The Construction Leading Edge Podcast
Business:Entrepreneurship
Get control of your cash flow - Maximize revenue - Sell better to sell more - Maximize personal productivity - Increase crew productivity...
These are a few of the Top 10 Things you can do if you own or manage a construction business, to make this the best year ever.
Here are the Top 10 Ways to Make This the Best Year Ever:
#1. Get control of your cash flow
- Poor cash flow is not a problem...it's a symptom of other problems.
A few strategies to improve your cash flow include...
- Reduce "opportunity cost."
- Figure out "invoicing gymnastics" to speed up payments
- Eliminate "ticket starvation" to make sure you get paid for 100% of the work you do.
#2. Maximize revenue
- Your business is a revenue generating machine that turns days into dollars.
A few strategies that will help you maximize revenue include...
- Identify your key revenue producing activities
- Figure out who your key revenue producing employees are
- Eliminate, Automate and Delegate
- Operate with a "Right to Left" mentality
#3. Sell better...to sell more
- Understand the psychology of selling.
- Learn how to talk to customers about THEM...and not YOU.
- Get over your mindset issues related to selling
- Put systems in place
Go listen to Episode 38 and Episode 61 for more on selling.
#4. Maximize personal productivity
- Only do what only you can do.
- Outsource, delegate, automate, and eliminate
#5. Increase crew productivity
- Over invest in planning your work
- Understand how to motivate your people
- Create systems and processes to help them operate at peak efficiency.
- Help them make you more money
#6. Recruit and hire to build your business
- Determine the right time to hire.
- Create a job description.
- Find qualified candidates.
- Know how to interview them and find out the right information.
- Figure out a compensation package.
- Training and on-boarding process so they succeed.
#7. Harness the power of effective delegation
- You need to build leaders to grow your business.
- Stop being a micro-manager...just stop it!
- Get past the mindset issues preventing you from delegating.
- Learn how to be "end result" focused, instead of "how to" focused.
#8. Master the art of handling conflict
- Unresolved conflict is a productivity killer, causes lots of good people to go work elsewhere, and is a leading cause of business failure.
#9. Sharpen your planning skills
- Lincoln said, "Give me 6 hours to chop down a tree and I'll spend the first 4 hours sharpening the axe."
- Get better at planning for strategic business decisions, hiring, safety, revenue, profit, staffing...everything.
- Planning is solving problems in the future, before they happen.
#10. Learn how to build systems
- A business consists of a lot of repetitive tasks that need a consistent process in order to get consistent results.
- Many business activities are about the transfer of information, and you need to build consistent systems for doing so.
- Systems for time tracking, change orders, sales, training, and invoicing, are all key to building your business.
The Good News:
First - These are all skills that you can learn.
Second - The Construction Business Accelerator is designed to help you with all of them.
Click here to learn how the Construction Business Accelerator can help you make THIS YEAR...
Your BEST YEAR EVER.
Lead from Behind: 9 Strategies to Get Architects, Designers, and Clients to Meet Your Deadlines | 338
The Freedom of Accountability, Delegating and Letting Go of Control with Max Christiansen | E337
Why Business Continuity Planning Equals Freedom for Entrepreneurs | E336
Estate Planning Myths, Mistakes, and Nightmares with Jon Braddock | E335
Inc. Magazine Honoree Reveals 1,126% 4-Year Growth Strategies with Chris Tatge | E334
Using the MMDD List to Get Your Team to Solve Problems and Follow Processes | E333
Is This Deficiency Plaguing Your Business? | E332
What Construction CEOs Actually Need: A Roundup of the Best Ideas From a CEO Alliance Meetup | E331
The CEO Mindset Shift: A Panel Discussion | E330
Executing a Successful Business Turnaround & Strategically Letting Go with Michael Moore | E329
How to Become Addicted to Your Business Without Dealing 24/7 Phone Calls with Alex Knapp | E328
Tracking Metrics, Casting Vision & Implementing Systems with Alex Gregg | E327
From Homebuilder to Business Builder: The Systems That Eliminate CHAOS and Improve Everyone’s Experience with Jeff Bowers | E326
Structuring a Construction Business For Growth with the Right Systems with Nolan Harris | E325
Eliminating Chaos Through Accountability and Focusing on Preconstruction with Charles Rogers | E324
Succession Planning, The Triple Bottom Line, and Setting Up an ESOP with Jonathan Orpin | E323
Stop Sabotaging Your Success: Hidden Thinking Traps Entrepreneurs Should Avoid | E322
Living in The Gain and Generating Enjoyable Profits with Alex Thompson | E321
How Adversity Can Crush You or Make You Unstoppable (You Choose) | E320
Why Breaking Old Habits is Key to Achieving New Business Heights | E319
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