Minimize Risk in Renovation Projects

Italy-America Chamber of Commerce

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PUBLISHED ON: April 11, 2011

A renovation project, whether it be a storefront on Madison Avenue or back-office in the suburbs, must be properly planned and coordinated in order to achieve the owner’s goals. An inefficient renovation project risks losses, not just from increased construction costs, but also lost revenue if a store cannot timely open. Likewise, if a business needs to rent alternate space during the renovation, a delayed project will result in increased rental costs. Four basic steps can help minimize the risk that projects will go over budget or
beyond the scheduled construction period: give clear design guidance, hire the contractor, plan the work sequence, finish the project.