Contractor Success Forum

Send us Fan Mail Thinking about selling your construction company? You need to plan ahead, and there are six things you should get in order to get the most out of the sale. We're going over those six crucial pieces to preparing your business for sale this week. The six action items we're diving into this week are: Get consistent cash flow Demonstrate profit Have consistent revenue Mainta...

Send us Fan Mail A Work In Progress report is a powerful tool: it can increase your bonding capacity, help you manage costs, and give you an accurate picture of both your working capital and the status of your current jobs. This week, we're talking about why the WIP is crucial and how to do it right. Topics we cover in this episode include: How a WIP report affects your bonding capacity The i...

Send us Fan Mail Did you receive funds from the government as part of the COVID relief efforts? Are you unsure how that money will affect your bonding capacity now? Get up to speed on PPP loans, EIDL loans, and the ERTC on this week's episode. Topics we cover in this episode include: Why it's important to talk to your bond agent about the PPP or other COVID-related government funds you&a...

Send us Fan Mail A joint venture is a great tool that can be used to go after bigger jobs or jobs outside your expertise. Setting one up can be complicated. This week, we're talking about how to set one up the right way using accounting best practices. Topics we cover in this episode include: The purpose of joint ventures Formal vs. informal joint venture agreements Deciding on the details of...

Send us Fan Mail Is your construction company a one-man show? This episode is for you. Even if you've hired additional employees, you'll benefit from this week's episode full of tips for efficiency, productivity, and saving time, money, and stress in your business. Topics we cover in this episode include: How to work smarter and use your resources efficiently Why you should track wh...

Send us Fan Mail A good bonding program and an established surety relationship are signs that your construction company is moving in the right direction. But how do you get started with surety bonding? This week we're covering the basics of bonds: why you might need one, the different types of bonds, and how you can start setting yourself up now to qualify for one. Topics we cover in this epi...

Send us Fan Mail Most people in the construction industry are currently dealing with material supply issues. How can you manage the situation and protect yourself from possible pitfalls caused by supply chain issues? Find out on this week's show. Topics we cover in this episode include: The current state of supply issues and material cost increases Why you need to put a deadline on your bids...

Send us Fan Mail It's time to talk about taxes. This week we're tackling five important things every contractor should know about taxes. We'll offer some general advice, address common tax mistakes we've seen contractors make, and dispel some pervasive tax myths. Topics we cover in this episode include: How having your business structured in the wrong type of entity can affect...

Send us Fan Mail This week we're diving deep into the topic of finding and hitting your business's sweet spot for more long-term profitability, success, and happiness. Join us to hear three different perspectives on the factors that make up a sweet spot, how to pinpoint yours and what to do to start landing construction jobs within it. Topics we cover in this episode include: Which facto...

Send us Fan Mail Is your construction company feeling the effects of the Great Resignation? Or maybe you're just overpaying for specialized work being done in-house. Either way, it may be time to consider outsourcing. Topics we cover in this episode include: Why you should consider outsourcing your core functions How trying to take care of core functions yourself rather than outsourcing to ex...

Send us Fan Mail The start of a new year is the perfect time to implement the Profit First cash management method in your business. Not sure how to get started? We're sharing first steps and common mistakes to avoid this week. Join us and start your year off strong. Topics we cover in this episode include: Why the start of a new year is an ideal time to implement Profit First The best way to...

Send us Fan Mail We're starting the year off with a topic that's crucial to any contractor's long-term success: getting a handle on your cash flow. Join us to find out how you can better manage cash flow at the project level and create a short-term cashflow plan. Topics we cover in this episode include: How a short-term cash flow plan can be more useful than a five-year plan  Managi...

Send us Fan Mail If you've previously avoided federally-funded construction projects because of prevailing wage issues, now is a great time to reconsider. Prevailing wage expert Jason Sperfslage from Beneco joins us today to discuss maximizing the benefits of this specific type of construction job. Topics we cover in this episode include: What the Davis-Bacon Act is and how it affects federal...

Send us Fan Mail Every business has a sweet spot. Recognizing and operating in yours means business growth and operations stop being difficult. This week, Donna Leyens of Pumpkin Plan Your Biz joins us to talk about identifying and getting to your construction company's sweet spot. Topics we cover in this episode include: What it looks like to operate in your business's sweet spot The th...

Send us Fan Mail Does your accountant have special expertise in the construction industry? Construction-specific accounting methods aren't taught in school. This week, Wade is walking us through those methods and how accounting looks different for construction companies. Topics we cover in this episode include: The individual quirks with construction accounting that aren't taught in scho...

Send us Fan Mail The end of the year is a great time to examine your overhead costs, and that's what we're discussing this week. Find out how to calculate overhead, why it seems to only go up, and what you can do to control those expenses and take home more of the money that comes in. Topics we cover in this episode include: Why you should look at your overhead as a percentage of your re...

Send us Fan Mail If you've recently implemented Profit First, congratulations! Now that you've figured out your percentages and set up your bank accounts, do you simply leave things as they are? The answer is no. Rob and Wade explain the long-term strategies and benefits of Profit First on this week's information-packed episode. Topics we cover in this episode include: Why you shoul...

Send us Fan Mail This week, bonding and insurance agent Stephen Brown shares the questions you need to ask now to avoid surprises on your next insurance renewal. Topics we cover in this episode include: Why a good insurance agent should always make sure you're prepared for audits and renewals Which insurance lines are currently experiencing price increases  How telematics can save you a consi...

Send us Fan Mail This week, Surety Underwriting Specialist Joel Cannon is giving us an inside look at what goes into bond underwriting decisions for contractors. Topics we cover in this episode include:  The importance of good year-end financial statements for bonds What creative underwriting means and which factors beyond working capital go into bond decisions Common mistakes contractors make whe...

Send us Fan Mail Special guest Kelly Finnell joins us on this information-packed episode to discuss ESOPs in the construction industry. Topics we cover in this episode include:  The purpose of an Employee Stock Ownership Plan Sources of financing for ESOPs Why ESOPs work for construction companies The tax and employee benefits that come with ESOPs What makes a good candidate for an ESOP How to get...

Send us Fan Mail Do you know the value of your contracting company? Tune in this week to find out why you should care and which factors can affect the final number. Topics we cover in this episode include:  Why you should care about the value of your company How to bring the value of your company higher than the value of its assets How workflows and systems can increase the value of your company W...

Send us Fan Mail Working with a good construction-oriented insurance agent can save you a lot of money and headaches as a contractor. On this week's episode, we're getting some of those money-saving tips straight from our bonding and insurance expert himself: Stephen Brown. Topics we cover in this episode include:  Ten ways to save money on your insurance Five money-saving strategies you...

Send us Fan Mail How's your year-end planning going? If you haven't put some time aside to look at where your business will be at the end of 2021 and make a plan for 2022, this episode is your chance to do some crucial reporting and decision-making that will set you up for success over the next year. Topics we cover in this episode include:  The four prongs of year-end planning for contr...

Send us Fan Mail Do you ever feel like your business is stuck in survival mode, even with growing sales? Many business owners find themselves stuck in what we call the Survival Trap, and this week we're talking about how to break out of it. Topics we cover in this episode include:  The Business Hierarchy of Needs How to discover your business's vital need and how focusing on it will help...

Send us Fan Mail This week we're going beyond the basic concepts and psychology behind Profit First, and into the real impact it can have on your construction business. Topics we cover on this episode include:  Why too many contractors are not being rewarded for their hard work How even the smallest changes can have a huge impact on the health of your business How cashflow and profit drivers...