Building a financially strong construction business requires mastering job costing, strategic credit solutions, and effective communication between the field and the back office. But achieving this goal requires careful attention to every aspect of your financial management. In this episode, Timothy Wingate Jr., Founder and President of G+F Business and Financial Consulting, explores the world of construction accounting. Timothy shares his firsthand knowledge of the industry, discussing everything from managing your cash flow to strategic credit solutions. He explores crucial topics like calculating margins, securing loans/credit, and improving communication between the field and the office. As Timothy emphasizes, if you build it, you deserve to get paid for it. Tune in now and learn how to build a financially strong construction business.
More episodes from "Construction Genius"
Bricks, Mortar, And AI: Could ChatGPT Be The Key To Unlocking New Efficiencies In Construction? With Robert Salvador
40:37Artificial Intelligence has become a powerful ally to many industries, and the construction business is no exception. It has become a weapon that conquers inefficiencies and unlocks new business possibilities. In this episode, Robert Salvador, the CEO of DigiBuild Software, explores the value of AI and navigates the ins and outs of ChatGPT in construction. Emphasizing the significance of AI in the construction business, he explains how you can practically leverage it. Robert also provides concrete steps to make this technology work for your company. Let’s traverse into the exciting landscape of AI Construction with Robert’s expertise today!
Revolutionizing Multifamily Construction: How Norhart Achieved 20-30% Cost Reductions And Transformed The Industry With Mike Kaeding
45:38The real cost-cutter may not be what you think. In this episode, our special guest is Mike Kaeding, the CEO of Norhart, who is revolutionizing the multifamily market with their groundbreaking approach to construction projects. Mike's unwavering commitment to placing the right people in the right positions led him to hire a remarkable team of 16 in-house recruiters. Today, he shares the importance of having the right people and how it helped Nohart achieve cost reductions that transformed the construction industry. He discusses why it's crucial for organizations to have an in-house recruiter who truly understands their culture and is dedicated to bringing in top talent. Say goodbye to outsourced recruiters and embrace this powerful idea. And that’s just the tip of the construction cane, as Mike also reveals his ambitious mission of driving down costs by a jaw-dropping 50%, starting with a 20-30% reduction! Don’t miss out, as Mike leads in reshaping the industry. Tune in now!
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How To Stop Chasing Work And Start Targeting the Right Projects In Prime Locations With Great Clients With Chloe Smith
31:40In a fast-paced business environment, the fear of missing out on the perfect project that aligns with a company's specialty and growth objectives is a common concern for business development professionals. However, Chloe Smith, the CEO and Co-founder of Mercator AI, offers a solution to this challenge and for you to stop chasing work and target the right projects in prime locations. She articulates how Artificial Intelligence, specifically her technology, works. Also, she delves into the value of AI in business and highlights her vision for utilizing this technology to augment capabilities. Chloe has a strong intuition and vision to start her business. She encourages startup leaders to trust their intuition, sharing her journey as inspiration. Tune in to this episode and set your journey towards business growth today.
Summer Of Skills: The Heavy Metal Experience And The Future Of The Building Trades
28:57Within the construction industry lies a vast realm of untapped opportunities, awaiting those who dare to venture beyond the familiar. Get ready to rock out in this exhilarating episode! Come explore with us the universe of heavy metal – not the music, but a thrilling project that is transforming the construction industry and shifting our perception of it. Our guest Angie Simon, co-founder and president of Heavy Metal Summer Experience, shares the inspiring story of how this revolutionary summer camp has achieved unprecedented levels of success. The Heavy Metal Summer Experience provides high school youth with a transformative opportunity to explore the limitless potential within the trades. It's a gateway for talented, hardworking individuals who may not be college-bound, yet yearn to build a remarkable future in the construction industry. Angie reveals the origins of the Heavy Metal Summer Experience and unveils the intricacies of its structure. Furthermore, she elaborates on how various segments of the construction industry, ranging from subcontractors to general contractors, can incorporate the Heavy Metal approach to entice prospective individuals to join the field. Tune in now and discover the path to trades! Buy Eric's Book: Construction Genius: Effective, Hands-On, Practical, Simple, No-BS Leadership, Strategy, Sales, and Marketing Advice for Construction Companies https://www.amazon.com/Construction-Genius-Effective-Hands-Leadership/dp/B0BHTRDY1T/
Establishing A Safety Culture: The Importance Of Near Miss Reports In Mitigating Incidents With Terry Dussault
46:16Is it possible to achieve a flawless execution? That may seem impossible, but that should be the construction business's goal. In this episode, Terry Dussault, the founder of Yellowknife Consulting Services, highlights the value of establishing a safety culture to mitigate incidents. He differentiates a safety program from a safety culture. Terry also discusses why it's essential to investigate incidences and how you can develop a near-miss reporting program your employees can buy into to reduce the number of incidents in your company. Remember, you need to tailor these insights to your company's specific needs and culture. Consulting with safety professionals or experts can guide you in implementing an effective near-miss reporting program. Tune in for more!
