It’s nice to be able to see how many people benefit from my advice. Not from an ego perspective, but because I genuinely want construction businesses to thrive.
The construction industry has more insolvencies than any other industry. That’s why I create content and give advice because there are so many simple things that you can do to save money and reduce your risk.
Occasionally I post short videos with little snippets of advice. They’re pretty popular, this one has been watched 5.6K times. Today’s video is a little different. It’s short. You can watch my video on “The Importance of Your Construction Company Type” and I’ll explain it a little further. Watch here.
There’s a famous quote from Warren Buffett:
“It’s not how hard you row, it’s what type of boat you’re in.”
What type of construction business you’re in is what really matters.
I’ve spoken about this a lot over the years and here are the key takeaways.
1. Deliver on-site. Always do a good job. Forge good relationships. But don’t let this be your only goal.
2. Deliver contractually. While you want to do a great job it’s completely worthless if you don’t make any money. And how you make money is through the contract you sign, and then adhering to it.
– It starts with ALWAYS negotiating your contract to reduce as much risk as possible.
– Then you need to submit all of your paperwork on time. Don’t overthink this. JUST DO IT.
3. Don’t just get paid at the end. You want to be the type of business that gets paid upfront, is paid according to milestones, is paid at the end, and if possible, is paid for future maintenance.
4. Create cornerstone content and think of how you can add value to your clients. You want to stand out from the crowd.
These are just a few ways to build the best boat that can weather any storm.
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.
Chat soon.
P.S. Here are 3 ways we can help you: 1. A Free Contract Review (valued at $2000) to identify risks and improve your terms. 2. Free Video Training on 3 simple contract changes to boost your profit margins by up to 15%. 3. A chance to work with us directly and learn how our services can help your business. |