Contractor Success Forum

Send us Fan Mail Full-kitting is a term most often associated with manufacturing. What does it mean and how can we use that concept in construction to maximize our profits? Let's talk about it. Topics we cover in this episode include: Full Kitting from a Subcontractor Standpoint Communicate potential problems beforehand Start with project planning and pinpointing common delays How to implemen...

Send us Fan Mail Many contractors aren't making what they should on their jobs. Even if you've got your bidding down, you may still be bleeding profits. What are the things to look for and what can we do about it? Find out on this week's episode. Topics we cover in this episode include: Don't get burned by change orders Make sure you're billing everything you have the righ...

Send us Fan Mail Equipment is a major part of some contractors' job costs. Should you lease it, or should you buy it? Which is better for you? The answer is, it depends. We're helping you decipher the question and sharing some additional equipment considerations on this week's episode. Topics we cover in this episode include: Operating Lease vs. Capital Lease Consider the costs asso...

Send us Fan Mail What happens to your company when you die? Making sure you have a continuity plan in place can ensure you have a smooth transition and ease the burden on your family. Life insurance can be a big part of that plan. Here's what you need to know when looking for a policy. Topics we cover in this episode include: Why you should start thinking about life insurance when you're...

Send us Fan Mail We haven't met a contractor who likes to pay taxes, but many take avoiding taxes to the extreme. What are the true implications of making it your goal to pay no taxes every year? Let's talk about it. Topics we cover in this episode include: Four ways contractors can be taxed An example of an extreme outcome of tax avoidance The purchases and tax choices that get many con...

Send us Fan Mail There have been rumors about QuickBooks Desktop being retired for many years, yet QuickBooks Online still isn't the same capability level as Intuit's older software for contractors. Some recent announcements from them give us more of a direction, and these announcements weren't given to the general public. We're sharing what you need to know this week. Topics w...

Send us Fan Mail Can increasing expenses also increase your net income? Can profitable jobs bankrupt a company? Today, we are exploring more unconventional wisdom in construction that you may not have ever considered. Topics we cover in this episode include: How adding expenses helps your bottom line How a profitable job could bankrupt your company Why an LLC is not always the right choice for set...

Send us Fan Mail When do you need a construction attorney, and how can you find a good one? Should you be amending contracts, and how can you protect your lien rights? Construction attorney Alex Barthet joins us this week to answer these questions and more. He pinpoints the main things you need to focus on and what resources are available to help guide you. Listen in and make sure you implement hi...

Send us Fan Mail In a traditional business, there is conventional wisdom that generally holds true no matter what. Construction is an industry with several of its own differences that defy a traditional solution. Today we are exploring some of those things and why you shouldn't always listen to the common answer, because it might not all be true. Topics we cover in this episode include: Myth:...

Send us Fan Mail Most contractors want better cost information about their jobs. They need it timely, they need it accurate, and they need it relevant to managing their jobs properly. Unfortunately, many contractors struggle in this area. How do you get it set up right so that you get what you need? We're sharing our tips on this week's episode. Topics we cover in this episode include: T...

Send us Fan Mail You got that dream job, but it needs be bonded. Can you get it bonded? Are you over your bonding capacity? Is there anything you can do to increase your bonding credit? Find out this week. Topics we cover in this episode include: Draft and interim financial statements Cash, character, and capacity How to get bonding credit as a new contractor Bonds and personal collateral Start yo...

Send us Fan Mail It can be challenging to get banks and bonding companies to want to work with contractors. What can you do about it? Can you stack the deck in your favor? Can you dress up your financial picture? Find out on this week's episode. Topics we cover in this episode include: Why a good year-end  financial statement is important to bonding companies and banks Pay back Officer Loans ...

Send us Fan Mail On a recent episode, we talked about working with a construction CFO. This week, we dive deeper into how to find the right person. We help you define what the CFO's job role is and get the maximum benefit out of the person who fills it. Topics we cover in this episode include: How to know if you've hired a bad CFO Tracking cash flow problems  Optimizing existing low gros...

Send us Fan Mail You may have heard the term real revenue, but how do you define it? In construction, it's a powerful concept worth knowing, but what can you do with it and how can you use it to run your construction company? Let's talk about it. Topics we cover in this episode include: What is real revenue and where does the term come from? Real revenue avoids confusion around job cost...

Send us Fan Mail Why is it that insurance for equipment and vehicles is so expensive? Is there anything you can do to lower those costs? How about things like vehicle ratings, how does that play in your premium? Stephen is answering those questions and more on this week's episode. Topics we cover in this episode include: Should your vehicle be on your personal policy? Costs for a commercial p...

Send us Fan Mail Could your process for paying other people sabotage your cash flow? Can streamlining your payables process lead to better job costing and faster billing? What does paying people have to do with collecting your own money? You might be surprised what a difference it can make when you fix those problems. Let's talk about it.  Topics we cover in this episode include: How does pay...

Send us Fan Mail When it comes to banking, the construction industry comes with some nuances. And if you're using Profit First, you'll have even more specific needs. This week, we're talking with Deanna Zubrickas of Relay Financial, the official banking partner of Profit First. She shares how contractors implementing Profit First can more easily set up bank accounts, manage subcontr...

Send us Fan Mail Has your company outgrown your basic bookkeeping? If your financial operations are becoming more complex and you feel like you're losing control, or if you're getting into federal contracting, it may be time to consider hiring a CFO. This week we're discussing when to do it, why you should work one who has construction industry experience, and whether to outsource o...

Send us Fan Mail If you're considering buying a construction company, we've got more tips for you this week on the podcast. This episode focuses on insurance. Stephen and Wade discuss what you and your insurance agent need to know to analyze the risks before making the purchase.  Topics we cover in this episode include: What your insurance agent needs from the seller Insurance with stock...

Send us Fan Mail This week on the podcast, we're continuing our series on buying and selling a construction company, with a focus on the difference between a stock sale and an asset sale. Tune in to find out about each type of sale and its implications for taxes, liabilities, and more.  Topics we cover in this episode include: What's the difference between a stock sale and an asset sale?...

Send us Fan Mail If you're thinking about selling your company in the next three to five years, you need to start preparing now to get the most value for your business. Today on the podcast, Eric Wilkinson joins us to talk about what you need to consider from a buyer's perspective as you get your company in the best shape to be sold.  Topics we cover in this episode include: When owners...

Send us Fan Mail Are you pricing your jobs correctly? If you don't have a good understanding of your job costs and overhead percentage, the answer is probably no. This week on the podcast, we're discussing how to get a handle on these numbers and make better financial decisions for your construction company,  Topics we cover in this episode include: What you should and shouldn't pos...

Send us Fan Mail Overbilling can be good for your cashflow, but it can also potentially cause problems if used in the wrong way. This week, we're breaking down the pros and cons of overbilling, and how to overbill without setting yourself up for future headaches and issues with your bond underwriter.  Topics we cover in this episode include: What is overbilling? What scenarios may result in o...

Send us Fan Mail Do you know your options for retirement planning? Not only is it crucial to think about your own retirement, but a retirement plan can also be a great incentive for attracting and retaining employees. This week, we talk about the available options and how to choose the right one for your company.  Topics we cover in this episode include: What retirement plan options are available...

Send us Fan Mail Evaluating the worth of your company can be complicated, so the earlier you start thinking about it, the better. We're doing a two-part series on this exact topic on the podcast. This week, we start the discussion from the angle of the seller.  Topics we cover in this episode include: Reputation and client relationships Your skilled workforce Market trends and demand Estimati...