contractor business

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
• How documenting and communicating frequently can protect you 
• How to lock in prices with subcontractors and suppliers
• The importance of communication with your suppliers 
• How diversifying your supplier base can help

LINKS

Visit the episode page at https://contractorsuccessforum.com/supplychain for more details and a transcript of the show.

Find all episodes and related links at ContractorSuccessForum.com.

Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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 fast-track implementation and make sure it's done right
• The biggest hurdles people face when implementing and how to get past them
• Common questions about Profit First including around owner's comp, payroll, and the tax account
• How to adjust your percentages based on changes in revenue and overhead
• Lifestyle congruence and how to use it to set meaningful revenue goals

LINKS

Visit the episode page at https://contractorsuccessforum.com/newyear for more details and a transcript of the show.

Find all episodes and related links at ContractorSuccessForum.com.

Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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 
• Managing multiple jobs that affect your cash flow differently
• How creating a short-term cashflow plan can benefit your relationship with banks
• Cash flow statements vs. projections and how each can be useful
• Specific considerations for cash flow projections in the construction industry
• How receivables factor into cashflow and company growth 

LINKS

Visit the episode page at https://contractorsuccessforum.com/projectcashflow for more details and a transcript of the show.

Find all episodes and related links at ContractorSuccessForum.com.

Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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 three factors that overlap to create your business's particular sweet spot
• How to identify your most profitable clients (not just the ones that bring in the most revenue)
• Why so many people are afraid to specialize and why you shouldn't be 
• Why so many businesses fail when they diversify too early 

LINKS

Visit the episode page at https://contractorsuccessforum.com/sweetspot for more details, the free Pumpkin Plan download, and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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 real revenue, and how to calculate both
• How to review and analyze your profit vs. expenses
• How looking at overhead as a percentage of real revenue helps you see things clearly even with fluctuations in your business
• Strategies for reducing expenses and how Proft First helps
• The benefit of tying employees bonuses to efforts to reduce overhead

LINKS

Visit the episode page at https://contractorsuccessforum.com/overhead for more details and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

FIND US ONLINE
Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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 should revisit your Profit First percentages every quarter 
• How cutting expenses, analyzing clients, and systemizing your business factor into the long-term Profit First method 
• Wade's results after using Profit First in his business for three years
• How Profit First helps you add meaning to your money and achieve lifestyle congruence
• How initial wins with Profit First provides momentum for further success

LINKS

Visit the episode page at https://contractorsuccessforum.com/whatsnext for more details and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

FIND US ONLINE
Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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 considerable amount of money on your auto insurance
• The three reasons you may be surprised when you get your insurance renewal 
• Why it's important to have a construction-oriented agent who can help you understand your insurance and classify employees correctly

LINKS

Visit the episode page at https://contractorsuccessforum.com/renewals for more details and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

FIND US ONLINE
Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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
• Why you need to begin thinking about increasing your company's value long before selling it

LINKS

Visit the episode page at https://contractorsuccessforum.com/valuation for more details, the article Stephen referenced, and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

FIND US ONLINE
Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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 open a bunch of separate bank accounts.
• Profit First doesn't work...it's just a fad or a gimmick. 
• I don't have to wait to take my profits out quarterly; I can take them out early if I want or need to. 
• The Profit First system is something I can set and forget, without making any continuous adjustments. 
• I can have someone else run the Profit First system for me in my business without getting involved as the business owner.

Stay tuned for Part 2, where we'll be discussing more common myths about Profit First. Have one you want us to cover? Get in touch at the links below!

LINKS

Visit the episode page at contractorsuccessforum.com/myths for more details and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

FIND US ONLINE
Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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 of working with a Profit First Professional? 
• What is unique about implementing Profit First in a construction business? 
• What does the book not include that contractors need to know about Profit First?
• What does the process of working with a Profit First Professional look like? 
• Why does Profit First say to hold out only 15% for profit? 

