The Profit Builder

recruiting best practices (in a post-pandemic economy)

Construction contractors, it’s time to address the elephant in the remodeled room…

The reality is – finding qualified people in the construction trades has become more challenging than ever, in this post-pandemic economy.

Unlike many unscrupulous “GURUS” and guiltless consultants in our industry, I’m not here to tell you it can be easy – because that would be a lie.

What I AM going to tell you is that when you implement a few practices around HOW you recruit, you’re far more likely to attract highly qualified and skilled candidates…

…And not only that, but you will also spend a lot less time and a lot less money on hiring and recruiting.

In this week’s Recruiting Best Practices (in a post-pandemic economy) blog you’ll discover:

  1. Why is it more effective to view recruiting as a “continuous process” rather than the more typical perspective of seeing recruiting as a “project” …
  2. The benefit of continuous recruiting will combat the “raises by blackmail” that so many business owners face. (You’ll always keep the upper hand and never be at the mercy of an employee again).
  3. The reason why it’s smart to keep posting job ads, even if you don’t have any current open positions. (This one simple strategy will allow you to always have the “pick of the litter” when it comes time to hire.)
  4. How to interview people honestly even if you’re not looking to hire anyone right away. (It’s about building long-term relationships, so when the time comes, you’re working WARM leads rather than shooting in the dark.)
  5. That you won’t hurt the morale of your current staff if they know that you’re actively recruiting people for positions that are already filled… In fact, they will respect you more as a leader and take more pride in their work!
  6. And much more…

My guest Ed Earl with Contractors Staffing Source has been in the industry for over 20 years as a construction manager and coach, and truly understands the construction industry and how to build great teams… And be sure to check out the screening tools they use at Contractors Staffing Source.

Stay tuned over the next few weeks as I share my “Hiring Right” mini-series – all geared at helping you be better at recruiting and hiring great people for your team!

Three Part Succession Planning Mini-Series: Part 3 – SOLD! how this husband and wife contractor team successfully sold their business!

If you’ve owned your contracting business for any length of time, and have asked yourself the inevitable question: “How’s this going to end?” you are in the right place…

In the third and final installment of this three-part succession planning mini-series, I’m sharing an interview I did a few years back with contractors Tom and Barbara who worked through the challenging up-and-down process of transitioning out of their business.

Whether you’re considering selling your construction company, looking at retiring, or simply wanting more free time doing what you enjoy, building systems that can sustain success in your absence, as Tom and Barbara point out, is key.

Discover the ins and outs of how they were able to successfully set themselves up with a great ROI for the many years of hard work they put into their business.

Succession planning isn’t always straightforward, and today’s video will show you how to identify and sidestep some of the often-overlooked challenges of selling your construction company.

When you’ve finished watching this video, if you haven’t already, be sure to watch the interview I did with Tom and Barbara’s son Louis in Part 2 (published last week) to get a birds eye look at what HIS experience was. It’s quite eye-opening and chocked full of important lessons.

Leave a comment below and let me know if this series was helpful.

Three Part Succession Planning Mini-Series: Part 2 – How to successfully succeed your business to the next generation

Succession Planning Mini-Series Part 2 of 3: “Lessons from Louis…”

Like many family-owned companies, it was just an assumption from the time Louis came on board (after a stint in the hotel industry) that he would take over one day, but they, unfortunately, failed to plan anything out for the first few years…

In fact, it took several years to make a clear decision together that he would take over the business.

In hindsight, Louis said it would have kept things simpler and helped save money if they had sat down for those conversations much earlier.

If the thought of transitioning your business to the next generation sounds scary or impossible, part 2 will open your eyes to the good, the bad, and the sometimes, yes, even the ugly, reality of being in business with family.

In this highly informative interview, Louis shares the details of how his parents successfully succeeded the business to him and gives a candid look at what worked, and what didn’t.

And to help you save time and avoid as much frustration as possible, Louis generously shares his powerful 12-point checklist of the proven strategies they used to help make it all successfully come together.

