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Inflationary Times
September 30, 2022
There has never been more uncertainty over cost of goods in the construction industry until the last few years! Anyone conducting business in any industry has felt the sting of inflation. For those in the trenches, this feels like the new norm and educating customers on the costs of goods and services has become paramount!
When people think of inflation as it pertains to construction, they’re minds immediately go to the cost of building materials such as lumber, metal studs, shingles, appliances, hardware and doors! Those are definitely not to be forgotten, but that is not the only item’s inflation effects. As those of us in construction have seen, the cost of everything has been affected by inflation all the way down to your liability insurance policy, utility bills and rent/mortgage!
It is important to keep in mind the other increases in cost that may affect the cost of goods to the customer; such as, gas for company vehicles, office supplies/equipment, ongoing training and the cost of software to organize your company! All of these factors add up to a higher cost of doing business, which means the cost to the customer is also higher!
One of the biggest problems with inflation for contractors has been supply and demand; certain materials are not available or have very long lead times. This can lead to unhappy customers due projects taking longer than expected. Furthermore, when thinking about your estimate, it could take longer for the company to get that to you as they await pricing back for longer lead time items.
If you are looking to get a home improvement project started, please keep these things in mind when dealing with your contractor! He or she is not trying to “gouge” or “fleece” anyone, they are simply shifting with the tides of inflation to keep their fully licensed and insured business afloat. They are likely feeling the crunch as well while trying to make their customer happy and apply their skill to ensure an excellent product.
In summary, the old adage rings true; “If you want it to be done right, it can’t be done cheap?” When dealing with your contractor please extend grace and patience as they wade through the uncertainty of inflation while trying to provide good customer service. We here at BLM strive to be the builder of choice for value minded clients and high performing employees while trying to keep our prices reasonable, our communication excellent and our quality and execution top notch!
