Investors ask: Renovation 'run sheet'
Q. I know that when you’re renovating it’s best to write a ‘run sheet’ for the different trades and deliveries that come in, but how do I prepare if something goes wrong and varies from this run sheet?
A. Well-organised renovation projects include a well thought-out project plan listing every task to be completed (called the scope of works) and careful consideration as to what tasks happen before others in a logical, process flow. For novice renovators, this lack of knowledge on the sequential work order can be the biggest sole issue. Any work task requiring rework means additional costs and potentially lost profit.
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Even the most experienced renovators still cannot accurately map out the whole project from start to finish, exactly to plan. Tradies get sick, material suppliers are delayed or it rains and you lose a day on site. Inevitable delays will happen so it’s therefore sensible to build incremental delays into your project plan in advance of your project starting.
Allocate one day a week or a fortnight for unexpected delays and you’ll be well covered. Good project planning software like Microsoft Project is perfect for renovation projects where delays are commonplace. You simply update one date and all other work tasks automatically reschedule.
The key for you as project manager is to communicate, well in advance, what new start dates tradies down the line are required to come in at. When problems arise, address and overcome them immediately so that the project doesn’t stop at any point.
Each day that goes by without significant work happening on site will cost you in holding costs. And pay particular attention to long lead items like doors and windows that can blow your timelines out if you get these wrong.
Cherie Barber, Founder, Renovating For Profit
