Contractor Success Forum

Send us Fan Mail

A Work In Progress report is a powerful tool: it can increase your bonding capacity, help you manage costs, and give you an accurate picture of both your working capital and the status of your current jobs. This week, we're talking about why the WIP is crucial and how to do it right.

Topics we cover in this episode include:

• How a WIP report affects your bonding capacity
• The importance of consistency when tracking job costs and why WIP numbers are not always intuitive
• Common mistakes contractors make on their first WIP report
• Addressing stored materials on the WIP report
  
  

LINKS

Visit the episode page at https://contractorsuccessforum.com/WIP 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

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

Send us Fan Mail

Did you receive funds from the government as part of the COVID relief efforts? Are you unsure how that money will affect your bonding capacity now? Get up to speed on PPP loans, EIDL loans, and the ERTC on this week's episode.

Topics we cover in this episode include:

• Why it's important to talk to your bond agent about the PPP or other COVID-related government funds you've received
• A crucial cash-saving tip for classifying the employees that you pay with PPP funds
• The loans and grants that have been helpful to contractors and how to address them now
• The importance of obtaining forgiveness letters for taxes and bonding
• How accepting government funding affects your bonding capacity
  
  

LINKS

Visit the episode page at https://contractorsuccessforum.com/PPP 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

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

Send us Fan Mail

A joint venture is a great tool that can be used to go after bigger jobs or jobs outside your expertise. Setting one up can be complicated. This week, we're talking about how to set one up the right way using accounting best practices.

Topics we cover in this episode include:

• The purpose of joint ventures
• Formal vs. informal joint venture agreements
• Deciding on the details of a joint venture agreement
• Why you should treat the joint venture as a separate entity
• Setting up your books for a joint venture
• When things go wrong in joint ventures

LINKS

Visit the episode page at https://contractorsuccessforum.com/jointventureaccounting 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

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

Send us Fan Mail

Is your construction company a one-man show? This episode is for you. Even if you've hired additional employees, you'll benefit from this week's episode full of tips for efficiency, productivity, and saving time, money, and stress in your business.

Topics we cover in this episode include:

• How to work smarter and use your resources efficiently
• Why you should track where your time is spent
• How technology can be a huge advantage (or a burden, if you use the wrong tools)
• Why you shouldn't use cheap tools  
• The importance of systemization and delegation in your business

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/

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

Send us Fan Mail

A good bonding program and an established surety relationship are signs that your construction company is moving in the right direction. But how do you get started with surety bonding? This week we're covering the basics of bonds: why you might need one, the different types of bonds, and how you can start setting yourself up now to qualify for one.

Topics we cover in this episode include:

• What a bond is and why you might need one
• How to get bonds and why you shouldn't be intimidated by the process
• Bid bonds vs. performance bonds
• The Three C's of Bond Underwriting
• How to start preparing to get bonds before you need them

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/

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

Send us Fan Mail

Most people in the construction industry are currently dealing with material supply issues. How can you manage the situation and protect yourself from possible pitfalls caused by supply chain issues? Find out on this week's show.

Topics we cover in this episode include:

• The current state of supply issues and material cost increases
• Why you need to put a deadline on your bids
• How documenting and communicating frequently can protect you 
• How to lock in prices with subcontractors and suppliers
• The importance of communication with your suppliers 
• How diversifying your supplier base can help

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/

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

Send us Fan Mail

It's time to talk about taxes. This week we're tackling five important things every contractor should know about taxes. We'll offer some general advice, address common tax mistakes we've seen contractors make, and dispel some pervasive tax myths.

Topics we cover in this episode include:

• How having your business structured in the wrong type of entity can affect your taxes
• The difference between deferring and avoiding taxes
• The importance of understanding your accounting method for tax purposes
• How to use the accounting method you're set up under
• What the Credit Card Rule is and how it can affect your deductions

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/

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

Send us Fan Mail

This week we're diving deep into the topic of finding and hitting your business's sweet spot for more long-term profitability, success, and happiness. Join us to hear three different perspectives on the factors that make up a sweet spot, how to pinpoint yours and what to do to start landing construction jobs within it.

Topics we cover in this episode include:

• Which factors go into a contractor's sweet spot from the perspectives of a bonding agent, a bookkeeper, and a profit strategist
• How to segment your jobs to find out which types of work to aim for in the future
• Why job costing is crucial to finding your sweet spot
• What the "cringe and crush" factor is and why you should consider it when segmenting your jobs
• How risk assessment factors into your sweet spot
• Why you should focus on your bottom line, not your top line

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/

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

Send us Fan Mail

Is your construction company feeling the effects of the Great Resignation? Or maybe you're just overpaying for specialized work being done in-house. Either way, it may be time to consider outsourcing.

Topics we cover in this episode include:

• Why you should consider outsourcing your core functions
• How trying to take care of core functions yourself rather than outsourcing to experts can lead to losing money
• How job costing helps you decide which functions to outsource
• How technology enables outsourcing for most job functions
• Where to find the right people to outsource the work to

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/

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

Send us Fan Mail

The start of a new year is the perfect time to implement the Profit First cash management method in your business. Not sure how to get started? We're sharing first steps and common mistakes to avoid this week. Join us and start your year off strong.

Topics we cover in this episode include:

• Why the start of a new year is an ideal time to implement Profit First
• The best way to fast-track implementation and make sure it's done right
• The biggest hurdles people face when implementing and how to get past them
• Common questions about Profit First including around owner's comp, payroll, and the tax account
• How to adjust your percentages based on changes in revenue and overhead
• Lifestyle congruence and how to use it to set meaningful revenue goals

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/

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