Consider this advice to help you control your project costs.
For new hoteliers or companies with smaller budgets, finding the money to undergo a new building project or renovation can be difficult. However, controlling your project costs isn’t an impossible task. Careful planning and an emphasis on open communication can ensure that your project stays in-budget. Here are some money managing tips that you should keep in mind for your next project.
Educate Yourself
Before you jump into a project, you need to research the various aspects of your proposed plan. For instance, you should break everything down and explore all proposal options. While it might come at an additional cost, you should seriously consider hiring an architect to walk you through this process. Having a trusted professional on your side will help you understand your various options and ensure that your project is headed in the right direction.
Maintain Open Lines of Communication
Once the project is underway, it’s important that you foster communication between yourself, your architect, general contractor, and everyone else involved in the project. This way there can be a candid discussion about any issues and productive progress on how to address these problems. Remaining in close contact throughout the process will help you understand your project’s timeline and will help you avoid sticker shock by the time the project is complete.
Use Cost-Effective Materials
Oftentimes, the cost of building materials, furnishings, and fixtures are overlooked by property owners. However, it’s important to take these costs into account when you are creating your project budget. By selecting more cost-effective building materials and looking for better deals on furniture and hardware, hoteliers can save a significant amount on their final project costs. So, make sure you speak to your architect and project manager to ensure that they are focusing on materials that walk the line between affordable and attractive.
These are some of the things that you can do to better manage your project costs. Looking for more assistance with your hotel’s project management? Then get the advice you need by meeting and connecting with all the top California lodging professionals at the California Lodging Investment Conference. Contact us today to learn more about this fantastic informational and networking event.
