What do you do when you underestimate a project, and you’re running out of money and you may not have enough money to finish it? My best advise to you is to try and renegotiate a deal with the owner, either to get out of the contract or to get more money from them. This may not work with a lot of people, but it does work. I have seen this take place many times in my 25 years of working in the plumbing and construction business.
I’ve seen contractors go to owners and project managers with proper paperwork and estimations and get the more funding they need to complete the project. If you underestimated a project, and you’re starting to run out of money, or finding yourself having to dig into your savings to complete the job, you are going to have to get a little creative. You’re going to have to start thinking outside the box. How can you change things, what can you do to get out of this mess, can you do more work and start bidding on other projects – these are questions you should ask yourself.
Something else you can do is stall the project. I don’t recommend that, but sometimes, desperate times call for desperate measures, and if you’re in a really bad place, you may have no other choice. Sometimes by slowing the project down may persuade the project manager or property owner to change their mind, and give you the money that you need to finish the job. At the least, this will allow you the time to take other jobs. This is not a great thing, but certainly something that everyone in the construction industry has struggled with at least once in their day.
You have to learn from your experience and figure out how to ensure that mistake never happens again.
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