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How to unlock big gains with small capital projects
The key to success in small capital work lies in understanding that even the smallest project deserves the same level of care and attention as a major undertaking.
In today's fast-changing industrial environment, continuous improvement and adaptation are crucial for maintaining competitiveness and regulatory compliance. Small capital projects are targeted investments that allow facilities to stay ahead of the curve without incurring the extensive costs and prolonged timelines associated with large-scale capital initiatives.
While major capital projects may grab headlines, it’s the small capital initiatives that can yield the most immediate and impactful results. These projects, born from the need for ongoing enhancement and regulatory adherence, offer a way to address specific challenges and opportunities within industrial facilities.
Types of small capital projects
There are two primary types of small capital projects. To effectively handle both types of small capital projects, industrial facilities should select a contractor with the capability and bandwidth to manage both nested and in/out projects efficiently.
How to unlock big gains with small capital projects
A combination of collaborative teamwork, turnkey service offerings, and a forward-thinking approach is essential for success in small capital projects.
- Nested projects: These involve a dedicated, core team of resources embedded within a facility to execute a consistent stream of small to midsize capital projects. Nested projects typically focus on minor scope upgrades within an existing facility, including piping, structural improvements, fabrication, scaffolding, paint, insulation and NDE services.
- In/Out projects: These standalone projects address larger scope initiatives involving modifications, replacements or additions to piping or structural systems. In/out projects can also include civil work (such as parking lots, foundations and slabs), scaffolding, paint, insulation and fabrication.
The power in planning small capital projects
The key to success in small capital work lies in understanding that even the smallest project deserves the same level of care and attention as a major undertaking. This approach ensures that every investment, regardless of size, contributes meaningfully to the overall goals of the organization.Success in small capital projects also requires a combination of collaborative teamwork, versatile skill sets, turnkey service offerings and a forward-thinking approach. By embracing these strategies, companies can deliver exceptional value to clients while navigating the challenges of small-scale industrial initiatives.
Best practices for small capital project execution
To maximize the benefits of small capital projects, industry leaders recommend the following best practices:
- Emphasize client-centric solutions: Tailor each project to the specific needs and goals of the facility.
- Have a local project-by-project management approach: This approach ensures flexibility and responsiveness to unique project requirements.
- Maintain strong client relationships: Open communication and collaboration are key to project success.
- Leverage local market expertise: Understanding the specific challenges and opportunities in each market enhances project outcomes.
- Prioritize cost-effectiveness: Carefully manage budgets to maximize return on investment.
- Adopt a turnkey services model: Integrate various services to streamline project execution and improve efficiency.
How to unlock big gains with small capital projects
Industrial facilities should select a contractor with the capability and bandwidth to manage both nested and in/out projects efficiently.
By partnering with a contractor that follows these best practices, industrial facilities can safely and cost-effectively complete small capital projects that drive innovation, improve efficiency and maintain a competitive edge.
About Turner Industries
For over 60 years, Turner Industries has provided turnkey industrial services and solutions to the companies that produce, fuel, energy and the materials essential to modern life. Turner offers a “ONE Solution for Your Success” approach for heavy industrial construction, maintenance, turnarounds, pipe and module fabrication, equipment, rigging and specialized transportation and associated specialty services.
For more information on how Turner Industries can maximize efficiencies with small capital projects, visit www.turner-industries.com.