The Art Of Saying "No" And Other Leadership Strategies
46:30In this insightful interview, Bradley engages Eric Anderton in a conversation about his journey, his leadership philosophy, and the strategies he employs to help construction leaders maximize their potential. Eric shares his unique EAR (Encouragement, Accountability, Recognition) framework for effective leadership communication, discusses the importance of setting an aspirational hourly rate, and emphasizes the power of saying "no" to tasks falling outside a leader's role or below their aspirational hourly rate.
Nail Your Estimates: How To Use Information, Creativity, And Collaboration To Win More Work With Melvin Newman
47:53Changing the game in estimating can be a pain in the neck but utilizing gathered information will help strategize and turn the tides in the business’ art of war. In this episode, Melvin Newman, the President of PataBid, accentuates some key points to nail your estimates and win the right projects, clients, and locations. He also captures the value of socializing the estimates in your organization to be creative in increasing hit rates and winning more work. Melvin also shares his insights on how time inversion impacts the hit rate of a contractor in winning the work. Let’s dive deeper into this conversation with the estimating genius Melvin Newman! Do you have a talented senior executive who needs to be a better leader? Getting an outside, impartial perspective from an industry expert can help. Reach out to Eric directly to learn more about his executive coaching for construction leaders: www.constructiongenius.com/contact
Website Strategy: Mastering SEO To Humanize Your Brand And Navigate Litigation With Michael Buzinski
37:39In this episode, Eric Anderton engages in a captivating conversation with Michael "Buzz" Buzinski, an expert in website strategy, search engine optimization (SEO), and integrated marketing. Buzz provides a comprehensive understanding of SEO and its crucial role in enhancing a construction contractor's website performance, online visibility, and lead generation. Discover effective techniques for humanizing your brand by leveraging community relationships, building trust, and positioning yourself as a reliable and approachable industry expert. Gain valuable insights on using SEO as a strategic tool to navigate potential challenges, including litigation, and protect your brand's reputation in the digital landscape. Learn how to optimize your website strategy by incorporating SEO best practices, keyword research, content optimization, and user experience enhancements. Buzz shares practical recommendations for contractors seeking to dive into SEO, whether through DIY efforts using reputable online tools or by partnering with an experienced search engine marketing firm. Explore the long-term benefits of SEO and the importance of considering the full marketing ecosystem to maximize return on investment (ROI) and drive sustainable business growth. Connect with Michael "Buzz" Buzinski at Buzzworthy.biz to leverage his expertise in website strategy, SEO, and integrated marketing for your construction business. Contact Buzz via email at [email protected] or by phone at 907-382-7625. Connect with Buzz on LinkedIn: https://www.linkedin.com/in/MichaelBuzinski/ Don't miss this enlightening episode where Eric and Buzz delve into the realm of website strategy and its pivotal connection to SEO. Whether you're aiming to humanize your brand, optimize your online presence, or effectively navigate potential reputation challenges, their insights will equip you with actionable strategies to elevate your construction business. Tune in now to master the art of SEO and propel your website performance to new heights. Get in Touch with Eric: Interested in executive coaching? Eric offers invaluable insights and practical advice that can guide your leadership journey in the construction industry. Schedule a quick 10-minute conversation with him through the following link: 10minuteswitheric.youcanbook.me For more hands-on, practical, and effective leadership advice, be sure to get a copy of Eric's book "Construction Genius: Effective, Hands-On, Practical, Simple, No-BS Leadership, Strategy, Sales, and Marketing Advice for Construction Companies." Available on Amazon. The book provides a wealth of knowledge that every construction professional can benefit from. Don't miss out on the opportunity to elevate your leadership, strategy, sales, and marketing game in the construction sector.
