Here are some items that represent MAJOR dangers to your business. Putting All Your Eggs in One Basket One thing that you’ve got to be aware of is something my Dad always warned about (even though we ended up falling into the same trap), which is putting all of your...
Excerpt from Digging for Profit: Secrets to Success in the Construction Industry, by Jeff Spencer and Jerry Work There are going to be times when you can’t self-perform every part of a project yourself. It’s very common to be looking at a project,...
Excerpted from the book “Digging for Profit: Secrets to Success in the Construction Industry” by Jeff Spencer and Jerry Work. So you have just bid on a job, or part of a job as a subcontractor, and you’ve received a contract back from the general...
In construction, “GMP” stands for “Guaranteed Maximum Price.” It is a contract whereby the General Contractor guarantees that the total cost of a project will not exceed a set amount. It is often a sort-of design-build kind of thing because the GC and its subs do the...
Constructiondive.com recently published an article that we thought did an excellent job of explaining the surge in lumber prices. You can read the complete article here. Here is a bullet point summary of the items discussed in the article: Many sawmills closed down...
We talk a lot about job bidding because it is an absolutely critical skill if you want to start and grow a successful construction firm. This article summarizes some of our best job bidding advice and contains several videos in which we discuss various aspects of the...
One thing that you’ve got to be aware of is something my Dad always warned about (even though we ended up falling into the same trap), which is putting all of your eggs in one basket. Put another way, avoid too much dependency on a single customer for business. That...
As we discussed in our last issue, 2021 is going to be a competitive year. If you want to succeed, you need to manage your business well (professional job bidding, accurate costing, etc.) AND you need a marketing plan to create new business! So let’s talk about...
You need to have relationships with multiple suppliers. After you have worked a few jobs, you can look back and compare the quotes you have received from different suppliers and see what your potential savings are working with one supplier or another for different...
Construction activity is slowing down in some places, so this is a good time of the year to evaluate your business from a high level standpoint and begin considering what you can do to build a bigger, more successful company. We talk often about strategies for better...
