Construction Secrets

The construction industry is constantly evolving, and staying up-to-date with the latest trends and technologies is critical for success. Here are six ways the construction industry is changing, and what you need to do to stay ahead.

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:

(1:42) - It used to be all about relationships, but it is no longer the case.

(2:55) - You just don't really see standard contracts anymore.

(4:24) - AI, ChatGPT is actually going to replace white-collar workers pretty quickly.

(5:56) - The cost of materials, across the board, has gone bonkers, particularly in construction.

(7:01) - Everyone is experiencing difficulty in finding good people.

(8:03) - If you're a main contractor please be careful with your balance sheet.

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! ⤵️

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Twitter

I'm gonna tell you a war story of probably the worst incident of something going wrong... contractually.

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:

(1:25) - Subcontractors in my view are the only people that actually do any form of construction

(4:25) - From here on in we're gonna have to just deal with the contract

(5:49) - That's essentially when they came to us to talk about it

(7:28) - The biggest and best construction companies have contracts teams for a reason

(8:12) - All you can promise is you will try to do something

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! ⤵️

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Twitter

If you're a CEO in the making, here's what Warren Buffet will tell you!

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:

(1:27) - When starting out a business, you risk a little amount of money.

(2:26) - But then as things go on in your business, the investment strategy changes.

(3:34) - They're not going to put a huge amount of money into risky investments.

(4:42) - I can understand when you first start out, you just need to sign the contract, right?

(5:31) - It's assessing the risk of the client.

(6:56) - We're saying it's probably time to start turning down jobs because of the risk in the market at the moment.

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! ⤵️

⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠Twitter

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

Here's how to do construction management right and how to avoid common mistakes.

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:

(1:12) - Generally, when you're a contracts manager or you're in construction management there are two kinds of different aspects to the role.

(2:56) - It's very difficult to find someone in construction management who can wear both hats.

(3:16) - Delivering on-site is going to give you a better reputation.

(5:03) - At the end of the project, they almost went under because they didn't comply with the contracts.

(7:21) - If you can deliver contractually and commercially, you're going to be far more valuable to your company than if you can only deliver on-site.

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! ⤵️

⁠⁠⁠Facebook⁠⁠⁠ | ⁠⁠⁠LinkedIn⁠⁠⁠ | ⁠⁠⁠YouTube⁠⁠⁠ | ⁠⁠⁠Instagram⁠⁠⁠ | ⁠⁠⁠TikTok⁠⁠⁠ | ⁠⁠⁠Twitter

To ensure profitability and success, deal structuring is critical. By leveraging artificial intelligence (AI) technology, construction companies can optimize deal structuring and improve efficiency, productivity, and ROI. Here's part 2 of my interview at the Building Scale Podcast with Will Foret & Justin Neagle!

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:

(1:44) - The returns are in the terms, that's where your money is made

(5:10) - Liquidated damages are to compensate your client for the delay and the cost of the delay

(8:37) - A lot of times there's an option to submit an alternative bid

(18:56) - There can only be one angry man in the boat

(22:24) - Chat GPT is very very powerful so it's just gonna continue to get better

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! ⤵️

⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Twitter

One of the most important factors that construction companies must master is the ability to build success from the ground up. Here's part 1 of my interview with The Building Scale Podcast with Will Foret & Justin Neagle!

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:

(6:40) - Negotiate the right things in the right way

(10:20) - Lawyers would get you out of the problem that you're in

(14:52) - Scale brings complexity

(21:49) - How we've done over 2600 contract reviews and negotiations

(28:50) - Approximately 26% of all bankruptcies of all businesses are from the construction industry

(31:54) - If you try to negotiate they'll just give the work to somebody else

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! ⤵️

⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Twitter

Don't let the bigger construction companies bully you. Learn what to do on part 2 of my interview with The Take Off Podcast with Mick Donaghy.

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:

(1:14) - Don't transfer the title until you get paid!

(3:00) - How to pass on the risk to someone else.

(5:00) - Your project managers manage your project as a side hustle only.

(8:13) - What to do when you get into a dispute.

(11:00) - Advice on how to properly manage contracts

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! ⤵️

⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Twitter

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

In any kind of business, proper documentation is very important! This is a sort of receipt for you to get paid properly.

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:

(1:07) - They built an oil refinery and they ran it for a couple of years.

(2:10) - Get out there and they put a bulletproof vest on.

(5:04) - They're essentially not getting paid for work that they're entitled to get paid for because their paperwork is so terrible, right?

(5:57) - It has a complete effect on how your cash flow is, and how your profitability is on your project.

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! ⤵️

⁠⁠Facebook⁠⁠ | ⁠⁠LinkedIn⁠⁠ | ⁠⁠YouTube⁠⁠ | ⁠⁠Instagram⁠⁠ | ⁠⁠TikTok⁠⁠ | ⁠⁠Twitter

Learn more about how contract consultation works. Here's part one of my interview with The Take Off Podcast with Mick Donaghy

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:

(2:24) - What Quantum does is we are a smart contracts management contracts administration solution for construction companies

(6:44) - I wanted to help the construction contractor subcontractors with the contract administration process because so many of them were losing money

(10:02) - Anything where you're looking at a contract that has fifty to a hundred 200 pages

(12:42) - You know what would you say you know makes a good contract and what makes a bad contract

(15:06) - Moves that will make a huge difference to your cash flow

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! ⤵️

⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠Twitter

Don't let a project turn into a nightmare! Here's something you need to consider before signing that contract.

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:

(1:11) - First thing is the nominated subcontractor

(3:23) - You're going to have to get the finance that's going to cost you a load of money

(4:05) - You want to have all of the things that you've negotiated done with regard to the nominated contractor just before you signed a contract

(4:49) - But the bottom line is you need the information before you sign the contract because it could cost you an absolute ton of money

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! ⤵️

⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠Twitter