Preparing for increased infrastructure spending
After a whirlwind of seven months, our economy is finding ways to recover as organizations from all different sectors are shifting their focus from reactive to proactive planning. Funds are now being directed towards ‘shovel ready’ projects and procurement teams are getting in tune with what their citizens need most to move forward.
This stage of the recovery process is exciting but more vital than ever because we’ve gone through such an uncertain time that requires resiliency and adaptability. Now is the time for your community to get back on its feet in ways that are efficient and sustainable as you prepare for increased infrastructure spending.
The power of ‘shovel ready’ projects
We’ve encountered the term ‘shovel ready’ projects before but never has its literal meaning brought more joy to our current environment.
‘Shovel ready’ is a phrase used to describe a construction project that is considered to be at an advanced enough stage of development for building to begin soon.
We know organizations and suppliers are feeling ready to jump back into projects after the long delays and challenging restrictions. With a little bit of stimulus funding and preparation, ‘shovel ready’ projects will be the solution for organizations to bounce back their economy. They will help recover jobs, bring new opportunities and be progress evidence for governments to share during the coming election. The only question is, are you and your suppliers ready to act on those ‘shovel ready’ projects?
Why start preparing now?
If you’re the procurement officer or subcontractor for your organization, you’re probably already aware of the need to get going with projects again, but we understand that it can be challenging. To give you added encouragement, we’ve nailed down three reasons why you and your organization should start preparing now:
Top three benefits of preparing now for infrastructure spending:
- Puts you on the forefront of the recovery line to get unfinished projects done
- Saves you and suppliers money to jump on opportunities now before projects really ramp up
- Invests in your local economy when you prepare to source local suppliers and resources
If these benefits don’t light a fire in your project planning, maybe some step-by-step actions will ignite some inspiration.
Steps for preparing for infrastructure spending
Our number one recommendation is to plan for adaptability in your long-term goals. Be proactive and consider potential road blocks you might experience in the next year. Plan for second waves of closures and delays, plan for unexpected restrictions and most importantly, make your long-term plan focused on your community, its needs and its growth.
To see successful improvements in your economy, check these tasks off your list before you dive into your ‘shovel ready’ projects:
Start with administration and safety standards
- Find a way to procure effectively with fewer staff and maintain efficiency while working from home
- Look at opportunities to fast-track your procurement processes
- Allocate the stimulus funding ahead of time to adjust your budget plans
- Enhance your procurement system with smart technology to save your team energy
- Equip your team with digital tools like Appointio and Simple Track that make it safe to open buildings and field sites
- Communicate often with your team and suppliers about your project goals and safety expectations
- Prioritize your ‘shovel ready’ projects to align with your government and municipal strategic goals
- Source locally for project materials, equipment and supplier businesses
- Find opportunities to bundle project work with multiple suppliers to get the job done fast
Suggestions to give suppliers
- Get approvals and contracts organized and completed
- Update project schedules to show you’re ready to make it happen
- Advance all possible project design and engineering work ahead of time
- Be aware and prepared to follow health and safety standards on all sites
Broaden your knowledge
- Speak with local suppliers to find which businesses are ready to go
- Understand what your stakeholders need most from you
- Gain stakeholder support for improved procurement processes
- Monitor legislation and announcements to address where the stimulus funding will come from
- Talk to other procurement experts to gain insights on what they’re doing to stay proactive
As your procurement team assembles your suppliers and prepares to begin ‘shovel ready’ projects, our overall takeaway for you and your suppliers is to look ahead, think outside the box, and prepare long-term so your community can strengthen its resiliency and benefit everybody.
Curious to see how bids&tenders can add value to your team as you prepare for increased infrastructure spending? Schedule a demo to learn more about your organization’s procurement potential.