The construction industry is known for being a fight for survival, especially amongst small and medium-sized enterprises. Tons of small projects, along with a constant search for new contracts demand focus in order to make it in the long run.
Over 2 554 company insolvencies in three months
According to statistics from gov.uk, there were more than 2 554 company insolvencies in the construction sector from January to March 2017 and the numbers are rising. The high insolvency rate is a result of companies losing control of billable hours and the struggle of projects running over time or budget, according to project manager Christopher Krohn from construction software developer 24onoff.
“The lack of good procedures for processing documentation and invoice data is the single biggest reason for the rising numbers of insolvencies in the construction sector.” Krohn says. According to the consultancy firm, McKinsey & Company, this issue affects more than three quarters of all construction projects to some extent.
“Adaptation of new technology, especially for managing time sheets and projects will help many of these companies increase their profitability, stay on budget and ultimately help them stay afloat.” he continues.
TIme-tracking and project management software
24onoff, recently released a new version of their time-tracking and project management solution to help small construction companies. The solution is a result of feedback from more than 5000 construction workers, using it daily. To help the small builders, plumbers, bricklayers, electricians, painters and decorators they now offer free use of the system for up to three users.
“By providing construction workers with the tools they need to stay in control of their work day, we expect the number of insolvencies to drop drastically. It is a way for them to reduce the time spent on demanding administrative work, to ultimately spend more time on the things that matter and they enjoy.” Krohn concludes.
24onoff is a software provider for small and medium-sized construction businesses based out of London.
