Contractor Success Forum

Send us Fan Mail Getting a job costing system in place, and then getting your team to use it consistently and accurately is a struggle for many construction companies - but it doesn't have to be. The communication tips we're sharing this week will help you get better, more timely job costing information.  Topics we cover in this episode include: The three main things that need to happen...

Send us Fan Mail A recession may be coming - have you thought about how your bonding program may be affected? This week, Stephen, Wade, and Rob are sharing the steps you can take now to keep your bonding capacity where it needs to be, even if money gets a bit tight.  Topics we cover in this episode include: Lock down your financial board of directors Keep a close eye on your cash flow Don't c...

Send us Fan Mail When you're working with subcontractors and suppliers, joint checks can help ensure everyone gets paid. Just make sure to be careful about the agreement and how you handle the checks on your books. We're covering the basics on this week's episode.  Topics we cover in this episode include: Joint checks: definition and most common examples Joint checks and fraud Joint...

Send us Fan Mail Checklists and processes are powerful tools that can help your business run more smoothly and prevent costly mistakes. This week we're talking about how to get started with checklists, what to track, and how get buy-in and keep your team accountable.  Topics we cover in this episode include: Checklists vs. procedures Software that can help you implement checklists and procedu...

Send us Fan Mail In Episode 71, we started the conversation on work vehicles and tax deductibility. This week, we're diving deeper into the most common questions and misconceptions, including what happens when your practice of buying a new vehicle each year to save on taxes catches up with you.  Topics we cover in this episode include: Should you buy a new company vehicle every year - and if...

Send us Fan Mail The Infrastructure Investment and Jobs Act is putting $1.2 trillion towards our country's infrastructure - with $550 billion being spent this year on projects from repairing and replacing dams and constructing new water systems out west, to new power systems and charging stations. What does this mean for contractors, especially as we could be heading for a recession? It means...

Send us Fan Mail The topic of leasing vs. buying vehicles for your business is a hot one - especially in our current environment with costs higher than ever. This week, we're discussing the pros and cons of both options, specifically when it comes to tax deductibility.  Topics we cover in this episode include: Leasing vs. buying a vehicle Lease value inclusion Capital lease vs. operating leas...

Send us Fan Mail Inflation, supply chain issues, and higher costs have many of us wondering if we're heading towards a recession. While we can't predict the future, we can provide some lessons learned from the Great Recession, including how to protect your construction company from an economic downturn.  Topics we cover in this episode include: What to do about equipment when a recession...

Send us Fan Mail New regulations, supply chain issues, and construction projects through military institutions: what's going on with federal contracting? Stephen has all the updates after attending an Associated General Contractors conference in Washington D.C. Get up to speed on this week's episode.  Topics we cover in this episode include: The Associated General Contractors organizatio...

Send us Fan Mail Ready for colossal growth in your construction business? Sustainable, large-scale growth is possible with the Pumpkin Plan. This episode explains how the Pumpkin Plan works and the main elements you should work to define and strengthen for business success.  Topics we cover in this episode include: Planting the seed of your business strategy How to define your unique offering The...

Send us Fan Mail After our recent episode on the Theory of Constraints, we're diving into a related topic: throughput accounting. Listen to find out how this method of accounting can support better decision-making and more profitability in your business. Topics we cover in this episode include: How business decisions may look different using throughput accounting Traditional job costing vs. t...

Send us Fan Mail How do you decide which projects to pursue? This topic may seem basic for experienced contractors, but if you bid on projects without taking time to consider a defined list of variables and how they could affect your success, you need to listen to this week's episode.  Topics we cover in this episode include: How finding your sweet spot allows you to choose the best projects...

Send us Fan Mail What's your construction company's weakest link? Identifying and addressing the constraints that are holding your business back, one by one, is they key to long-term success. This week we're talking about the theory of constraints: how to apply it to your business and how it can be used to address the supply chain issues many of us are still facing today.  Topics we...

Send us Fan Mail Estate planning isn't a popular topic, but it is a necessary one. This week on the Contractor Success Forum, find out what pieces you need to have in place to minimize the financial and mental burdens on your loved ones and business partners.   Topics we cover in this episode include: First: get a will Estate planning done right Should you set up a trust? Your final planning...

Send us Fan Mail Did you know there are accountants who specialize in the construction industry? When it comes to managing money, the construction industry is unique in many ways. That's why we always recommend working with financial professionals who have specialized knowledge and experience working with contractors. This week, find out what you should look for and expect from a good constru...

Send us Fan Mail Do you ever wonder what it is that makes certain construction companies so successful? The Contractor Success Forum hosts have worked with plenty of successful contractors over the years (and a few not-so-successful ones). Today, they're sharing the traits they consistently see shared by the top companies in the industry.   Traits we cover in this episode include: Steady prof...

Send us Fan Mail On a previous episode, we discussed why you may want to consider government contracting work and how to get started. This week we're diving in deeper to find out which government set-aside programs are available for contractors and how to qualify for them.  Topics we cover in this episode include: How to start and navigate the set-aside program qualification process Requireme...

Send us Fan Mail The first job costing episode we shared was one of our most popular episodes ever. This week, we're revisiting the important topic. Wade breaks down the most common problems contractors have when implementing a job costing system and how to address each one. You'll learn what you can do now to build or improve your job cost system for consistency and numbers you can trus...

Send us Fan Mail Have you considered making a move from residential to commercial contracting? On this week's episode, we're sharing a few things you should consider before beginning to seek out commercial construction projects. Want to learn how to reverse engineer your cash flow? Sign up for the free seminar on 5/17 at 10am EST: https://www.eventbrite.com/e/reverse-engineering-your-cas...

Send us Fan Mail The right accounting software can save you time and money, support your business's growth, and help you qualify for bonds. Is QuickBooks up to the job? If so, which version should you use: QuickBooks Online or Desktop? Wade shares the questions you need to answer to find out which software is right for you, as well as his thoughts on the limitations of QuickBooks you might ru...

Send us Fan Mail Last week we discussed contracting with the federal government. This week, we're discussing a specific way to get into it: the mentor-protege program. Tune in to find out what the program is, who qualifies, and how to get set up for success.  Topics we cover in this episode include: Getting started with the mentor-protege program Putting together a joint venture and mentor-pr...

Send us Fan Mail The government spends about $580 billion a year on contracts, with 23% of that set aside for small businesses. So how can you begin going after these opportunities? This week, we're talking about the three main things you need to do to get started with contracting for the federal government.  Topics we cover in this episode include: How to prepare to start doing government co...

Send us Fan Mail Rob recently attended the World of Asphalt conference in Nashville, TN. It got us thinking about what road contractors, and contractors in general, can do to continue building profit and protect themselves from increased costs, labor shortages, and other issues we’re facing in today’s climate. Tune in for top tips from your hosts and other industry experts.  Topics we cover in thi...

Send us Fan Mail Even with all the work you can do, all the tools you need, and all the right people, your business can't function without cash flow. This week, we're discussing the seven things that drive cash flow in your business and how to optimize each to keep your business going for the long term.  Strategies we cover in this episode include: The four basic cash flow drivers: price...

Send us Fan Mail How is your construction company's ROI? Are you getting out more than you're putting in? If you're looking for ways to improve your return on investment, don't miss this week's episode. We're sharing our six best tips for increasing your company's ROI.  Strategies we cover in this episode include: Track your average gross margin on jobs Identify...