How engagement at early feasibility and initial design stages reaps benefits later on
Why Engaging a Cost Consultant Early Matters
When considering a building project, there are many risks and challenges that can jeopardise the success of a scheme. However, engaging a cost consultant at the earliest opportunity mitigates some of these risks, helping to set realistic expectations in terms of budget, timeframe and procurement strategy.
With a Cost Consultant's expertise, a Client can assess the financial scenarios of a proposed project at an earlier stage, before contractually engaging a building contractor.
The Cost Consultant's continuing role
With the importance of the Cost Consultancy on strategic decision making, the responsibilities can extend well beyond initial estimating and budgeting. Risk assessment, procurement planning, contract resolution and dispute resolution can also be part of the role, contributing towards a successful project. Once underestimated, cost consultants are now seen as strategic advisors who prevent budget and time overruns, keeping complex projects financially and operationally viable.
Benefits
The Cost Consultant brings many benefits to a Client when considering an early proposal:
Budgeting and cost planning
It is vital at the early stages of a project to set a realistic and achievable budget. By having early-stage cost estimates, a Client can make an informed decision about the feasibility of a project and possible design options.
Feasibility assessment
Judging a project's viability, assessing financial risks, potential cost escalations, and budget constraints, helps with earlier decision making and preparation, and helps ensure a project remains workable.
Value engineering
At the stage of initial design, a Cost Consultant will identify cost-saving opportunities. Finding alternative materials, construction methods, and procurement strategies, they help optimise costs while maintaining project integrity.
Improved procurement strategies
Early engagement allows for better procurement planning, which enables different procurement strategies to be explored.
Tender documents
Cost Consultants assist in preparing accurate tender documents, reducing the risk of project overspend and ensuring fair contract terms.
Prevention of cost overruns
Engaging a Cost Consultant early enables proactive cost control, preventing budget blowouts and ensuring financial stability throughout the project lifecycle.
Improved contract negotiation
A Cost Consultant can help to structure contracts that fairly allocate risks between parties. This reduces disputes, enhances transparency, and protects Clients from unforeseen liabilities that could impact budget.
Client relationships
The impact goes beyond a single project, as successful early cost management also fosters stronger client relationships due to transparency and cost certainty.
Long-term impact on project success
Traditional low-cost procurement strategies often lead to disputes and project failures. Early engagement gives Clients more options, more predictable costs and timeframes, and greater budget certainty. With more time to plan, design, and implement a project, and account for the budget effectively, a Client can have the earlier budget certainty in order to proceed.
Getting a head start
Early engagement of a Cost Consultant is an investment that pays off throughout the project. With expertise in costing, sustainability and risk mitigation, Cost Consultants help ensure long-term project viability and budget efficiency.
For more information about Cost Consulting, get in touch with QS and Estimating Consultants Ltd.