The cost of building materials and labour “went through the roof” in August

The latest news everywhere is about the increasing costs of labour and materials, to construction companies.

Because of supply shortages of equipment, materials and staff globally, the expansion in the UK construction sector was unfortunately curtailed.

So what can you do about it?

Here are 10 ways to reduce costs and increase your profit:

  • Reevaluate your team and reduce unnecessary management

  • Improve efficiency, productivity, & time management, hence less hours to be paid for

  • Provide incentives for staff, based on profit margins

  • Decrease the limit on expenditure by staff

  • Improve your/your staff’s negotiation skills

  • Find a broker to reduce costs like electricity, heating, phone and broadband

  • Reduce office space/move to a smaller office and have some staff members work from home/desk share

  • Sell off old equipment/materials

  • Cancel advertising that isn’t working

  • Test and measure your marketing