What is construction project Portfolio
If a construction company decides to stay aloof from the internet in order to advertise for their services and feel secure about their business, it is their false perception to be successful without a proper portfolio. In present times no company can succeed only on word-of-mouth or solid reputation, without a proper construction project portfolio. The bubble of successful business that they have pictured and in which they are living is going to burst anytime soon. The reason being simply that the current competition among construction firms and contractors is absolutely cut throat.
Due to the reach of internet access to almost every corner of the country in recent times, it is obvious to prepare a construction portfolio in order to attract clients through its websites and digital advertising campaigns. People can even search through the internet about the services provided by a particular construction company, which again portrays the importance of construction project portfolios on their websites. It is only because of the boost provided by construction project portfolios in the form of pictures of completed projects and advanced methods used by the construction firm, that a company or contractor receives more new clients.
A good portfolio of a construction company or a contractor contains the following feature:
- An appropriate heading that can easily depict the type of service the firm or contractor is providing.
- Objectives, challenges and achievements in brief about various projects that have been accomplished by the contractor or firm.
- Highlight the projects that have been completed under the stipulated time or budget or both.
- More of the positive feedback from trusted or verified customers.
- Any noteworthy achievements that have won accolades in the construction industry.
- Before and after high resolution images and videos of construction projects.
Different Portfolio Website Looks
A proper construction portfolio on a firm’s or contractor’s website must communicate the service provided in a crystal clear manner through different methods of presentation. Some of the most common representations of website portfolios have been discussed in detail below.
- Photo Gallery Portfolios- This type of portfolios is generally used by firm’s involved in residential type construction that have been constructed using diverse designs and beautiful architectural patterns. The website can contain pictures of house models, actual images and videos of accomplished projects, different types of interior design, sustainable models, etc. Photo gallery portfolios can easily communicate the firm’s abilities and expertise through pictorial representations about the successful work and technological advancements being accomplished by the firm. This does not bore the clients who have just begun searching for ideas with the nitty gritty details of the structural framework. As the saying goes, ‘you are what you say you are’ , the pictures portray the calibre of the construction firm or contractor.
The pictures will speak for the company’s achievements and experience in the construction industry. Building this type of portfolio does not require a great deal of money to show a company’s potential. The only drawback with this type of portfolio is that absence of text data makes keyword optimization tough.
Project Overview Portfolios- These portfolios are designed for firms that specialize in building innovative structures or public utility buildings that require problem solving techniques for any constructional obstructions. The portfolios are built to communicate the range of abilities the firm possess in building complex structures. This portfolio method includes pictures from completed projects and details about them, the way they were constructed with what kind of techniques.
This gives a clear picture to the prospective client about the work potential the firm possesses. These portfolios can have drop down menus or different pages for individual projects, explaining in detail the scope, type and methodologies involved in the project. The data feed displayed on the website can be optimized for directed traffic when searched with common and frequent keywords. The provision for website navigation processes in this kind of portfolios is simple and sorted because all components of the firm’s service structure have been categorised based on different parameters. Project overview portfolios focusses more on solving the client’s construction problems than to lure them using professional pictures.
- Extended Gallery with Project Overview- Also known as the hybrid form of construction project portfolio that brings the best of both the above mentioned portfolios to communicate in a much clear way the diverse service offerings that a firm has. This kind of portfolios use high resolution images along with sufficient details about the project in pictures to satisfy almost any kind of client. The firms that have prepared this kind of construction project portfolios have had opportunities alongside different parties involved in a construction project.
They have successfully accomplished tasks related to architecture, commercial renovation, commercial construction, etc, displayed in their portfolios. The imagery patterns along with detailed reports about the project displayed in pictures comprise the portfolios to appeal to the prospective clients and their demands by providing key features and details about the project. These kinds of portfolios are easily planned as per the results of SEOs.
Project Portfolio Management
The details of the projects displayed on the websites of construction companies can be in process or accomplished. If we look at the start of all the projects that had begun either simultaneously or in some kind of sequence due to which the construction firm has had to analyse and optimize costs, resources, technologies by setting the priorities to projects in order to achieve optimal efficiency in financial and strategic goals of the organisation. This whole concept of analysing and managing a company’s project portfolio is called Project Portfolio Management.