Whether you’re looking to simply work less in your business, or transition it to the next generation, building systems that can sustain success in your absence is key.

Get Louis’s free checklist 12 Tips to Successful Succession

Three Part Succession Planning Mini-Series: Part 1 – How to Get your contracting business ready to sell

If you are a construction contractor looking to sell or transition your business, this 3-part succession planning mini-series will be very helpful…

In this informative interview with David Lupberger, he’ll share the behind-the-scenes details about how he transitioned out of his contracting business and how to get your business set up to sell for top dollar.

David expertly walks you through some important questions to consider as you think through the next phase of your professional life.

Not only that, but David will also show you step-by-step how to seamlessly transition more of the day-to-day tasks to your team, ultimately providing you with more choices and options about how you spend your time.

If you are thinking about selling your contracting company, this informative interview with David shines a light on the big picture, and how to strategically think about transitioning your business.

He also provides a powerful list of things you can begin doing RIGHT NOW to help you quickly get started.

Be sure to also check out parts 2 and 3 of this succession planning series where I interview the current and previous owners of a design-build firm who successfully transitioned their business to the next generation.

Finally, be sure to check out David’s “Exit Assessment” tool that will help you immediately identify what areas of your business you can begin to transition now.

Ed Earl provides workable solution for managing emotional and challenging clients

All contractors hold this truth to be self-evident…  That all clients are not created equal.

Often during my initial check-in with new clients, I find myself listening to frustrating tales of woe, about their challenging or difficult clients.

90% of the time those stories involve an emotionally indecisive homeowner or an impossible-to-please demanding client with unrealistic expectations.

It usually comes down to the contractor secretly wishing the client would just trust them and let them do their job! After all, they hire you for your expertise, right?

Have you ever found yourself wanting to shout out loud – “JUST MAKE A DECISION and pick the tile you want – otherwise this kitchen project will never get finished!”

If so, you are in good company, because it happens to the best of them!

While talking with my friend Ed Earl (affectionately known as the Zen Builder) about his unique approach to managing clients, I instantly thought – “gosh, my clients and followers would gain HUGE value from hearing Ed share his time-tested insights for optimizing the client experience.”

Today’s video is rich with actionable advice as Ed shares his proven strategies for understanding and expertly managing the client relationship.

You’ll discover some powerful insights that will help you AND your client have a better, more satisfying experience throughout the construction process.

As a bonus, at the end of the video, Ed shares a little-known resource that will definitely help you create a better “win-win” on your next project!

You can get your copy of it here

what the Grand Canyon taught me…

I love the contracting industry and I am grateful for the life it has allowed me to build…

As I watch with bated breath and a bit of anxious concern about what is happening to our country and the economy, it draws to mind an experience I had while hiking to the bottom of the Grand Canyon and back.

You see, for 30+ years, I’ve lived in the trenches of our industry, I’ve paid my dues, and I put my heart and soul on the line day-in-and-day-out, providing timely insights, expert direction, and proven actionable advice to help hardworking contracting business owners as you succeed.

I’m laser-focused on making sure the content I publish helps my readers, clients, and community members successfully navigate the days, weeks, and months ahead.

The other day, I came across the blog post I wrote shortly after my Grand Canyon hiking experience. That tough journey taught me 4 key lessons that correlate perfectly to all of us in business, especially during these uncertain times.

I’m sharing it again today in hopes that you too will find the wisdom in these words helpful.

(more…)

contractors who charge for Pre-Construction Services earn higher profits (here’s how)

​Not charging for Pre-Construction services is costing you a ridiculous amount of time and money…

Yeah, but Vicki, all my competitors offer FREE estimates, so if I start charging for those Pre-Construction services, I won’t sell as many jobs!

Not true!

In fact, statistics show that contractors who put a value on their Pre-Construction services not only save a ton of time but also earn higher profits and end up working with better caliber clients… and in today’s video, I’m going to prove it.

While I appreciate that making a bold change like this in your business can seem a bit confusing or scary, it’s one that I’ve seen over and over that can make a HUGE improvement in the overall success of your construction projects and your bottom line!

