Closing out a project in construction is both the best times and the worst times. For one, it’s time to celebrate- the work is complete, payment should be expected soon, and a new project is possibly on the horizon. However, project closeout requires documentation and transitioning works that nobody enjoys. It’s easy to slow down at the end of the job and do whatever is needed to get on the next site, but closing out a project should not be taken lightly.
The project closeout phase can make or break contrarily successful project management for construction in several cases. The project’s final days bear a massive impact on the overall profitability and success— as a quote goes, projects are remembered by how they ended, not how they started. Likewise, a successful closeout is a decisive element to your financial success because it enables you to receive the final payments.
According to a new survey from Autodesk and Dodge – Data & Analytics, 66% of general contractors encounter trouble getting off the job on at least a quarter of the project duration. So, what causes the last-minute disputes, and what can you do to prevent it?
It’s all about the project closeout process. Because you’re at the tail end of the project, you may not even have the labor or resources to correct errors discovered after all the workers have been released and all the budget has been exhausted. With the right process, project closeout can be a seamless process for all the people involved.