Always surround yourself with the best team of consultants and contractors.
While it may be tempting to go with a cheaper option, there’s every chance a low-quality provider won’t be able to deliver the best outcome, meaning you may need to put out spot fires later on. It’s always important to consider quality versus cost the first time around so you can budget accordingly and avoid costly hiccups.
3. Do your homework.
Thorough due diligence is vital towards delivering a successful project. A development site may look viable on paper but if an un-budgeted issue goes undetected through the acquisition or tendering process – such as contamination or environmental complexities – it can blow a sizeable hole in your cash-flow, erode profitability and leave you scrambling to secure extra funding at the project’s front end.
4. Always consider all the options.
Never assume there is only ever one solution for a development issue. That said, once the preferred development solution is identified and agreed on – lock it in and focus on delivering your goal. Nothing erodes profitability and delays development timeframes like indecision.
5. Always confirm your communication objectives and reporting requirements upfront.
Communication is essential towards the smooth delivery of any project. Always ensure open lines of communication, agree on expectations upfront and lock in regular meeting arrangements to ensure the swift turn-around of decisions and approvals, otherwise, refer back to point number one!
Acknowledgement: Story by Verve Projects. From: www.theurbandeveloper.com