Construction Secrets

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

Thirteen is already a TEENAGER. They're already someone who understands how things work. 😉 But in reality, can a thirteen-year-old boy can really drive a dumper? Well, let us tell you, YES! Let's hear the story of Cian of how he was able to drive a DUMPER at the age of 13 (and the lessons he learned from it.)

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:

(1:09) - My daughter loves all those little vehicles, particularly her dumper.

(4:19) - There's no way a 12 or 13-year-old would be let on-site in the first place.

(5:24) - Everyone knows that we're gonna use this particular standard contract.

(7:10) - Things have changed. We're not driving a dumper in the 90s anymore.

(8:02) - The contract you've signed has probably been a hostile 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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If you want quick hacks to make you a better construction manager, then look no further.  Here are four construction management hacks that you need to know!

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:

(1:17) - There's always an opportunity to submit an alternative bid

(2:54) - We're looking for an X amount of upfront payment

(4:41) - What I'd like to do is give you a schedule of rates

(6:05) - Have you ever heard of Pavlov's dog?

(7:33) - You're not gonna be the type of company that accepts late payments

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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Contract woes can be solved a lot easier than you think... It just takes good management.

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:

(3:12) - Don't make it from Cian to Michelle because that's personal. Make it like a notice, like a memo.

(5:04) - Go in there and I want you to land and expand.

(9:19) - You can see that these people have family businesses, but your boss also has a family business as well.  

(11:49) - You don't need to be a lawyer to be able to interpret a contract. You need to be able to interpret a contract and what you have to do.

(15:02) - Know all the reasons why for your business's health and success, you should negotiate contract terms.

(19:20) - Differences between our businesses and who is the right fit for each 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.

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Here's Part 1 of my interview On Tricks of your Trade with Michelle Cirson | Standing Up for the Little Guys: A Powerful Advocacy Video for Construction Subcontractors

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:

(2:08) - We both aim for good commercial solutions rather than legal sword wars and getting into complicated disputes.

(7:47) - It was me rejecting people's invoices. It was me rejecting change orders.

(9:06) - The game is they give you the worst contract possible and they're expecting you to come back.

(14:58) - Success looks like science. Risk is silent.

(16:50) - The returns are in the terms.

(20:33) - One thing to note, your insurance companies will almost do free stuff for you if you want them to.

(23:39) - Relationships go at the end of the 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.

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

Growing a construction business is definitely a lot of hard work especially if you are in the construction industry. You need a lot of field and office work to oversee. But how did Quantum Contract Solutions make the life of aspiring construction entrepreneurs made it easy for them to be on the right track?

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:

(0:58) - I'm gonna have to hire a CFO to handle all of these things, to manage the whole team.

(1:42) - Just get a manager service, that's how modern businesses do it these days.

(2:34) - You need to spend your time on the value creation of what you can do for your market.

(4:03) - Niche business that takes care of just one particular thing.

(5:01) - If you're a construction company you should be doing the same thing so you can concentrate on being awesome at your scope.

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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When the going gets tough there are no prizes for playing it too safe. Here's how to navigate 2023.

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:

(1:48) - Most governments around the world stimulated their economies to get through covid

(4:33) - We got this massive surge of inflation

(6:09) - How we can approach 2023 and beyond is to have frank conversations

(8:47) - You can negotiate on your project

(9:34) - Ask for stuff that you wouldn't normally ask for before

(11:55) - The vicious cycle and the virtuous cycle

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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Do successful businesses have things in common? Unequivocally yes... Here are 5 things that will make you more successful.

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:

(1:33) - We can see which companies do well and which don't

(3:03) - And then because you're really good at that one thing, your reputation increases.

(4:35) - We'd rather go to this company, we know they're gonna do a good job.

(6:17) - When you got a family business, what is it that makes them so successful?

(7:44) - The biggest tool that a client can use against you is restricting your cash flow.

(9:48) - Philosophy of keeping your overheads extremely low.

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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By following these tips and continually developing your skills and knowledge, you can build a successful and lucrative career in construction.

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:

(2:02) - The man who built Galway

(4: 11) - Do I wanna go client-side or contractor-side?

(6:17) - On the client's side, you're typically in one project for a long period of time.

(8:01) - A project manager who understands the contract, who understands the commercial side of it - that's what's powerful.

(10:55) - If you want to start your own business, it's almost a no-brainer that you wanna go contractor.

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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A contracts administrator has the expertise to ensure you don't end up in contractual hot water. Learn more about what they do ⤵️

Welcome to the Construction Secrets where we can help you deliver commercially, and secure a healthy profit on each project through negotiating better contracts.

Enjoying what you’ve been hearing here on our podcast? We’ve prepared a case study to show you exactly how construction businesses like yours can save time and money with safer contracts - just click this link to get a copy: https://quantumcs.co/casestudy-podcast

Timestamps:

(1:43) - Construction is essentially two parts. 

(3:34) - The best and biggest construction companies have contract teams for a reason.

(5:11) - They are expecting you to negotiate.

(6:58) - Start professional. They'll think these guys are commercially savvy, they're very good.

(7:21) - If you're in a dispute, it's a race to see who loses the least amount 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! ⤵️

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Cashflow is the most important business lesson. Here's how you can score with our four top tips!

Welcome to the Construction Secrets where we can help you deliver commercially, and secure a healthy profit on each project through negotiating better contracts.

Enjoying what you’ve been hearing here on our podcast? We’ve prepared a case study to show you exactly how construction businesses like yours can save time and money with safer contracts - just click this link to get a copy: https://quantumcs.co/casestudy-podcast

Timestamps:

(1:23) - Cashflow is one of the biggest reasons why construction companies go out of business

(3:15) - The first thing you need to look at is the payment terms

(4:40) - They ask you to notify them within 1-2 business days if there's a delay or if there's a change on site

(5:52) - You want to make sure that you're getting paid

(6:49) - There may be an option to submit an alternative tender

(8:25) - You can make your margin back, the 5% that you lost, in post-award easily

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