Construction Secrets

Why does cashflow matter so much in construction? Get the answers here!

For more Construction Secrets videos, subscribe to our youtube channel using this link: https://quantumcs.co/CSYouTube

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(2:37) - Ways that we can get ourselves into a better contractual position

(4:34) - You need to notify them if you’re delayed. You need to notify them if you’ve been asked to do additional work

(5:09) - Obviously, getting them to approve so quicker is going to help your cashflow

(6:24) - As much as possible, get pre-payments. Get paid upfront

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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This episode is a re-run. It was originally published on August 2022.

Attention Civil Contractors: Make your work better and easier with these must-know tips!💡👷‍♂️ Tune in!🔊

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(1:18) - You want to make sure that you're either eliminating liquidated damages from the contract

(1:49) - The worst thing that you could do is sign really high LDs that are way more than 1 percent of the contract value

(3:56) - Make sure that there's no re-warranty period

(4:34) - The big issue that can happen and does happen all the time is you need to be prepared for the moment where you're late or whatever's happened or issues that happen

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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Get wise about construction contracts and say goodbye to risks!⚠️ Here’s Part 2 of my interview with Kenny Myers in the Constructing Art Podcast. Don’t miss this!🔊

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(3:37) - The terms and conditions is something is another document in the contract that you need to be able to interpret

(5:44) - The key thing is it's not about starting a business it's about staying a business

(11:06) - A great strategy is to avoid disputes at all costs

(13:14) - How to not work with Quantum?

(18:16) - You got to have a longer-term perspective and understand that risk is silent

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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Don't let cashflow issues ruin your construction projects! Here’s Part 1 of my interview with Kenny Myers of the Constructing Art Podcast. Tune in!🔊

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(6:21) - A lot of subcontractors are of the impression that if I try to negotiate I'm going to lose the work, and so they don't negotiate

(8:00) - Understanding what each clause in the contract means is very very important on how it impacts you

(13:13) - How can we structure our business as a high cashflow business?

(18:03) - When people pay more, they pay attention more, and they value your service more

(22:19) - The actual problem in that clause is a lot of times you don't have a way to terminate them

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

Follow our Socials and let's get connected! ⤵️

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Discover the secrets to setting your construction company apart from the competition and making it truly unique! Tune in to find out how.🎧

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(1:26) - How do you differentiate yourself to not be a commodity and not just have to compete on price alone?

(1:46) - Most of us, to some extent are selling a commodity

(2:03) - Often what people are really buying is not really the commodity

(3:44) - So speed, effort, time, and risk. Really, can you reduce the risk of doing business?

(4:14) - A lot of times it's about the things that are surrounding the core product

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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This episode is a re-run. It was originally published on August 2022.

Uncover the reasons why signing so-called "standard" contracts might not be in your best interest. Whether it's an AIA, ASCE (US), JCT, NEC, FIDIC (UK), or AS (Australia) contract, they all share a common flaw that makes them questionable choices for your signature. Listen up!🔊

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(2:58) - If you get a contract, now what they've done is they've given the standard contract to a lawyer and they say change that contract so it looks the same

(4:06) - Standard contracts don't really exist anymore. If you get it, it's just a template that they've amended

(5:01) - If your risk is lower, then you're better, you're better off ultimately

(6:14) - If they haven't amended it, if they've amended it, it's pretty hostile and you need to be fully aware that it needs to be reviewed

(7:38) - If you can stay in construction over a longer period of time, you're pretty, you're going to do well, you're going to get a better reputation

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

Follow our Socials and let's get connected! ⤵️

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Ready to elevate your construction company to new heights? Learn the art of mastering THIS ONE crucial thing. Don't miss out!

For more Construction Secrets videos, subscribe to our youtube channel using this link: https://quantumcs.co/CSYouTube

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(1:32) - The best construction companies that are out there do one thing

(3:16) - A lot of the biggest companies are family-run companies private companies that have been in business for a long long period of time

(4:18) - I need to make decisions based on the company lasting over time and it's those decisions that are the decisions that are better. They're long-term decisions

(5:18) - Get paid upfront

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

Follow our Socials and let's get connected! ⤵️

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Learn the art of being heard in construction!👌Tune in to this Part 2 of my interview with Ryan Castle for expert tips on becoming the squeaky wheel that gets the oil in your construction projects!🛞😉

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(2:42) - If you're always only bidding and that's your only acquisition channel, well then there are always races to the bottom because it's the lowest price technically qualified wins

(3:38) - Contract management in my view is quite simple, is that you have to prepare a body of evidence

(8:22) - Most construction companies do not die of starvation, they die of indigestion and that is cash flow restriction

(11:28) - They're going to use not approving things quickly as a tool against you because if they don't then your cash flow gets hit

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

Follow our Socials and let's get connected! ⤵️

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This episode is a re-run. It was originally published on August 2022.

Discover why we're fortunate to be part of the incredible construction industry. Here are three reasons it truly rocks! Tune in! 🙌🔊

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(3:31) - There are loads of problems as there is, but like, You have that community. And, that's one of the main reasons that the construction industry is great

(4:18) - You've got to apply your skills differently every time. So you really do have a lot more skill or experience over time

(6:28) - What is the best way to re-stimulate our economy?

(7:15) - Typically the construction industry is one that gets stimulated by the government

(7:31) - You're signing better contracts to have a low risk

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

Follow our Socials and let's get connected! ⤵️

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Is your contract a shield or a dagger?🤔 In this episode with Ryan Castle of the Master Builders Elevate Podcast, we reveal why the construction contract is a double-edged sword you must master. Listen here! 🔊

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(6:48) - Ultimately what happens in the industry is the further down the chain you go the more risk there is

(9:46) - Smaller companies have better corporate governance they're also being advised just like every other company has that you need to push the risk down the away

(10:18) - A lot of large Australian companies or global companies have come into New Zealand to do projects and so with that, they're taking those the way they do business

(12:38) - What would be advice you would give to someone around who's maybe feeling that going I'm not feeling too confident about being involved with maybe these head contractors

(13:47) - How can we let the market know that we have been successful without making it about us or making it outward

(14:35) - The perception of risk is very similar to the perception of safety

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

Follow our Socials and let's get connected! ⤵️

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