Boost Your Asphalt Assets Through Capital Projects
Who would have imagined that we would encounter such a drastic challenge to our personal and professional lives?
The pandemic’s impact has slowed down the current scale for economic growth, but like all things, time moves on, and in doing so, hopefully, we can start seeing a better fiscal course within specific spaces of infrastructure management.
The Paving and Asphalt industry has somehow still maintained a relatively steady track record. Industry analysts believe that capital projects anticipate rising significantly over the next few years, with a significant increase by 2024.
So, what does this mean for your current portfolio? Below are just a few tactical considerations for your next capital projects.
If you wanted to know the secret to assure your line striping paint’s long, vibrant life, it’s always recommended to be detailed and deliberate in your preparation.
Sometimes the Smallest Steps Have the Biggest Impact
The scale of your capital projects can impact the timeframe to complete and the cost of their completion. However, to limit the amount of time and scale down costs, it’s recommended to develop a capital planning strategy that allows you to schedule out the projects over a longer time.
For example, let’s say you just paved your parking lot. After about five-years, you notice multiple cracks and other discrepancies. Instead of overlooking and turning a blind eye to these details, take inventory and re-connect with your paving expert to determine the right amount of work to fix these issues.
By doing so, you’ll make smaller investments year to year, extending the asset’s life, allowing you to avoid the more considerable capital expenditure that comes from not maintaining the parking lot year to year.
Making these small investments today benefits your future budgets for all of your asphalt and concrete assets.
Call BlueSky Paving at (866) 571 – 4609 or email firstname.lastname@example.org to learn more about how BlueSky can help you reduce your costs through more strategic planning.
One Giant Leap of Faith for the Future
Project managers sometimes can blame specific project outcomes and project complexities on the uncertainties of the scope and the demands of the project, the technology, project location, or even the stakeholder’s opposition.
Indeed, all of these factors at one time or another can contribute to cost overruns, shortfalls, and delays. Realizing that such factors are likely to happen, why do some PMs still neglect to forecast their complex projects’ costs?
Capital projects based on faulty strategic decisions or inaccurate data, deliberately or not, can systematically underestimate costs and overestimate their project’s benefits during the initial scope.
One corrective method to eliminate these types of adverse outcomes is by increasing transparency and improving the workflow in your projects, and leveraging a strategic partner who can help deliver those results is paramount to your success.
Apply an Automated Workflow Procedure
To avoid high-risk project actions, and lessen the amount of scrutiny, make sure to implement a proper automated workflow response to your capital projects so they stand the test of time.
Managing your capital projects requires years of resources, support, and maintenance. Mistakes intensify from improper approvals to missing documentation, which can weigh down a project’s success.
To ensure a successful outcome of a capital project, PMs should incorporate procedures to ensure the project deploys appropriately.
Maintaining potential risks with alternative solutions and making sure the expected returns are straightforward helps the project strategies meet stakeholders’ expectations and help deliver consistent communication and reporting and support proper governance for better quality control.
Many of these critical success factors can improve your workflow by automating the project’s request and process for a successful outcome that can boost the life of your paving assets.
Contact us to plan your capital projects today!
Gain back control of your capital projects by partnering with the BlueSky Paving experts.