Contractor Success Forum

Send us Fan Mail How long could your company function without you? If the answer is not longer than a few days, you need to listen to this week's episode. Find out how creating and implementing processes in your business opens up the door for growth, quality of life, and more of the clients you want to work with.  Topics we cover in this episode include: How systems and processes allow you to...

Send us Fan Mail Nobody wants to lose money on a job, but it's an unfortunate reality in the construction industry. There are things you can do to minimize the damage and avoid losses in the future. This week, we're sharing triage strategies for a job that has gone off the rails.  Topics we cover in this episode include: Review the contract and any change orders Determine when the job wi...

Send us Fan Mail It's the 100th episode of the Contractor Success Forum! Celebrate with Stephen, Wade, and Rob as they reflect on the first 100 episodes of the podcast. Hear from the hosts about the top mistakes that could be holding your company back from success and what you can do now to remove obstacles level up.  Topics we cover in this episode include: Build your company to function wit...

Send us Fan Mail You know from our previous episodes that a joint venture is a great way to go after projects you might not normally be able to take on. But how do you find the right joint venture partner? This week we're breaking down the top ten factors to consider when selecting a joint venture partner.  Considerations we cover in this episode include: Compatibility Financial stability Exp...

Send us Fan Mail We all want our workers to get home safely from the job site, but construction can be dangerous and things happen. That's where workers' comp comes in. This week, we're covering what you need to know about coverage, including when work crosses state lines, how to file a claim, and how to approach classification rates.  Topics we cover in this episode include: Make s...

Send us Fan Mail Failing to document and communicate the cost of changes to your jobs could be costing you hours of time and thousands of dollars. This week, we're walking through the strategies you should have in place in order to avoid scope creep and change order failures.  Topics we cover in this episode include: What change orders and scope creep are and how they happen Best practices to...

Send us Fan Mail After decades of seeing contractors fail and grow in the construction industry, we know that one of the best determinants of success is a good construction accounting system. This week, we're discussing the four things you must get right to in construction accounting.  Topics we cover in this episode include: Why good communication is crucial for accounting The importance of...

Send us Fan Mail You may have heard of one catastrophic project taking a whole construction company down - usually due to a combination of issues that may include delays, damages, and mismanagement. This has unfortunately become more common, which is why there's a new insurance product in the industry: Project Loss Insurance. Daniel Fulcher from Travelers joins us to discuss the benefits, cos...

Send us Fan Mail Contractors who are operating from their business's sweet spot can continue to grow while also having more time to themselves outside of work. If that's something you'd like to work toward, start with this episode. We identify the three key things you MUST know in order to sustainably grow your construction company.  Topics we cover in this episode include: How to i...

Send us Fan Mail If you use Cash App, Venmo or any similar app to send or receive payments, you need to know about the new IRS rule regarding these apps and 1099-K forms. Wade and the panel get you up to speed on when the form is used, how to handle personal transactions, and what penalties you could face if you don't report these transactions. HEADS UP! Two days after we recorded this episod...

Send us Fan Mail Whether you're planning to exit your company at some point or not, increasing its value over time should be one of your goals. This week, we're discussing four actions you can take to up the value of your company.  Topics we cover in this episode include: Becoming redundant in your company Gaining control of an industry constraint Claiming a 10x advantage  The Rembrandt...

Send us Fan Mail The motto of this week's episode is: there's nothing gross about gross margins. We're defining gross margin (we also touch on gross profit, net profit, markup, and the differences between all of these often confusing terms). We'll also fill you in on why gross margin is important and why consistently tracking yours is crucial.  Topics we cover in this episode i...

Send us Fan Mail Building a bond program is not just about being able to go after bigger jobs. A partnership with a bonding company you trust provides valuable information on the jobs you're bidding and is an important piece of your strategic growth plan. This week, Stephen shares some useful advice for building your bond program.  Topics we cover in this episode include: Partnering with a gr...

Send us Fan Mail When done properly, a cashflow projection or forecast can not only help you secure bonds and banking, but it can also serve as a roadmap to building a great business. This week, we're offering some practical advice on this useful tool: who should do it, how often it should be done, and how it might look different for construction companies.  Topics we cover in this episode in...

Send us Fan Mail The year is coming to an end, and for many contractors, that means working with your CPA to get financial statements. These statements can be done at four different financial assurance levels with various indications for your business. Learn about each on this week's episode.  Topics we cover in this episode include: What is a financial assurance level and why might I need on...

Send us Fan Mail What's going on in the surety industry? Is now a good time to try to get bonded? Stephen has some useful insights and updates for you, including thoughts on why now is a great time to work on building a relationship with a bonding agent if you haven't already.  Topics we cover in this episode include: Whether we're in a soft or hard surety market right now What a ha...

Send us Fan Mail Financial ratios are useful tools that translate your accounting data into information that allows you to keep a pulse on the health of your construction company. This week we're discussing the top five ratios and how to use them in your business.  Topics we cover in this episode include: Ratios and year-end planning Working Capital and the Quick Ratio Days of Cash Debt to Eq...

Send us Fan Mail Even on a team that you trust, theft and fraud sadly occur too often when a company doesn't have the right internal controls in place. This week, we're sharing the top five controls you can begin implementing today to protect your business and yourself.  Topics we cover in this episode include: Common warning signs of theft or fraud Segregate duties related to financials...

Send us Fan Mail While performance bonds ensure a job gets completed, payment bonds guarantee that subcontractors and suppliers get paid for their services and materials. This week, we're covering everything you need to know about filing a payment bond claim: when to do it, what information to include, and what happens once the claim is filed.  Topics we cover in this episode include: When ar...

Send us Fan Mail This week, special guest Ariela Wagner from SunRay Construction Solutions joins us to talk about liens, bonds, and getting paid. Ariela shares some amazing tips to help you confidently manage your lien and bond claim rights and avoid costly mistakes.  Topics we cover in this episode include: Preliminary Notice Requirements  Lien differences across state lines Federal vs. State Req...

Send us Fan Mail Debt can be a useful tool for growth in your construction business when handled correctly. This week we're discussing the different types of debt, when it makes sense to use it, and the best ways to pay down debt without negatively affecting your cash flow and profitability.  Topics we cover in this episode include: What is smart debt? Debt, starting a new business, and survi...

Send us Fan Mail The key to a good accounting system for your construction company is a solid foundation. This week, Wade explains where many contractors go wrong when setting up their books for the first time and how to avoid those common accounting pitfalls.  Topics we cover in this episode include: Building a solid foundation for your accounting system Start with your Chart of Accounts Job Cost...

Send us Fan Mail This week, we're breaking down three essential components of your company's long-term health: cash flow, profits, and valuation. How can you maximize all three, and how do they affect each other? Tune in to find out.  Topics we cover in this episode include: How your cash flow can get wrecked when you're growing Seven cash flow drivers Be careful with your line of c...

Send us Fan Mail We're talking about Profit First again this week, with a focus on those unexpected expenses that inevitably pop up in your construction business. Rob, Wade, and Stephen discuss the three steps you should take to address a cash flow shortage and how to prepare for similar situations in the future with the Profit First system.  Topics we cover in this episode include: How Profi...

Send us Fan Mail This week we're joined by special guest Alex Barthet, construction attorney and owner of the construction law blog The Lien Zone. He joins us this week to talk about the three contract provisions that he sees as most important when it comes to contractors getting paid.  Topics we cover in this episode include: Pay-when-paid Provisions  Retainage and how to get paid sooner  Li...