The Cost of Waiting: How to Make Smarter Capital Decisions With Limited Resources
In her column debut, Yanet Vega advises managers on navigating big-ticket projects.
By Yanet Vega, Contributing Writer
Key Takeaways:
- Delaying capital projects raises costs and risk: Deferral compounds deterioration beyond inflation, while unexpected failures can trigger emergency pricing, operational disruptions, closures and lost revenue. Preventive maintenance, condition assessments and asset inventories help organizations anticipate needs before they become crises.
- Treat capital planning as a business strategy, not a repair list: Facilities leaders should prioritize safety and operational impact, clearly communicate the consequences of postponement and offer leadership practical options — such as phased projects or safe interim solutions — when full funding is unavailable.
- Yanet Vega part of NFMT Women Who Make It Work panel: Yanet will be part of a panel discussing women and their roles in facilities management at NFMT West, Nov. 3-4 at the Horseshoe Events Center in Las Vegas. For more on the event, click here. Register to attend using the code WEST49 to receive a discount of $150.
It’s a beautiful day. You walk from your car toward an institutional or commercial building. As you pass through the parking lot, you notice the building is in good condition, the signage is clear and the exterior is well-maintained. Inside, the temperature is comfortable, the lights work, the furniture is in good condition and you receive excellent service.
At that moment, you probably aren’t thinking about the building at all.
That is exactly the point.
When facilities function as they should, most people don’t think about what it takes to keep them that way. Behind that experience are teams working every day to keep HVAC systems running, flooring safe, doors operating properly and buildings maintained. As facilities leaders, our responsibility is also to look much further ahead.
Each year, I spend months assessing buildings and developing capital needs. I walk properties and evaluate everything from building and monument signage to parking lots, exterior lighting, windows, doors, boilers, chillers, flooring, counters, furniture, paint and countless other components.
Creating the list is only the beginning.
The next step is evaluating condition, priority, risk and cost. What needs attention now? What can reasonably wait? What creates a safety or operational risk? Most importantly, what will it cost the organization if we delay?
That question matters because waiting does not freeze the cost.
For example, painting a building’s exterior may cost $35,000 today. When budgets are tight, it can be tempting to defer the project and assume the organization can spend the same amount next year.
Facilities management doesn’t work that way.
During that year, the building continues to deteriorate. Work that requires cleaning, preparation and painting today may later require extensive sanding, wall repairs, additional preparation and more coats of paint. Labor, materials, freight, taxes and other costs may also increase.
The organization is not just absorbing inflation. It is paying for the additional deterioration caused by the delay.
A failing building system also does not schedule itself around the next budget cycle. When equipment fails unexpectedly, an organization may face emergency pricing, operational disruption, temporary solutions, closures and lost revenue. Employees are also pulled away from planned work to respond to an emergency that may have been preventable.
That is why preventive maintenance, building assessments, accurate inventories and long-term capital planning are so important. Together, they help organizations understand facilities' needs before they become emergencies.
A preventive maintenance program is especially valuable because it helps facilities teams understand when equipment may need to be repaired or replaced. It also provides a framework for tracking warranties, expected equipment lifespans and routine maintenance requirements. Over time, this information supports more accurate budgeting, improves efficiency and helps the organization make more cost-effective decisions.
That is why I don’t view capital planning as a list of items to replace or repair. I view it as a business strategy.
Effective capital planning gives leaders the information they need to prioritize limited resources and understand the risks associated with postponing an investment. Not everything can be funded immediately. Facilities leaders work within real budgets and competing organizational priorities. Our responsibility is to provide enough information for leaders to understand the consequences of those choices while also finding ways to be resourceful.
That means prioritizing what is necessary to keep building occupants safe and using limited resources where they will have the greatest impact. It also means giving leadership options instead of simply presenting a list of problems and their price tags.
Sometimes the best business decision is to phase a project or develop an interim solution when full funding is not immediately available. A two- or three-year solution may cost a fraction of a permanent fix while safely extending the life of an asset and giving the organization time to plan and budget for the larger investment.
The key is knowing the difference between a strategic interim solution and simply postponing a problem. A temporary solution should never compromise safety, create greater long-term risk or allow an asset to deteriorate to the point that the eventual repair becomes significantly more expensive. When done thoughtfully, however, phasing investments can protect operations, preserve revenue streams and give leadership more flexibility in future capital planning.
There is a significant difference between intentionally deferring a project after assessing the risk and simply waiting for something to fail. Intentional deferral is an informed decision supported by condition assessments, preventive maintenance records, cost estimates and a clear understanding of the consequences. Waiting for failure, on the other hand, often leaves the organization with fewer options and higher costs.
Successful facilities management is not about how quickly we respond when something breaks. It is about how well we understand our buildings, anticipate their needs and help our organizations make sound decisions before failure occurs.
Most people entering a well-maintained building will never see that work.
They shouldn’t have to.
They should be able to walk in, feel safe and comfortable, and focus on why they came.
Behind that simple experience is a capital plan, a facilities team and years of decisions that made it possible.
Yanet Vega is a facilities and environmental services leader with more than a decade of experience overseeing healthcare facilities, capital projects, infrastructure and building operations. With a background in architecture, she brings a strategic and business-focused perspective to facilities management, with an emphasis on capital planning, operational efficiency, leadership and creating safe, effective environments for the people they serve.
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