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This week, we're talking about the best way to turn over revenue and make profit more quickly. We address the question of taking one big job with profit in it or turning over several smaller jobs, and choosing the right jobs that you can turn around efficiently. 

 Topics we cover in this episode include:

• Choosing between one large job or multiple smaller jobs
• How to analyze potential jobs
• Considering gross margin vs. top line
• Throughput accounting and overhead

LINKS

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

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

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If you've listened to the Contractor Success Forum before, you know how crucial cash flow is to the health and longevity of your construction company. This week, we're sharing some real life examples of cash flow nightmares, how they happened, and what you can do to avoid similar mistakes.

 Topics we cover in this episode include:

• Cash flow and billing for retainage
• How good (and bad) relationships can affect your cash flow
• How to approach private projects when funding hasn't been secured to protect your cash flow
• Billing issues can take even large companies down
• Liquidated damages and unreasonable time to complete a job
• Identify and address flawed processes and ongoing systemic issues
• Errors with bank feed accounting can cause cash flow problems

LINKS

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

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

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This week, Alex Barthet returns to the podcast with some actionable tips to set yourself up to get paid on time, every time.

 Topics we cover in this episode include:

• It starts with managing expectations in your written contract
• The top things to look out for in a contract that you might want to change
• Increase the notice and opportunity to cure on a default or a claim
• How to hold someone accountable to the terms of the contract
• Billing on time
• How to get into a new area of work the right way
• Make sure the owner has funds set aside to pay you
• Subcontractors and the pay when paid provision

LINKS

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

Learn more and get in touch with Alex Barthet at https://barthet.com/ 

Join the Profit First for Construction community!

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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If you're a contractor wanting to increase the amount of bonds you can get, don't miss this episode. Stephen shares his top strategies for increasing your bondability on this week's episode.

 Topics we cover in this episode include:

• The three things bonding companies care about most
• How to start putting together your bond application
• Completing the Contractors' Questionnaire
• Sharing references and key employees
• How to work up to the next level of bonding
• Indemnity agreements and personal guarantees
• The most common challenges contractors run into when trying to get bonds

LINKS

Visit the episode page at https://CarpenterCPAs.com/bondability 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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This week, we talk about the importance of branding your construction company, and where to get started with building a powerful and authentic brand that willl attract the right clients, subcontractors, and employees.

 Topics we cover in this episode include:

• The benefits of targeting a niche market
• How to find and target potential clients in your niche
• Developing your company's branding
• Using your branding to attract quality employees and subcontractors
• Using testimonials to bolster your brand

LINKS

Visit the episode page at https://CarpenterCPAs.com/brand 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/contractor-success-forum

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.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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Your financial statements not only communicate the health of your company to your bonding agent, but they also give you a clear understanding of where you stand. This week, find out the basics of what should be included in those financial statements.

 Topics we cover in this episode include:

• The key components of a good construction financial statement
• Levels of financial statements
• What your bonding agent looks for in your financial statements
• Supplementary Reports
• Cash flow statement
• Five minute bond underwriting
• Notes in the financial statement

LINKS

Visit the episode page at https://carpenterCPAs.com/statements 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/contractor-success-forum
 

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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This week, Mac Bell joins us to talk about safety and how a good relationship with your insurance agent can help you avoid safety claims and save money.

 Topics we cover in this episode include:

• Engagement with policy holders is proven to reduce claims
• Common mistakes that lead to safety claims
• Why it's important to get workers back to work quickly and how to do it
• Experience Rate Modifiers
• Why you should always turn in claims, even if just for reporting
• What you can do today to improve your safety program

LINKS

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

Find all episodes and related links at CarpenterCPAs.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum
 
Mac Bell, Builders Mutual

Join the Profit First for Construction community!

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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If you think of your construction company as a car, what are the most important indicators on that dashboard that you should be watching in order to keep it running smoothly? We're breaking down ten key gauges that provide insights into the health and efficiency of your company.

 Topics we cover in this episode include:

• Speedometer - Sales Growth Rate
• Tachometer - Project Efficiency
• Fuel Gauge - Back Log
• Oil Pressure Gauge - Cash Flow Management
• Temperature Gauge - Risk Management
• Odometer - Project and Company Milestones
• Check Engine Light- Early Warning Indicators
• Battery Voltage Gauge - Financial Stability
• Tire Pressure Monitor - Resource Allocation
• Navigation System - Strategic Planning

LINKS

Visit the episode page at https://contractorsuccessforum.com/dashboard 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/contractor-success-forum

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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Artificial intelligence and tools like ChatGPT are big topics of discussion across industries today. But how can you use these tools to increase efficiency and build a more successful construction company? Find out on this week's episode with guest Morrelle McCrary, owner of RAM-Tech PC Solutions LLC.

 Topics we cover in this episode include:

• How to use AI for project planning
• How to use AI to read contracts
• Use AI as a framework and verify your answers
• How to use AI for customer relationship management
• How to use AI to respond to emails
• How to use AI to use Excel more effectively

LINKS

Visit the episode page at https://carpentercpas.com/AI 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/contractor-success-forum

Get the free download 10 ways you can use AI in your construction business NOW (with prompts!): https://carpentercpas.com/resources/ai/

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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Many construction contractors want to get an idea of where they stand in comparison to the competition or industry benchmarks, but they're not sure where to begin. This week, we're discussing some benchmarking lessons from a source you may not have considered: baseball. Listen to learn what baseball teaches us about measuring success, analyzing losses, scouting players, and more.

 Topics we cover in this episode include:

• Statistics
• Reviewing the game tape
• Setting Goals
• Analyzing losses
• Measuring Success
• Player scouting
• Performance incentives
• Pitcher selection
• Competition scouting
• Hitting strategy

LINKS

Visit the episode page at https://contractorsuccessforum.com/baseball 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/contractor-success-forum

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Rob Williams, Profit Strategist | IronGateESS.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
   
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com