With the economy remaining in the doldrums, companies continuing to lay off employees, and business owners looking for ways to save capital, there are many temptations out there to cut costs--and corners. But some of these temptations come with unknown risks and could have unexpected consequences.
Taking on a project for pennies on the dollar in an attempt to pay the light bills certainly falls into the “unknown” category. Low and under-budget projects create pressure to hurry the project along and perhaps take shortcuts along the way. In turn, this can often lead to errors and omissions that can cost thousands in the long run. A project that should have been budgeted at $3,000 but was awarded at a “bid” of $600--a real-life example that is all too common--could ultimately become a mistake costing tens or even hundreds of thousands of dollars. Only time will tell.