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Retainage. If you deal with it, is that job holding your company back? Are you being the bank for your job owner? Does it stunt your cashflow and growth? What can you do about it? Find out on this week's episode.

Topics we cover in this episode include:

• What is retainage?
• Retainage can sunt your company's growth if you don't bid jobs properly
• A retainage case study
• Retainage can cause problems when you're in growth mode
• Many contractors do not account for retanage properly
• How to mitigate or reduce retainage
• Negotiating retainage with owners or general contractors

LINKS

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

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Find all episodes and related links at ContractorSuccessForum.com.

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

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Safety and workers comp insurance have several challenges, but what are the best solutions? Stephen brings his insight to this week's episode. Here's what you need to know about what Workers Comp can do for you, the most common type of claims, when to file a claim, experience mods, and more.

Topics we cover in this episode include:

• What Workers Comp is and how it started
• How experience mods work for workers compensation
• Use your workers comp carrier for good loss control services
• When to file a workers compensation claim 
• Workers comp and crossing state lines
• Which accidents account for the highest number of workers comp claims

LINKS

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

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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

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If you've been here a while, you know we preach job costing and how it can help a contractor be more profitable. One of the challenges of implementing a job costing system is figuring out costing your labor. Where do you start? Let's talk about it.

Topics we cover in this episode include:

• Challenges with getting information for the payroll system
• Three ways job costing labor might work in your business
• How to get started with job costing labor

LINKS

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

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

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

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One of the biggest stumbling blocks with contractors getting their job costing system set up properly is the cost code structure. There are several moving parts and it can be overwhelming. Where do you start? We're showing you on this week's episode. Make sure to check it out on the Carpenter CPAs YouTube channel.

Topics we cover in this episode include:

• Reasons contractors fail at creating cost code structures\
• The Job Costing Hierarchy
• Cost codes mapping to Chart of Accounts
• How to start with cost coding

LINKS

Get the free phase codes list: https://bit.ly/49fPfQV

Visit the episode page at https://carpentercpas.com/costcodevisual 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

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Have you ever felt like the world is ending because your bank balance is low and you don't know how you're going to pay your people or your bills? Or you're on top of the world because your bank balance is high, but the next day the cash disappears? Let's talk about the psychology of money and how you can use your innate habits to control your construction company's success.

Topics we cover in this episode include:

• The Gathering Principle
• The Principle of Designated Spaces
• The Principle of Sequencing
• Lay the foundation of your business first
• Rhythm and the Principle of Consistency
• Temptation
• Abundance vs. Scarcity Mindset

LINKS

Visit the episode page at https://carpentercpas.com/psychology 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

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Starting a construction business? Wanting to get off on the right foot? Getting the foundation right from the start can spell the difference between success and failure. Let's talk about how to successfully plan, launch, manage, and grow a new construction business.

Topics we cover in this episode include:

• Starting a business with the right mindset
• Be careful about business costs and debt when you're getting started
• Establish your financial board of directors
• Avoid these common mistakes contractors make when launching a company
• Naming your new construction business
• Know how to manage your business once it's launched
• Sales and growing your business

LINKS

Visit the episode page at https://carpentercpas.com/launch 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

Send us Fan Mail

In an industry where having solid financial backing and trust is crucial, getting these relationships right is not just a bonus, it's a necessity. This week, let's discuss how to build relationships that will last and support your business over the years.

Topics we cover in this episode include:

• How to find the right partners for your business
• Build the relationship before you need the help of a bonding agent or banker
• Make your banker and bond agent feel valued
• Introduce your banker and bond agent to your team
• Be honest about your situation with your financial board of directors

LINKS

Visit the episode page at https://carpentercpas.com/relationship 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

Send us Fan Mail

The foundation of any robust construction accounting system lies in a well structured chart of accounts. But building one can be tricky. Let's walk through it.

Topics we cover in this episode include:

• Walking through the Chart of Accounts
• How to treat retainage properly in your Chart of Accounts
• Cost of revenue categories

LINKS

Visit the episode page at https://carpentercpas.com/chartofaccounts 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

Send us Fan Mail

It's winter right now, and if you're in construction, this may be a slower time of year for you. It's a great time to create a strategic plan for your company for the coming year. How do you do it? We'll walk you through it.

Topics we cover in this episode include:

• Why now is a good time to think about your strategic plan
• Ground rules for your strategic plan
• What should be included in your strategic plan?
• The importance of a good budget
• Analyze your risk
• How to use KPIs for strategic planning
• Note the trends in your market 
• Get input from your key business advisors

LINKS

Visit the episode page at https://carpentercpas.com/strategicplan 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

Send us Fan Mail

Full-kitting is a term most often associated with manufacturing. What does it mean and how can we use that concept in construction to maximize our profits? Let's talk about it.

Topics we cover in this episode include:

• Full Kitting from a Subcontractor Standpoint
• Communicate potential problems beforehand
• Start with project planning and pinpointing common delays
• How to implement full kitting 

LINKS

Visit the episode page at https://carpentercpas.com/fullkit 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