Contractor Success Forum

In this episode, we explore how your construction background can significantly shape the success of your company. Whether you come from a large corporation or a small hands-on business, your experience plays a key role in managing operations, handling finances, and growing your business. 

We share real-world examples and discuss how different backgrounds affect the approach to building a successful construction company. Perfect for contractors considering entrepreneurship or looking to refine their management style.

Topics we cover in this episode include:

• 00:00 - How construction experience influences business success.
• 00:18 - The Influence of Large vs. Small Company Experience 
• 01:00 - Setting Up Systems and the Mindset for Success
• 02:30 - Real-Life Examples of Contractors Transitioning
• 04:15 - Understanding Costs and Overhead
• 06:00 - Balancing Experience and Expectations
• 08:00 - Key Takeaways and Advice for Starting a Construction Business

LINKS

Visit the episode page at https://carpentercpas.com/background for more details and a transcript of the show.

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

Ready to supercharge your construction business? We're breaking down 25 proven strategies to grow your construction company. From networking to financial management, we've got the insider tips you need to take your business to new heights. 

Watch now to learn how successful contractors are crushing it in today's market. Don't forget to like, subscribe, and hit that notification bell for more construction success tips!

#ConstructionGrowth #ContractorTips #BusinessExpansion

What we cover on this episode: 

• 00:28 - Networking For Growth
• 02:18 - Quality Workmanship
• 03:14 - Customer Service
• 04:15 - Marketing Strategies
• 05:26 - Specialization
• 06:39 - Expanding Services
• 08:49 - Strategic Partnerships
• 09:16 - Financial Management
• 11:11 - Continuous Improvement
• 12:22 - Risk Management
• 13:43 - Pricing and Cashflow

LINKS

Visit the episode page at https://carpentercpas.com/grownow for more details and a transcript of the show.

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

Unlock the power of strategic thinking in construction with the Six Thinking Hats approach. Learn how to make better decisions, spot risks, and find innovative solutions for your projects. Dive into each hat's unique perspective and transform your business mindset.

#ConstructionSuccess #StrategicThinking #BusinessLeadership

What we cover on this episode: 

• 00:00 - Introduction to Six Thinking Hats
• 03:23 - White Hat: The Analyst
• 05:54 - Red Hat: The Empath
• 08:57 - Black Hat: Risk Manager
• 11:38 - Yellow Hat: The Optimist
• 13:56 - Green Hat: The Innovator
• 17:16 - Blue Hat: The Organizer
• 19:29 - Conclusion and Feedback Request

LINKS

Visit the episode page at https://carpentercpas.com/sixhats for more details and a transcript of the show.

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

In this episode of the Contractor Success Forum, we dive into the world of lean construction-a game-changing approach that helps contractors complete projects faster, safer, and with higher quality. Hosts Wade Carpenter and Stephen Brown discuss the key principles of lean construction, including the 5S methodology, waste reduction strategies, and how these practices can streamline operations and improve profits. 

Learn how lean techniques can boost your team's efficiency, improve employee engagement, and reduce costly rework. Whether you're a seasoned contractor or new to the field, this episode offers practical steps to implement lean in your business today.

Topics we cover on this week's episode:

• Introduction to Lean Construction (00:00:00 - 00:00:19)
  Ever wonder how construction companies deliver faster, safer projects? Introducing lean construction.
• Overview of Lean Construction (00:00:19 - 00:01:00)
  Explanation of lean construction's key principles and its origins.
• Benefits and Statistics of Lean Construction (00:01:00 - 00:02:00)
  Hard data on lean practices, including efficiency, teamwork, and satisfaction improvements.
• 5S Principles for Lean Construction (00:05:59 - 00:06:25)
  Explanation of the 5S principles: Sort, Set in order, Shine, Standardize, Sustain.
• Reducing Waste in Construction (00:06:25 - 00:08:12)
  Addressing waste reduction in construction using the DOWNTIME acronym.
• Implementing Lean and Employee Engagement (00:08:12 - 00:09:45)
  Engaging employees and improving productivity through lean methods.
• Conclusion and Resources (00:11:45 - 00:14:17)
  Encouragement to get lean certified and the importance of continuous improvement.

LINKS

Resources we mentioned in the episode:

• Lean Construction Reading List
• Jason Schroeder's podcast, Elevate Construction
• Lean Construction Education Program

Visit the episode page at https://CarpenterCPAs.com/leanconstruction for more details and a transcript of the show.

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

This week, we explore how AI is transforming the construction industry. Discover how AI tools can automate tasks, streamline project management, and improve efficiency, ultimately making your business more profitable.

Whether you're already using AI or just curious, this episode offers practical insights to help you leverage this powerful technology.

