Whether you’re a development firm focused on large ground up projects, a value-add firm focused on repositionings, or an office owner managing TI and capital across an existing stabilized portfolio, getting construction projects done on time and on budget is critical to your financial success.
One of the best tools for making sure that happens? Your approvals process.
“Approvals?! You mean that part of the project where we ambush an asset manager on their way to the break room so they can sign a piece of paper? Or worse, find out they’re on vacation and we need to find a workaround?”
Um, well, yes, that is the process we’re referring to. But hear us out! It is possible to build a better approvals process—one that is easier to execute and generates enormous value.
We promise you that it’s worth the effort. When thoughtfully designed and strategically implemented, an approvals process empowers project teams to reduce costs, better allocate capital spend and clearly assign accountability.
How to manage approvals related to your budgets, soft costs, hard costs, change orders and invoices
Which approvals are the most—and least—worth your time
How to use approvals to get more accurate cost estimates
Why it's difficult to implement a robust process
How to optimize your approval workflows and reduce delays