Construction Secrets

Our new series continues where I get to interview high-level experts in the Construction Industry for some free consultations and advice for you! In this Part 1 of my chat with RunGopher.ai's General Manager, Adrian Smith, he shares his thoughts about the big picture of AI in general and the layers of AI. 🤖🦾 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:

(3:48) - How do we make our lives more efficient? How do we be more productive? And how do we do things that actually you know we enjoy and we don’t have to do the things that we don’t enjoy

(5:07) - AI is data, that’s all it is. And so, the person that can accumulate the most amount of data wins this race

(8:13) - What do you say to people that think that AI are coming for their jobs?

(9:08) - So it’s not about replacing you, it’s actually about how do I help you be more productive

(11:26) - You can get AI to do these little things for you so you now have more time

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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Are your Subcontractor Agreements costing you money? Find out the right way to secure your profits and achieve Construction Business Success! 💼💰 Tune in now to learn the secret!

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) - They got issued a purchase order which had the client’s terms and conditions on it. Now their first question was, are we now bound by the terms and conditions of this purchase order

(4:23) - You gotta know that them just issuing you a contract does not mean you have to sign it, even a purchase order or a service order

(5:47) - You don’t want to find yourself in a situation where you’re already on-site with a contract that you don’t really want to be in and you’re negotiating as it’s happening

(6:31) - You have to get a set of commercial principles

(7:17) - You will attach these commercial principles and you will clearly say in your proposal: our price is based on the acceptance of these commercial principles

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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Discover the BEST Construction Business Model and the game-changing benefits of Prepayment in your Construction Business.💡 Plus, book recommendations for Business Success!📚 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:

(3:09) - 10% might just be your margin and so if you get away for a whole year to realize your profit, that is essentially a bad business model in my view

(5:08) - How can we move a traditional construction company from the worst business model to a better one?

(5:26) - The first step is to start getting a prepayment on every project that you do

(6:40) - It liquidates your cost of acquisition

(7:43) - You’re actually able to secure materials and people quicker and at better rates

(8:23) - You actually deliver a better outcome for your client

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 July 2022.

Watch out! Letters of Intent in a Construction Project are USELESS!🤦‍♂️ Listen and find out why! 🤓

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) - It’s a letter of them intending to award their contract to you. So you essentially should do nothing until you get the contract

(4:04) The letter of intent is essentially useless

(4:15) Don’t start on-site without a contract. A letter of intent is not a contract

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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Beware of Standard Construction Contracts that are NOT really “standard”!😱 In this episode, find out the truth about “Standard Construction Contracts”. Tune in!👍

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:

(2:01) - In comparison to the contracts that are out there, standard contracts are very fair

(2:50) - Standard contracts don’t really exist anymore. What you get is you get a standard contract that is amended

(3:22) - Every standard contract these days that you see is amended

(3:55) - Well in reality it is but it’s been amended to suit the client and so it’s no longer fair

(5:07) - The goal of business is not to get into business. The goal of business is to stay in business

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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Curious about how to secure your Success in Construction Management? Don’t miss these 10 Winning Tips! Listen now!🔊

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:

(2:38) - Volume is vanity. Profit is sanity. But, cash flow is king in construction

(3:37) - Be a squeaky wheel when it comes to payments

(4:15) - Before you sign any contract. Make sure that you understand the escape hatch. How do you get out of the contract?

(06:28) - So many construction companies say I am in construction when the reality is no you’re not. You’re in the business of construction

(8:12) - Number one rule is do not lose money. The second rule is refer to rule number one. And, what that means in construction is doing work for free

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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In this new series, I get to interview high-level experts in the Construction Industry for some free consultations and advice for you. Our first guest is Profit and Wealth Guru, Ruth King, who shares her insights on the importance of Profitabilty and reveals the one thing that Construction Businesses must focus on to increase their Profitability. Don’t miss this!

You can visit this link to learn more about Ruth King and her expertise: ruthking.info

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:

(3:07) - If you're going to grow your top line, you should grow your bottom line or keep your top line the same and grow your bottom line

(6:59) - What I suggest that all contractors do is they save 1% of every dollar that comes in the door, period, no matter what

(7:54) - A lot of times the retainage is the profit

(11:52) - It's much better to get a smaller job and keep working and keep your overhead paid than sitting there complaining about we have no work

(17:52) - The first thing that I look at is what is their billable hour percentage

(19:38) - If there was one thing that you would say for construction companies to do, you were saying if all of these construction companies just focused on this one thing to increase their profitability, what would that one thing be?

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 July 2022.

Seize Control of Your Construction Project: Notify your Contractor and Submit your Notice of Dispute for a speedy resolution! 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:

(2:56) - When you get a letter of intent, that's what it is. It's a letter of them intending to award a contract to you. So you essentially should do nothing until you get the contract

(3:28) - Maybe you can get them to commit to a singular purchase order where you say, well, here's what we're going to do

(4:03) - Remember, the letter of intent is essentially useless. It's just their intent to award a contract

(4:15) - Don't start on-site without a contract letter. Intent is not a contract. Don't do it

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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Out with the old, in with the new! Find out why the lowest priced technically qualified approach is outdated in Construction!🤔

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:

(2:45) - The guy who wins the bid is a guy who probably underpriced a bid or made a mistake pricing the bid or whatever, but his margin is gonna be razor thin

(3:39) - The best construction companies out there have got two things in common: they’ve been in business a long time, and they do one thing

(4:09) - If you're just the cheapest, someone's going to come in and be cheaper than you eventually

(4:14) - You can submit an alternative bid

(5:02) - You really gotta move away from bidding for work as your only acquisition channel

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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In this Part 2 of my interview with Todd Miller & Ryan Bell of the Construction Disruption Podcast, we get a bit personal and talk about the passion that we have for Construction. Also, we discuss the three specific things that you should negotiate in your contracts. 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:

(5:37) - They didn't try and overcomplicate things they just did one thing very, very well. And I guess simple scales and fancy fails

(11:13) - If you're actually going contractor side for that first 10 years, you will definitely get paid less, there's no bones about it, however, your experience will be so much more

(12:53) - You want to negotiate in your contract, you want to look at capping your overall liability

(13:00) - Look at a contract for termination, because can I get out just read that a lot of times it will say all the ways that they can terminate you and you can't terminate them. And so you want to be able to terminate them

(13:12) - Consequential damages is an absolute killer

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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