LINKS

Enter to win a Kindle copy of Profit First by Michael Michalowicz at contractorsuccessforum.com/giveaway

Visit the episode page at contractorsuccessforum.com/questions for more details and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

FIND US ONLINE
Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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, including those beyond weather
• How seasonality affects bonding
• Tools you can use to save money during the good times and avoid spending it in the slow seasons
• Whether you should consider a pivot when work is slow and what else you can do to be productive during downtimes

Visit the episode page at contractorsuccessforum.com/seasonality for more details and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe.

Find all episodes and related links at ContractorSuccessForum.com.

FIND US ONLINE
Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

JP Compasso, Owner of The Newtown Handyman, has seen explosive growth in his business in less than 2 years. In this episode he shares his story, how he's become the "hometown" handyman that everyone knows, how he stays organized, provides a consistent and exceptional experience to all his clients, and SO MUCH more!

Hosted by Jason Call, Founder of Handyman Marketing Pros, and Allen Lee, Founder of The Handyman Journey

Get a professional website, SEO, and advertising at https://HandymanMarketingPros.com

Get handyman-specific business coaching from Allen Lee at https://HandymanJourney.com

Sign up for our monthly Webinars and Training (FREE!) at https://HandymanSuccess.net

• Why you should stay organized and build job files
• How job files may differ for different industries and types of companies
• How to store your job files
• Why documentation is crucial 
• How a good job file can change a lawsuit into a change order

Visit the episode page at contractorsuccessforum.com/jobfile for more details and a transcript of the show.

ADDITIONAL RESOURCES

• Visit https://contractorsuccessforum.com/managing-your-job-files/ to read more about structuring your job files.
  
  

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe.

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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 don't have a CFO), the importance of getting accurate paperwork from project managers and sending bills out on time for both you and your customers,  and how technology can help - if it's set up correctly.

Visit the episode page at contractorsuccessforum.com/cashflow for more details and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe.

Find all episodes and related links at ContractorSuccessForum.com.

FIND US ONLINE
Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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 also cover adjusting how you view your numbers, why you should look at your company as if you're working for someone else, and   how drip and vault accounts can help set you up for long-term success.

Visit the episode page at contractorsuccessforum.com/michelle for more details and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe.

Find all episodes and related links at ContractorSuccessForum.com.

FIND US ONLINE
Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

PJP Handyman in San Antonio shares his story on starting his handyman business part-time, leaving his "job" to focus on his business, the benefits of specializing in a "niche" service, how he hires employees, marketing, and so much more!

Hosted by Jason Call, Founder of Handyman Marketing Pros, and Allen Lee, Founder of The Handyman Journey

Get a professional website, SEO, and advertising at https://HandymanMarketingPros.com

Get handyman-specific business coaching from Allen Lee at https://HandymanJourney.com

Sign up for our monthly Webinars and Training (FREE!) at https://HandymanSuccess.net

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 profitable jobs you want. 

Visit the episode page at contractorsuccessforum.com/profitableprojects for more details and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe.

Find all episodes and related links at ContractorSuccessForum.com.

FIND US ONLINE
Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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 system says to do with that profit and our approach to paying off debt. If you have more questions about Profit First after listening to our recent episodes, don't miss this one! 

Visit the episode page at contractorsuccessforum.com/healthy for more details and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe.

Find all episodes and related links at ContractorSuccessForum.com.

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Ready to take a deeper dive into how you can get more out of your business and the habit science behind our behaviorally-based cash management system? Visit http://bit.ly/CSFCPP for $10 off of the upcoming seminar, Constructing Permanent Profitability. Find out more at PermanentProfit.com. 

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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 and slow collections.

Visit the episode page at contractorsuccessforum.com/accountingfail for more details and a transcript of the show.

Don't forget to subscribe so you don't miss future episodes! Find all episodes and related links at ContractorSuccessForum.com.

FIND US ONLINE
Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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 ContractorSuccessForum.com.

FIND US ONLINE
Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com