A residential development has enough risks; and a commercial development has even more risks because of the many people involved and more amounts of money at stake. If you don’t plan properly your commercial development finance and monitor the progress of your project, you are at high risk of loosing your chance of earning from the investment. Not only will the money be at loss, perhaps your reputation too. Once you have a background of failed project due to mismanagement of the whole process and the finance, you would have little chance of getting support from development finance UK; and even if there is still someone who would, you will not be able to get 100% development finance when you need to. In other words, just like any other investment plans, project management should be incorporated in your commercial development finance and your project plans.

One aspect of project management is putting in time table to the whole project. Time is of the essence in every project. When you consider time, you will be able to monitor the progress of the project, and you will have lower risk of running after changes in the property market. Using some project management software, such as Microsoft Project can be very useful in helping you keep track of the development process, its corresponding budget requirement, and most importantly the time frame of each process. This lets you estimate a timetable against each task on your project plan and allows you to see which can happen simultaneously and which need to be done consecutively.

Always have a realistic timescale. Thinking that you can get work done sooner than it can be will put you, and everyone involved in the project, under pressure and it is likely to have a knock-on effect on the standard of build and finish.