Contractor Success Forum

Send us Fan Mail When it comes to disputes on the job, documentation is the best protection. That's what we're talking about this week with special guest Chad Gill. He's a polished concrete contractor who also created an app to help teams document their jobs. We sat down with him to find out why documentation is important and how software can help you do it right. Topics we cover in...

Send us Fan Mail Stephen, Wade, and Rob are back with a second episode on Profit First myths. This week they dive deeper into common misconceptions about the Profit First method, TAPs and working with a Profit First Professional. The myths we discuss this week:  I don't need to work with a certified Profit First expert to implement the system. Anybody can teach Profit First. My business won&a...

Send us Fan Mail Many newer contractors find the process of obtaining their first bond intimidating. This week we're walking you through what you need to know to get bonds and go after the projects that will help your company grow. Topics we cover include: How your bond agent will work with you to get approved, even if your financials aren't perfect The main factors bond underwriters con...

Send us Fan Mail On this week's episode, we're tackling some common myths and misconceptions we've heard about Profit First - the cashflow management system itself as well as how to implement it in your business.  These are the myths we're discussing this week:  I can implement Profit First using just a spreadsheet or my current accounting system - I don't really need to o...

Send us Fan Mail On this week's episode, we're providing the answers to your questions about Profit First. What are the most frequently asked questions by contractors about implementing Profit First? Find out now, and don't miss your chance to win a free copy of the book. Questions we discuss include: Can I implement Profit First in my business from simply reading the book instead o...

Send us Fan Mail This week, we're following up on our fraud and employee dishonesty discussion with an episode focused on one of the biggest threats to your business: cybercrime. Morrelle McCrary of RAM-Tech PC Solutions joins us for this important conversation. Topics we cover include: How cybersecurity has changed and why you need to worry about breaches more than hackers now How much it co...

Send us Fan Mail No one wants to think they could be the victim of employee dishonesty or cybercrime, but the unfortunate reality is that it's becoming more and more common. This week's episode is all about awareness of the types of fraud you may encounter and how to protect yourself. Topics we cover include: How common employee fraud and cybercrime are  Examples of fraud in construction...

Send us Fan Mail This week we're talking about how to deal with seasonality in the construction industry. As a contractor, you've likely faced ups and downs in your business from changes that were both anticipated and unpredictable. In the episode, we're sharing strategies for preparing for both. Topics we cover include: The factors that can affect your job volume and cash flow, inc...

Send us Fan Mail Sole proprietorship? LLC? Partnership? S-Corporation? When it comes to structuring your construction company, there are multiple options with various tax and liability implications. Don't rely on an internet search or what you heard from a friend or relative to decide what will work best for you.  This week we're talking about the options you have when structuring your b...

Send us Fan Mail Every project manager seems to keep records differently, but having a defined and organized process for building your job files can save you a ton of time, money, and stress. This week we're discussing why job files are important, how to build a good one and how they can help you resolve disputes that could otherwise cost you. Topics we cover include: Why you should stay orga...

Send us Fan Mail Wade, Stephen, and Rob sit down this week with Martin Holland of Anneal Business Coaching to discuss changes business owners in the construction industry can make for more profit and fewer headaches. Topics we cover in this episode include the importance of having good books for making sound business decisions, why you need to know your true break-even sales numbers, how to stick...

Send us Fan Mail This week we're talking with the Senior Strategic Guide at Profit First Professionals, Billie Anne Grigg. We discuss how important it is to structure Profit First for your specific business and industry, common pitfalls for those just starting to implement Profit First in their business, what Real Revenue is and why it matters, and how Profit First helps contractors survive s...

Send us Fan Mail Who wouldn't like to have better cash flow in their business? Cash flow is not always easy to get a handle on, especially for growing businesses. This week, Wade, Stephen, and Rob are sharing tips and insights that will help you improve cash flow in your business. Topics covered include what to do with cash when it comes in, why you need a system in place (especially if you d...

