Hey there! Welcome to the 4th video in my series called “Plugging the Profit Leaks in Your Contracting Business”! This time, we’re focusing on the most important part of your operations: production.
I’m excited to have industry expert Tom Houghton from Round Peg Solutions join me for this interview. Together, we’ll explore the top three areas where profits tend to leak in field production and, most importantly, learn what you can do to plug them!
But before we dive into the solutions, let’s take a closer look at the leak points we’ll be addressing:
- Clear Handoff from Pre-Production to Production: One major area where profits can leak is the handoff process. If critical project details get lost due to unclear communication, it can lead to costly errors and delays. In this video, we’ll show you how to establish a transparent handoff process. By using a centralized platform where everyone can easily access project details, you can prevent information gaps and ensure a smooth transition.
- Reviewing Job Hours Burned to Budget and Labor Overruns: Controlling labor costs and accurately tracking job hours are essential for maintaining profitability. Many contractors struggle with this, which can result in unexpected overruns. That’s why it’s important to regularly review job hours and labor costs compared to your budget. And here’s a handy tip: automated time-tracking systems are your best friend! In the video, Tom will share proven ways to get your employees on board with using these systems and introduce some great tools to make time tracking a breeze.
- Plan Ahead and Avoid Emergency Mode: Effective planning is the key to avoiding last-minute emergencies that can eat into your profits. But we know that getting everyone to plan effectively is a challenge. That’s why we’ll show you how to simplify the process by capturing all project details in one central location. When everyone can access and contribute to the planning process transparently, executing a two-week look-ahead schedule becomes a piece of cake. Tune in to the video to discover some valuable tips from Tom on keeping all the critical elements in one place.
While technology can be a game-changer in streamlining processes, we both know it’s not a magic bullet. Tom will not only highlight the importance of leveraging technology but also address the biggest challenge: getting employee buy-in and making the most out of these tools!
Ready to tackle those profit leaks in field production? Watch the video now and learn some fantastic tips to optimize your operations!
Make sure to stay tuned for our next video in the “Plug the Profit Leaks in Your Contracting Business” series. We’ll be diving into the world of accounting and how you can leverage it to gain better feedback.