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Working with a good construction-oriented insurance agent can save you a lot of money and headaches as a contractor. On this week's episode, we're getting some of those money-saving tips straight from our bonding and insurance expert himself: Stephen Brown.

Topics we cover in this episode include: 

• Ten ways to save money on your insurance
• Five money-saving strategies you should definitely avoid
• Why you shouldn't shop your insurance every year
• How to make insurance carriers hungry for your business

LINKS

Visit the episode page at https://contractorsuccessforum.com/insurance for more details, the article Stephen referenced, and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

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

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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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How's your year-end planning going? If you haven't put some time aside to look at where your business will be at the end of 2021 and make a plan for 2022, this episode is your chance to do some crucial reporting and decision-making that will set you up for success over the next year.

Topics we cover in this episode include: 

• The four prongs of year-end planning for contractors
• The tax considerations you should discuss with your CPA during year-end planning and how your planning should go beyond minimizing your tax payment
• The importance of good year-end financials for getting bonds
• Why you should build a cash flow plan and how a construction-oriented CPA can help you get there

LINKS

Visit the episode page at https://contractorsuccessforum.com/planning for more details, the Lifestyle Congruence download, and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

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

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Do you ever feel like your business is stuck in survival mode, even with growing sales? Many business owners find themselves stuck in what we call the Survival Trap, and this week we're talking about how to break out of it.

Topics we cover in this episode include: 

• The Business Hierarchy of Needs
• How to discover your business's vital need and how focusing on it will help you get out of the survival trap
• Why using instinct without a third party's insights might not lead you to the best decisions in your business
• How focusing on sales alone will keep you in the Survival Trap

LINKS

Visit the episode page at https://contractorsuccessforum.com/survivaltrap for more details, the Lifestyle Congruence download, and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

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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 going beyond the basic concepts and psychology behind Profit First, and into the real impact it can have on your construction business.

Topics we cover on this episode include: 

• Why too many contractors are not being rewarded for their hard work
• How even the smallest changes can have a huge impact on the health of your business
• How cashflow and profit drivers can increase the overall value of your business

LINKS

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

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

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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

When it comes to disputes on the job, documentation is the best protection. That's what we're talking about this week with special guest Chad Gill. He's a polished concrete contractor who also created an app to help teams document their jobs. We sat down with him to find out why documentation is important and how software can help you do it right.

Topics we cover include:

• Real examples of when documentation protected our companies from a loss
• How a system for documentation can improve your relationship with your bond agent 
• What additional pain points software like Chad's can address
• How to best implement new software in your company

LINKS

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

Learn more about Chad 
Visit the Workforce Recon website: https://workforcerecon.com/
Visit the Concreate website: https://thisisconcrete.com/
Read Chad's bio on the episode page: https://contractorsuccessforum.com/chad

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

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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

Stephen, Wade, and Rob are back with a second episode on Profit First myths. This week they dive deeper into common misconceptions about the Profit First method, TAPs and working with a Profit First Professional.

The myths we discuss this week:

•  I don't need to work with a certified Profit First expert to implement the system.
• Anybody can teach Profit First.
• My business won't grow if I take my profit first.
• Profit should be used for capital expenditures.
• Profit First says to put aside 15% for taxes. That's not enough.
• If I can't hit the Target Allocation Percentages (TAPs), the system won't work.

If you missed part one, go back to hear the first six myths. And don't forget to send questions or content suggestions to us at the links below.

LINKS

Visit the episode page at contractorsuccessforum.com/myths2 for more details and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

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

Many newer contractors find the process of obtaining their first bond intimidating. This week we're walking you through what you need to know to get bonds and go after the projects that will help your company grow.

Topics we cover include:

• How your bond agent will work with you to get approved, even if your financials aren't perfect
• The main factors bond underwriters consider when deciding whether to approve a bond application
• How working with a construction-specific CPA can help you get bonds
• What can help you get approved when you're just starting out 

LINKS

Visit contractorsuccessforum.com/bonds to grab the free downloads mentioned on the show:

• Sample Contractors Questionnaire
• Sample Bank Reference Letter
• Sample Personal Financial Statement
• Sample Resume

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

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

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

On this week's episode, we're tackling some common myths and misconceptions we've heard about Profit First - the cashflow management system itself as well as how to implement it in your business. 

These are the myths we're discussing this week:

•  I can implement Profit First using just a spreadsheet or my current accounting system - I don't really need to open a bunch of separate bank accounts.
• Profit First doesn't work...it's just a fad or a gimmick. 
• I don't have to wait to take my profits out quarterly; I can take them out early if I want or need to. 
• The Profit First system is something I can set and forget, without making any continuous adjustments. 
• I can have someone else run the Profit First system for me in my business without getting involved as the business owner.

Stay tuned for Part 2, where we'll be discussing more common myths about Profit First. Have one you want us to cover? Get in touch at the links below!

LINKS

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

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

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

On this week's episode, we're providing the answers to your questions about Profit First. What are the most frequently asked questions by contractors about implementing Profit First? Find out now, and don't miss your chance to win a free copy of the book.

Questions we discuss include:

• Can I implement Profit First in my business from simply reading the book instead of working with a Profit First Professional? 
• What is unique about implementing Profit First in a construction business? 
• What does the book not include that contractors need to know about Profit First?
• What does the process of working with a Profit First Professional look like? 
• Why does Profit First say to hold out only 15% for profit? 

LINKS

Enter to win a Kindle copy of Profit First by Michael Michalowicz at contractorsuccessforum.com/giveaway

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

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

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 following up on our fraud and employee dishonesty discussion with an episode focused on one of the biggest threats to your business: cybercrime. Morrelle McCrary of RAM-Tech PC Solutions joins us for this important conversation.

Topics we cover include:

• How cybersecurity has changed and why you need to worry about breaches more than hackers now
• How much it costs on average to deal with a security breach and how many businesses go under after an attack
• The tools that can help protect your data and their limitations
• The process of applying for cyber security insurance and completing an audit
• How you can work with an IT professional to secure your data and your clients' data

LINKS

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

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe.

Find all episodes and related links at ContractorSuccessForum.com.

Have questions? Need help with your cybersecurity?  Contact Morrelle at RAM-Tech PC Solutions:
RAMTechPCS.com
[email protected]
678-999-2172

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