What we cover on this episode: 

• 00:21 - The role of AI in enhancing productivity
• 01:18 - The evolution from simple prompts to AI assistance
• 01:56 - AI applications in estimating and bidding
• 02:50 - The role of AI in contract management
• 04:08 - Chained AI agents and their practical use
• 04:54 - Voice-activated AI and customer service
• 05:58 - AI's role in risk management and contract analysis
• 09:08 - Automating document analysis and project specs
• 11:02 - Using AI for contract review and identifying risks
• 14:12 - Integrating AI tools for better project management
• 15:56 - Future possibilities and AI-driven efficiencies

LINKS

Visit the episode page at https://CarpenterCPAs.com/ConstructionAI for more details and a transcript of the show.

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

Discover how to automate your construction business with Make.com! 🚧💡 Wade and Stephen share real-world examples of streamlining operations, from capturing receipts to generating reports. Learn to save time, reduce errors, and focus on growth. 📈

Watch now to boost efficiency and profitability! 

What we cover on this episode: 

• 00:44 - Embracing technology 
• 01:56 - Automation benefits
• 03:12 - Automation security
• 04:03 - Automation examples
• 06:41 - Automation tools
• 08:06 - Automation for contractors
• 09:49 - AI and automation
• 12:06 - Automation for sales
• 13:45 - Automation for accounting
• 16:27 - Automation for meetings
• 19:17 - More automation examples
• 20:19 - Automation for safety and HR
• 21:48 - Future of automation

LINKS

Visit the episode page at https://CarpenterCPAs.com/make for more details and a transcript of the show.

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

Struggling with cash flow as your construction business grows? Learn essential strategies to maximize profit and maintain cash flow during critical growth stages. Wade Carpenter and Stephen Brown share expert insights on navigating financial challenges.

Watch now for practical tips on pricing, billing, and cash management. Don't let growth sink your ship!

What we cover on this episode: 

• 00:16 - Cash Flow Challenges
• 00:44 - Growth Phases
• 02:12 - Overhead and Profit
• 03:29 - Pricing and Markup
• 04:40 - Cash Flow Forecasting
• 06:31 - Accurate Financials
• 08:14 - Startup Phase Mistakes
• 10:30 - Cash Flow Control
• 12:41 - Growth Phase Risks
• 14:40 - Maximizing Profit

LINKS

Visit the episode page at https://CarpenterCPAs.com/scale for more details and a transcript of the show.

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

What does it take to be an Olympic-level contractor, consistently setting the gold standard in construction?

Join Wade Carpenter and Stephen Brown as they explore the key traits and practices that separate the good from the truly great. Discover how you can push your team to win every time. 

#ContractorSuccessForum #OlympicCaliberContractor #ConstructionExcellence

Topics we cover on this episode include: 

• 00:39 - Contractor of the Year
• 01:12 - Thinking Outside the Box
• 02:33 - Discipline and Consistency
• 03:27 - Investing in Employees
• 04:35 - Autopilot Performance
• 05:23 - Breeding Success
• 06:31 - Strategic Planning
• 07:34 - Training for Success
• 08:30 - Innovation and Improvement
• 09:25 - Reputation and Relationships
• 10:12 - Ethics and Community
• 10:51 - Financial Acumen
• 11:56 - Resilience and Perseverance
• 12:43 - Performance Speaks Volumes

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

Are you bidding your construction jobs correctly? Learn the crucial difference between margin and markup to boost your profits. We'll show you how to reverse engineer your bids for success and maximize your cash flow. Watch now and transform your bidding strategy! 

What we cover on this episode: 

• 01:21 - Reverse engineering profit margins
• 03:23 - Understanding break-even point
• 05:45 - Markup vs. margin explained
• 08:55 - Defining job costs
• 12:20 - Importance of cash-based profit
• 15:36 - Introducing Profit First website
• 18:58 - Conclusion and feedback request

LINKS

Visit the episode page at https://CarpenterCPAs.com/margin for more details and a transcript of the show.

Get the free breakeven calculator: https://ProfitFirstConstruction.com/breakeven

Join the Profit First Construction community

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

Discover the 5 stages of construction company growth and what they mean for your success. From startup to maturity, learn how to navigate challenges and seize opportunities at each stage. Watch now to understand where your business stands and plan for the future!

Topics we cover on this episode include: 

• 01:47 - The Startup stage
• 03:06 - The Survival stage
• 05:05 - The Success stage
• 08:16 - The Growth stage
• 11:41 - The Maturity stage
• 15:55 - Generational challenges
• 20:22 - Market factors that affect each growth stage

LINKS

Visit the episode page at https://CarpenterCPAs.com/growthstages for more details and a transcript of the show.

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com