Bluebeam’s latest eBook delves into the issues facing SMEs and explores how construction software can protect your firm’s finance management.
How construction software can help SMEs survive
The cost-of-living crisis and high interest rates are taking their toll on the construction industry. Nowhere is this more apparent than at the SME level.
In March 2023, insolvencies in construction represented 18% of all companies that failed. It is the worst performing month that the industry has faced since the financial crisis according to the UK government’s Insolvency Service.
Materials and labour costs are increasing too. Research from construction data specialist Barbour ABI found that inflation added £23bn to the cost of construction last year.
SMEs are particularly vulnerable to harsh market conditions
Small-to medium-sized enterprises (SMEs) are most vulnerable because their position in the supply chain means that they often have to wait a long time for payment.
However, help is available in the form of software tools that can transform construction SMEs
“Software can help manage cash flow, deliver better quality projects and bring teams together in collaborative spaces,” explains James Chambers, director, Global Industry Development for the Build and Construct Division at Nemetschek.
“These tools are more affordable than they have even been before and, I would argue, essential at the SME level.”
The right construction software can help SMEs run a more efficient operation
To help SMEs understand what is available and how software tools can be rolled out effectively, Bluebeam has written an eBook. It outlines the software tools available and where they can improve existing processes within businesses.
This includes software related to financial management, design, construction delivery, and quality control. When rolled out and used effectively, these tools can help businesses to protect margins and deliver better project outcomes.
James added: “If you are just starting out with construction software, use tools that are quick and easy to adopt that deliver recognisable gains as quickly as possible.
“This will lay the groundwork for further additions later down the line and help to get buy in from people within the business.”