Today’s special guest is David Davison of Realty Restoration, Inc.  David takes a completely different approach on how to do pre-construction agreements. David removes the guesswork and shares the ins and outs of how he implements them into his own design-build firm with tremendous success.

Click the link below to gain an insider’s perspective of how David navigates this conversation with the client, and how he justifies the costs in a practical and grounded way, to get more YESSES (and how you-can-too)!

To help you implement Pre-Construction services, David was generous enough to share with us the Pre-Construction Agreement Realty Restoration, Inc. uses in their business.  A super valuable offer – thank you, David!

contractors on brink of bankruptcy turn things around and find their TRUE WORTH!

Contractors are some of the smartest people I know, and yet, most of them rarely give themselves enough credit for the value and contribution they make…

This is often reflected in their cut-rate pricing, and in their “thin” uninspiring bottom line.

Does this sound like you? Is your bottom line not matching up with your worth?

If your bottom line isn’t matching up with your worth, take a few minutes to watch today’s video and let me help you fix that problem, once and for all!

Look, just because a contracting business may not be as glamorous as being a doctor, lawyer or superstar entertainer, doesn’t mean you should see it as having less worth!

After all, you work hard for your money… and you help make people’s dreams come true.

You create value and produce a quality product that provides lasting memories for the clients you serve, and you absolutely deserve to be paid what you’re worth.

I hope you believe that…

In today’s video, I share the true story of how I helped a client who was on the brink of bankruptcy, make more money than they ever dreamed possible. Not only that, but they also now take off 4-6 weeks a year and rekindled the joy and love for what they do again.

Discover what Alex and Joe did to turn their business around and how you can apply these proven, results-driven steps to your business and start getting paid what you’re worth!

markup vs. margin – where profits are made and lost

As a contractor, you live and die by your gross profit margin.

And if you’re not crystal clear about how to markup your bids to get the right gross profit margin, your bottom line will suffer, cash flow will be a struggle, and you end up frustrated that you’re working so hard and not making a decent return.

If that sounds far too familiar, you are in the right place…

Because when you understand how to markup your bids to get the desired gross profit margin, you greatly stack the odds in your favor to make a consistent profit.

Not only that, also having clarity about your numbers gives you greater confidence in your ability to sell projects.

Imagine, no longer having to guess, because you intimately know what it really costs, and you can speak to that confidently and with authority.

In this video I walk you through a simplified process for understanding markup and margin, and how to apply that knowledge directly to your markups, bidding, and pricing strategy.

At the end of the video are links to a few FREE resources that will help you gain greater clarity and confidence to bid on project profitably right from the start!

HEY, Contractors! when it comes to your numbers, do you “hope” or do you “KNOW” they are accurate?

Your greatest asset, when it comes to making a consistent profit, is accurate and reliable feedback…

It’s the only way to TRULY have the confidence in knowing where you stand financially.  And it moves you out of the realm of wishing and hoping.

Simply said – accurate feedback, gives you more control over profitability.

Without it, you end up second-guessing what your numbers really mean, and not trusting them… and that just causes you to double down and work harder because the only number you end up paying attention to is the money in your bank account.

That shortsightedness leads to a nagging feeling of angst toward your work because HOPING things will work out, is filled with stress and frustration.

And let’s be honest, after coaching and consulting countless contractors over the last 25 years, the only real reason, the majority of contractors avoid learning how to truly understand their numbers, is… fear and uncertainty.

Business owners don’t like to look at their profit and loss statement, because, for the most part, they don’t trust it… or know exactly what to look for.

…And that is a bona fide anxiety-producing, reality, for far too many contractors.

Getting more accurate feedback on your Profit and Loss statement is easy, when you know what to look for, and how to properly account for that data.

Long story short, it really isn’t as hard as you might think, and in today’s enlightening video I walk you through how to do just that.

And I will also provide you with some detailed resources to help you gain more control over the feedback you’re getting, and ultimately, more control over the profitability of your business.

Get your FREE Business Health Assessment to find out where your business is bleeding profits!

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