Send us Fan Mail This week we have a special guest: Michelle Scribner, CEO of Sum of All Numbers. Michelle talks us through the psychology behind Profit First and the behaviors and habits that could take a contractor's company from failing to profitable. We discuss why all business owners, even in the same industry, have to implement the Profit First system based on their unique behaviors. We...

Send us Fan Mail This week Wade, Stephen, and Rob are discussing how to find profitable jobs, especially in today's competitive environment. We cover how what you need to do to make sure a job will be profitable (hint: don't just go by a gut feeling), how to analyze and rank past jobs to find out what type of work you should focus on, and what you can do to discover and win more of the p...

Send us Fan Mail If you tend to skim or skip reading contracts altogether, you need to listen to this episode. Rob, Wade and Stephen discuss the various provisions that can have sometimes catastrophic effects on your cash flow. We discuss why it's important to pay attention to the terms of the contract, which provisions have the most impact on cash flow, and what can happen if you're not...

Send us Fan Mail This week we're following up on our Profit First-focused episodes with Mike Michalowicz and Ron Saharyan and expanding on a few of the subjects we wanted to clarify, like why taking your profit first is less about being wanting to take more out for yourself and more about keeping your company healthy long-term. We also cover how we define profit, what exactly the Profit First...

Send us Fan Mail This week we're joined by special guest Mike Michalowicz ! Mike is the best-selling author of Profit First and Fix This Next. We talk with him about the Profit First cash management method, the behavioral science behind it, and why it works for contractors. We also discuss how Profit First helps contractors get bonds, why checking on the balance in your bank account is not a...

Send us Fan Mail In this week's episode, Stephen, Wade, and Rob cover one of the three C's of getting bonds: Character. We talk about how it's measured by bond underwriters, how your agent can help you put your best foot forward, and how to build a bond team of deeply trusted allies, rather than fair-weather friends. Make sure you tune in next week for a very special guest! And subs...

Send us Fan Mail In this week's episode, Stephen, Wade, and Rob discuss what you can do to increase your bonding capacity - and what things could work against you. We cover the responsibility of your bond agent vs. the responsibilities of you as the contractor, why it's crucial to work with a CPA to have good financial records, how much liquidity you need, how past jobs can help boost yo...

Send us Fan Mail On this week's episode, we're joined by special guest Ron Saharyan, CEO of Profit First and Co-Founder of Profit First Professionals.  Ron talks with Stephen, Wade and Rob about how contractors can implement the Profit First method successfully, how you can take your profit first as the owner of your construction company and still improve your bonding ability, how Profit...

Send us Fan Mail In this week's episode, Stephen, Wade, and Rob are talking about the number one reason contractors fail: issues with management.  We get into why it's crucial to have a strategic vision, why leadership and knowing when to trust your team to make key decisions can have such a profound effect on your company's success, and the importance of having a solid succession p...

Send us Fan Mail In this week's episode, Stephen, Wade, and Rob are talking about the key financial ratios that you need to be tracking in your construction business. They cover what the key ratios are, what they mean, and why they're important. Topics we cover in this episode include tracking the health of your company, the quick ratio (current assets/current liabilities), what ratios b...

Send us Fan Mail This is Part One of a series in which Rob, Stephen, and Wade discuss the reasons many contractors fail, and what you can do to avoid those all-too-common pitfalls. The first reason contractors fail? Accounting. Topics covered on this episode include: inadequate capitalization, inadequate cost tracking systems, low profit margins on a job, estimating problems, procurement problems...

Send us Fan Mail Let's talk about job cost. Wade, Rob, and Stephen discuss why it's important, their approach to doing it right, and why there isn't a universal answer. Visit the episode page at contractorsuccessforum.com/jobcosting for more info and resources. Don't forget to subscribe so you don't miss future episodes! Find all episodes and related links at ContractorSuc...