When we start a project, in fact when we have decided how much to offer and what terms, we have a very clear understanding of the costs we are expecting. Does this need to remain rigid? Yes and no!

Yes from the perspective of keeping to targets of time, quality and money. But does that mean that when we get to know a project, a building or a site intimately, that we are not open to new ideas, new ways to improve the project? Of course we are. Very few new ideas do not come with an accompanying cost.

So how do you know which ones to do? Never lose sight of the appraisal spreadsheet and the project profitability. If you are targeting 25% profit on GDV then in broad terms, you need to make £2 for every £1.50 put in. So if your planned change is going to cost £15000, it needs to net you £20000 in uplift.

Do you have a process you follow for this?