5 Tips to Help Your Budgeting Process
Budgeting for the painting, coating, and repair needs of your commercial building is an important process because it allows your team to think critically about your property’s nuances and the priority of projects. When preparing for your next budgeting season, here are some things to consider:
1. Reference historical data
When assessing the needs of your commercial property, it’s important to reference the historical data. This might include records of your facility’s maintenance or reports from previous projects completed at your location. Specifically, you might look for information about the last time you painted your building, and if it’s been 7-10 years, that’s a good indicator that your building needs a repaint.
2. Think about the order of priority
The commercial facilities you own or manage may have a variety of repair needs, ranging from foundations to aesthetics. Thinking critically about the order of priority regarding your repairs can help you determine what to plan for first. For example, if your building’s roof needs to be repaired, you may want to have that completed before beginning a repainting project.
3. Recognize your strengths and consult with others
Recognizing your strengths and areas of expertise when determining your budget for upcoming projects is critical because it can help prevent you from underestimating. If you’re unsure about how much a specific repair might cost, or what types of repairs your facility needs, you might consult with another professional. Depending on your concerns, this may be a building engineer or an outside consultant or specialist.
4. Use technology tools
There are many technology tools you can use to help you throughout your budgeting process, especially when you’re estimating potential project costs. Before selecting the right tool for you, it may help to research the features specific tools can offer and think about how they can help you better budget for commercial projects. If you’re unsure of what the best tool might be, you can always consult with others in your industry.
5. Formulate your RFP to attract the right contractors
It’s helpful to think about how you can narrow your RFP to attract the right contractors to fit your unique needs or building concerns. One way you can do this is by making sure the scope of your project is detailed and clearly defines your needs. You can also ask contractors to provide insight on similar projects they’ve worked on in the past to ensure you select someone with expertise that fits the needs of your building.
Better Budgeting Checklist
- Start early, between 6 and 12 months in advance
- Make sure your contractor is realistic about timing and not underestimating
- Check the credentials of your property partner to ensure they’re experts
- Look for specifics regarding budget bids
- Try to get at least 3 bids and share that you’re comparing bids with your vendors
- Stay aware of any potential pitfalls or shortcomings that might happen
- Review the project’s contract terms because not all are created equal
- Examine reviews of your potential partners to ensure they’re reliable
- Consider changes, if something isn’t working in your budgeting process
Quick turn-around, through project scope and estimate
Even though it’s ideal to budget and plan for your commercial projects far in advance, this isn’t always the reality. Sometimes this process may be more rushed and reactive, rather than proactive. If this is the case for you, Renovia can help with our quick and easy estimation process. Our team can visit your site and evaluate its unique needs, allowing you to waste no additional time when determining the next steps for your buildings and facilities.
For guidance to help you prepare for your next budgeting season download our budgeting checklist.
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