Risk management in construction: From uncertainty to opportunity

In episode 21 of The Subcontractors Blueprint podcast, Jacob Austin is talking to you all about Risk and Risk Management. This is a topic in Construction that is not talked about enough, and for Subcontractors is a must to thrive in a difficult industry. Jacob starts by defining risk and defining risk management. He then explains that risks are an inherent part of running any business and that a level of risk must be present for us to operate in business. Jacob explains that there are several different ways that risks are introduced into the sub-contract. He then explains some simple techniques for managing risks, and how these can play out as a sub-contractor. KEY TAKEAWAYS: Risk management is vital to success as a Subcontractor in the Construction Industry. Risks can be Controlled, Accepted, Reduced or Avoided but should not be ignored. Both Opportunities and Risks should be monitored and managed. The key to mitigating the risks you encounter as a Subcontractor is to flag them up early to the Contractor and discuss them. BEST MOMENTS: "The best time to start managing risk is at enquiry stage. The second best time is now.” “Talking about risk is something we don’t do enough of in the construction industry.” “To truly expose yourself to no risk at all is to sit and do nothing.” “These conversations aren’t always straightforward but the more you discuss the problems the greater the chance that you can get the issues resolved before it becomes a problem that bites you.” Jacob is on a mission to help the 1 million SME contractors working within the construction industry. If you've taken something of value from this episode, please share the podcast with someone you know, and pass the value on. HOST BIO: Meet Jacob Austin, a Chartered Quantity Surveyor with a rich background at industry giants Balfour Beatty, Kier, and Vistry Group. With extensive involvement in education, health, and residential projects spanning various scales, from £1000s to £100M in concurrent developments, Jacob brings a unique perspective. Having collaborated with numerous small businesses, he's now committed to sharing his expertise to drive their success. Join Jacob on his podcast, where he blends his profound insights and personable approach to offer guidance, industry secrets, and inspirational stories. LinkedIn - www.linkedin.com/in/jacob-austin/ Instagram - www.instagram.com/qs.zone/ www.qs.zone/all-links