Just because you’re good at something doesn’t mean you can turn it into a business. Understanding business means that you can run a business.
Today’s video is How To Run a Successful Construction Business: The Growth Formula, watch below or continue with this quick read.
I’ve advised over 160 construction companies over the last 4 years.
Here’s what I’ve discovered.
Many years ago I worked for an oil and gas company in Western Australia.
And then the Global Financial Crisis kicked in.
I wanted to go back home to Ireland, but my father advised me to stay in Australia.
I worked my way into this economy and decided to grow my business here.
But before I developed my business, I started in the oil and gas territory of Australia.
One of the first important things I learned was when I was working on an oil and gas project.
The project was so big that 2 electrical companies were needed.
One company was established
The other company was new.
The established company was very contractual.
The new company just wanted to prove itself by doing an amazing job.
As the job went on the first company did an OK job but got paid on time because they did all their paperwork and stuck to the contract.
The new company did an amazing job as promised, but they didn’t deliver contractually. This meant they lost a lot of money on the job.
This doesn’t sound fair. But it is the REALITY.
This industry involves playing a game.
It’s the Game of Contracts.
And it’s the only way you’ll run a successful business.
At the end of the day, a way for companies to save money is to not pay you.
How do they do this?
With aggressive contracts.
You have to justify why you should be paid.
This is why being pedantic about contracts will help you.
You need to make sure you have a team of people who can manage your contracts.
The formula everyone should be looking at is…
REPUTATION + REPEATED WORK + REFERRED WORK
THE ABILITY TO FINANCE THE ADDITIONAL PROJECTS
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We want you to be the MOST SUCCESSFUL you can possibly be. That’s why we put together content with tips and advice that is tried and tested.
For more contractual advice, Quantum Contract Solutions is here to guide and assist you through everything contract related. Let’s reduce risk in your contracts and save time and money, just click this link to get our FREE case study to show you how clients just like you are doing it.
