24 January 2019
Read Time: 3 minutes

Finding value in construction projects

The word value against futuristic black and blue backgroundWhat does value mean to you?

Where do you find value?

Value is relative, different people in different circumstances will have different opinions on value.

The Oxford dictionary defines value in many ways:

                                                                                                                                                                                                                                             Image generated by Google Search.

In retail form, the term value is usually related to something that has a lower cost, although this is not always to say it is an inferior product. 

Others see value in a service provided well and are happy to pay a premium for this service. 

Value is extremely important, whether it be the core values within a company’s culture, or the value provided to clients by providing well managed services and a high-quality product and prices should be reflective of this.

Is cheaper better, or, do you “get what you pay for”?

 

VAl
                                                                                                                                                                                                        Image generated by Google Search.

There is a story about Picasso, where a woman approached him in a restaurant and asked him to scribble something on a napkin for her and she would be happy to pay whatever he felt it was worth. Picasso agreed with her request, drew something and then said, that will be ten thousand in whichever currency they were dealing with.

“But you did that in thirty seconds” exclaimed the lady.

To which Picasso replied “No, it has taken me forty years to do that”

There are many ways to offer value to a client, especially when finding a solution to a client's needs, the main three ways this can be achieved are:

1. Finding an alternative solution to what was originally proposed that provides your client with an improved outcome, for example, added features or saving them time, for which they are happy to pay an increased price due to the added value with which this presents them.

2. Finding an alternative solution with an improved outcome that is cost and time neutral, meaning that the client is receiving value without any additional outlay or time.

3. Finding an alternative solution that presents an improved outcome for the client, whilst offering a saving in both money and time (win-win for the client in this case.)

In any event, considering this when providing services to a client will allow you to find ways to present value and act in your client’s best interests.

Where do You see value and how do You define it? 

 

Stephen Hunt

Written by Stephen Hunt

Quantity Surveyor for Kisiel Group, responsible for the tender process to a variety of clients and companies undertaking construction projects. He brings valuable experience and knowledge from other building sectors, enabling him to provide sound advice on a broad spectrum of construction topics to those enquiring about Kisiel services.

Recent Posts

Best Practice_Front Cover 250
Download Your Copy

We Would Love To Hear About Your Next Project

Call us
+44 (0)203 984 7410

Email us
info@kisiel.co.uk

Find us
1 Approach Road,
London
SW20 8BA