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#002
The time, cost, quality triangle
I tend to bang on about this triangle quite a lot! It get's mentioned in my social media posts, talked through with my clients & I will chat to anyone about it if we talk refurbishment or new build for longer than 60 seconds...
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For good reason though; this 3 sided shape sums up project management in three words, and narrows the focus to what we are all trying to achieve.
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There is a problem with this pesky triangle though - we very rarely achieve all three when we carry out our refurbishment & new build projects, most of the time we only achieve two.
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Let me explain....
If you want exceptional quality, carried out in the shortest timeframe possible; it will cost you quite the sum.
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If you want the cheapest price, and the works carried out in the shortest timeframe possible; you are going to sacrifice quality.
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If you want great quality & good value; it's probably going to take a while to complete.
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So now we've established what this triangle represents, I should probably provide you with a disclaimer; unless you have plenty of cash, you can't really achieve this holy grail of project management. As most of you reading this are likely property investors--as I am too!--having an abundance of cash to throw at a project isn't going to cut the mustard. What I can do though is help you get somewhere near 3 out of 3.....so let's aim for a solid 2.5! Ideally, we don't want to sacrifice anything; however, the most important thing to do is understand where your main priorities lie.
We investors are usually borrowing cash or leveraging funds from somewhere, which in reality means from the 3, time & cost are chosen over quality. Whereas perhaps when refurbishing your own home you'd pick time & quality over cost; you'll be hard pressed to find an investor who wants to spend more on their project than they should! Don't however misinterpret this as investors being "slum-lords,"as we can still achieve a great finish whilst sacrificing quality. Which neatly segues me into explaining how you can achieve 2.5 (or higher!) out of 3.
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Having a plan and sticking to it, forward thinking and diligent management is the answer!
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Identifying where the limitations of your project are early-on is key, whilst keeping in mind the words above. We're going to focus on "sacrificing quality" here and try to mitigate this.
In the words of Daniel Craig in 'Layer Cake' (possibly the best film out there) - "have a plan and stick to it." It's relatively simple really, don't change the plan half way through a project. That socket which now needs moving, leaves a nasty hole and never looks right, even with a good chunk of filler.
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That floor which has been pulled back up to adjust your kitchen layout, never goes back the same. That wall light which was next to the bed, but now isn't, doesn't look right in your professional photos. You get the picture here, the easiest way to ensure quality on a budget is to not change things.
Forward thinking - possibly the most important aspect of any project, whether constricted by time or budget (or not). Plan where all your furniture is going, plan where your boiler is going; actually, plan where your boiler pipes are going. Boiler pipes running up a wall in a boxing are great at restricting where a piece of furniture fits in a small room.
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Diligent management - we all take shortcuts in life & work, and building contractors are no different. Build the right relationships with your contractors, so you can question things and manage the quality of your finish. Generally the saying goes in construction "if it doesn't look right, it probably isn't"- stick with this and you'll do ok!
So you're investing in property and understand the limitations of the time, cost, quality triangle. You understand that of the 3, you just can't afford to go over budget and take too long--it's non negotiable!--however, you still want a quality product. To achieve this; you plan your project properly, don't change things half way through and build a good relationship with your contractor. You never had the money to buy the expensive kitchen, but the landlord spec one you purchased, which is fitted well & functions perfectly, with hardly a blemish on the walls around it looks brilliant.
Congratulations you just got 2.5 out of 3!
Click here to see how Dan can help on your next project...