This Podcast Is Episode Number 444, And It's About Job Costing - Your Construction Company's Competitive Advantage Every contractor has a Job Costing Library; some keep it in their head, some keep it on paper with names like completed jobs, bids, estimates. Other contractors keep it in their QuickBooks For Contractors' software records. Still, other contractors rely on places like RS Means for comprehensive databases of construction costs. These are similar to the "Flat Rate Books" used by car repair shops for decades.   A tiny fraction of contractors understand the actual value of a customized cost library and invest the time, energy, and resources to build and maintain one. Having done several, I can tell you it is a painful, arduous task. I will tell you a story to make it crystal clear.   The Treasure Box That Saved Four Contractor's Lives! In the mid-1800s, an archeologist left New York City on a journey into the heart of the African jungle in search of a lost civilization. He intended to find and bring back treasures that would make him a wealthy man. He recruited four physically fit and very intelligent contractors, one each from , to assist him with the promise they would be paid a substantial reward when they returned the treasure box to his office in New York City. All went well for the first two weeks, and as luck would have it, they stumbled upon the lost civilization resting undisturbed under a soft blanket of floral and vines. The archeologist and the contractors worked feverishly to find the treasure without success during the next two weeks. Late one afternoon, the archeologist was bitten by a poisonous snake, and before long, he began to get dizzy. He knew he had less than twenty-four hours to live, so he decided to spend his remaining time putting a plan in place to save the lives of the contractors he had brought on the journey. While the contractors slept, he filled the Treasure Box and sealed it with a large, heavy padlock. When the contractors awoke the following day, he described in great detail how he had found not what he came for but something much more valuable, more valuable in fact than gold and jewels. Everyone was very excited until he told why he would not make it out of the jungle alive. This news caused a great deal of sadness because everyone knew the archeologist was the one person who could keep peace and harmony when tempers flared and made sure everyone stayed focused and kept on track. The archeologist struck a bargain with the contractors to be rewarded handsomely if they worked together and delivered the Treasure Box to his office in New York City. He gave them a letter written in Latin to be delivered to his partner along with the Treasure Box with instructions regarding the contents of the Treasure Box. The archeologist made it clear the Treasure Box had to remain sealed until it was delivered, or else they would receive nothing. Now getting four contractors to agree on anything is a miracle in itself, let alone work together. They were fortunate the Treasure Box was so heavy it required all four of them to work together to move it. They fought their way through the jungle for three long terrible weeks, finally arriving at the archeologist's office in New York City and presenting it to his partner with the Treasure Box and the letter. The partner read the letter and smiled knowingly before opening the Treasure Box. It was filled with rocks. The contractors were very angry and upset. When they calmed down, the partner translated the archeologist's letter for them, and it said: "By Making You Work Together, I Saved Your Lives Which Is Worth More Than Gold Or Jewels" Your Treasure Box is your construction company's job costing library.  Building it is like taking that long, challenging journey out of the jungle, which is why so few contractors ever do it even though the results are more valuable than a Treasure Box full of gold and jewels; because a job costing...