Know about business challenges in construction

The construction business involves multitudinous challenges from the starting or conceptual stage which should be identified, analysed and taken care of to overcome these challenges and taste success in the construction business.   The first and the foremost challenge is the capital investment before venturing into the construction business. It has to be ensured beforehand that how much investment is required and what shall be the final expenditure required by the time project is completed keeping in mind inflation and other factors so that the project does not run out of money and finds itself in doldrums midway leaving the clients and stakeholders in lurch.   Procurement of right piece of land is the challenge which comes according to the capital investment in hand. The history of the land, its property rights, type of land use permitted etc need to be thoroughly checked and proper procedure needs to be followed for acquirement of land fulfilling all the requirements and obligations and has to be ensured that everything is in the right place and one is not duped. In this whole process, proper approvals and permissions have to be taken from authorities for the type of construction which is allowed on that land following the building byelaws, rules and regulations.   After procurement of land, investment and getting the necessary approvals, comes the building construction challenge at the site for which the necessary planning, designing has to be done beforehand and then executed the same at site. This involves several challenges like procurement of construction materials, analysing their specifications and rates to get the best quality products, from which place to buy them, amount of time taken for the construction materials to arrive at site, availability of the materials to avoid any crisis midway, right contractors to execute the project, fulfilling the safety requirements, water supply and electricity at site, construction equipments and other paraphernalia.   Succintly, the major challenges which have to be taken into account during the construction process are as follows. Construction  challenges : Quality: This involves major challenges like Designing, Execution, Skilled workforce, supervision, finance, availability of materials. Time: This involves major challenges like Timely delivery of construction materials, supplies and equipment, working according to design schedule and construction schedule, productivity progress and changes if any. Inflation and rising costs: The major challenges involve the rising costs of materials and supplies, wages, rising costs due to time delay and inflation. Labour issues: This involves challenges like wages, provision of facilities to the workforce at site according to labour and safety laws Maintaining natural existing environment: These involve not disturbing the natural existing environment in terms of trees, soil erosion, pollution and other environment features, noise pollution, proper waste and garbage disposal, height restrictions, etc.   Timely delivery or the time frame set up for completing the project is the mega challenge of the construction business which can make or break the business. If the project can make it successfully within the set time frame, the business will taste mega success building a brand name in the market but if it fails to make it in the set time frame, it can break the reputation of the business. Also if the project is delivered successfully to its clients on time, a solid trust is built for the business and appreciation is spread by word of mouth for prospective clients by which the business flourishes further more reaching great heights and setting a bench mark with its brand name. About the Author: Parveen Jain is Chairman & Managing Director, Tulip Infratech.