Project portfolio management is much different from project management that includes management of resources according to pre decided goals whereas portfolio management is more of a tactical preparation, obligation to continuously make the best use of allocation, prioritization and scheduling of resources across various projects of a construction firm. The aim of project portfolio management is to manage and benefit from the life cycle of initiatives, projects, investments and outcomes to achieve the overall goals and objectives related to different projects of a construction firm.
Project portfolio management can be processed in some steps that have been given below:
- Analyse Objectives- Project portfolio management process is done to set priority among projects, a construction company has to determine its ultimate objectives and strategic goals so that the project portfolio is in sync with the integral plan of the company. To align the company’s strategy with the project portfolio, it has to be checked if the financial objectives and customer value are good enough for the company. The various stakeholders of a construction project or a construction company should realise the tactical goals of the company after which valuation criteria can be set to set priority to projects.
- Project Portfolio Ideas-In the second step of project portfolio management after strategic goals have been aligned in sync with company’s integral objectives, projects must be collected as per the set criterion to start building the project portfolio. The projects being shortlisted can be in progress or just project ideas that are in the inception stage and that which can be easily managed simultaneously. Project management data of the selected projects are collected and the valuation criterion is established to prepare the project hierarchy.
- Best Project selection for Portfolio-Now, for the third step in project portfolio management the shortlisted projects that have been set in a hierarchy of valuation are processed for cost benefit analysis. The valuation criteria measures the amount of value the project would bring into the portfolio and the cost benefit analysis helps in filtering out the projects based on their ROI. Many more aspects can be set to shortlist projects based upon scoring criteria such as financial, option pricing theory, combinatorial, behavioral, etc.
- Endorse Projects for Portfolio Viability-As all the prospective projects have been shortlisted it is then time to do a plausibility check, to decide whether the selected project is suitable for the project portfolio ultimately or not. This check can be based upon the financial risks involved, capacity planning and resource management.
- Project Portfolio Execution and Management-After all the above steps performed in a sequential manner, in the final step in project portfolio management ,the portfolio can be arranged and executed as desired with the help of project portfolio managers.
Better Construction Project Portfolio Ideas
A construction project portfolio can be considered to be a management tool that helps in acquiring more business projects and assists in showcasing the company’s best work and providing expert examples and ideas to prospective clients. A construction project portfolio can communicate the firm’s potential to solve construction challenges and obstruction at a competitive budget and time. This is the reason why a good enough budget and time should be allocated for the preparation of a project portfolio that is perfect from the firm’s viewpoint and also attractive for customers.
Some tips for creating a better construction project portfolio are given below:
- Transparent Background ****Transparent background and records in a project portfolio ascertains a company’s qualification to have had done specific jobs, only after proper licences and relevant expertise, education and insurance documents in support of it. It is bad for reputation to be caught off guard at the last minute for absence of proof. Entire projects might be put on hold by clients in case of failure to disclose any information to them during the project or them finding out the truth on the internet or by word of mouth. A project portfolio must depict the details of the company in such a way that presents itself openly and honestly about their firm to their prospective clients.
The projects included in the portfolio should act as a perfect example about the way of the company’s work. Sufficient details and specific information should be put out on the websites along with the objectives, challenges and achievements on certain projects. Categorising the work as per the choice of different customers brings in more clients because of the ease of access provided to them.
- Customer Feedback-Positive reviews from the customers always boost the growth of a business and prove to be a trusted asset for the company in acquiring new projects. It is obvious that if a job is accomplished in the perfect way as imagined by the customer, the satisfied customer will surely spread positive reviews about the firm by word of mouth to friends and relatives, which is above and beyond all types of advertising methods. Companies can use it to their advantage by highlighting the top customer reviews. All in all these customer feedbacks hold a lot of influence and play an inevitable role in getting more customers.
- Awards and Accolades-Any kind of recognition from the construction industry the company has received for their work, must be added in the project portfolio. Prospective customers are sure to notice this and thus show interest in working with the company. Even if the company has not won any awards or accolades, it can try to participate in some local competitions and be more involved in the construction industry. The main motive is to be noticed by others to win more work.
Project Portfolio management can also be carried out by a project management firm with ease. There are a few management tools such a softwares that can be used for project portfolio management.
Powerplay is one of the few softwares that also has provisions for portfolio management. It offers flexibility in the design of portfolio websites and also assistance in shortlisting what to put on display of the construction company’s website.