Scaling Up: Empowering Growth Through Leadership Development And Innovation With Wes Palmisano
54:05In this comprehensive and insightful conversation, Eric Anderton, host of Construction Genius, sits down with Wes Palmisano, President & CEO of Impetus, a commercial construction startup that rocketed to success. The chat unveils Wes's approach to leadership development, culture creation, and his strategic blend of in-house and external expertise to drive growth and innovation. Wes also shares his personal strategies for maintaining focus amidst the whirlwind of leading a fast-growing company. Highlights: Building a Leadership Academy: Wes discusses how Impetus created its own Leadership Academy, empowering employees to grow into more prominent roles within the company. He highlights the value of investing in people, creating an internal ecosystem where talent can flourish, and the benefit of structured career pathways. Cultivating a Company Culture: Wes emphasizes the importance of creating a culture that mirrors the identity of the leaders. He stresses that it's not only about setting standards and values; instead, it's about nurturing those values consistently within the organization, to the point where it becomes a habit. Balancing Internal and External Expertise: Wes unpacks how his organization leans on external expertise when needed, despite their preference for in-house resources. He elaborates on how these external consultants bring fresh perspectives and ideas, highlighting the importance of careful selection and gradual integration of external partners for alignment with the company's culture. Continuous Growth and Expansion: Wes offers an inside look at the rapid growth of Impetus, from zero to $100 million in revenue in its first 36 months. He describes the company's journey, from initially focusing on commercial construction to branching out into heavy civil construction and other self-performed capabilities, always pushing for innovation and improvement. Maintaining Sanity Amidst Rapid Growth: In the midst of an aggressively growing business, Wes swears by routine to maintain his sanity. He shares his personal strategies for keeping a structured day, including exercising, minimizing decisions, and sticking to what works for him. A Taste of New Orleans: The conversation wraps up on a lighter note, with Wes recommending Peche, a local seafood restaurant in New Orleans that offers a modern, healthier take on traditional local cuisine. For a deep dive into how a successful construction business operates and navigates challenges, don't miss this conversation with Wes Palmisano on Construction Genius. Explore the journey of Impetus and find actionable insights to drive your own business success. Links: Website: https://buildimpetus.com, https://www.thinkrngd.com LinkedIn: https://www.linkedin.com/in/wesley-j-palmisano-317681a, https://www.linkedin.com/company/buildimpetus Restaurant Recommendation: https://www.pecherestaurant.com Get in Touch with Eric: Interested in executive coaching? Eric offers invaluable insights and practical advice that can guide your leadership journey in the construction industry. Schedule a quick 10-minute conversation with him through the following link: 10minuteswitheric.youcanbook.me For more hands-on, practical, and effective leadership advice, be sure to get a copy of Eric's book "Construction Genius: Effective, Hands-On, Practical, Simple, No-BS Leadership, Strategy, Sales, and Marketing Advice for Construction Companies." Available on Amazon. The book provides a wealth of knowledge that every construction professional can benefit from. Don't miss out on the opportunity to elevate your leadership, strategy, sales, and marketing game in the construction sector.
Mastering Talent Acquisition: Insights And Tactics For Construction Recruitment Success With Taylor Maurer
50:10Welcome to another enlightening episode. Today, we are joined by Taylor Maurer, founder of Heavy Civil Resource Consultants (HCRC). With a deep-seated passion for the construction industry, Taylor brings more than 18 years of recruiting experience in the heavy civil construction and engineering sector. In this episode, Taylor shares insights into the unique challenges and best practices of recruiting in the construction industry. He dives into the three pillars of successful recruitment - having a candidate pool, creating engaging marketing materials, and ensuring consistent high-volume communication. Taylor also touches on the importance of cultivating an attractive company culture and fostering a positive candidate experience. As an avid long-distance backpacker, Taylor reveals his experiences hiking the Appalachian Trail, the Pacific Crest Trail, and the Continental Divide Trail. His affinity for adventure goes beyond his professional life, revealing parallels between hiking and navigating the recruitment landscape. In addition to recruitment, Taylor's firm HCRC is developing various programs to offer extensive services, including onboarding and retention consulting, employee satisfaction assessments, succession consulting, company acquisition, and sales consulting. Find more about Taylor Maurer and his company at: HCRC: www.hcrc.us LinkedIn: Taylor Maurer - https://www.linkedin.com/in/taylormaurer/ LinkedIn: HCRC Inc - https://www.linkedin.com/company/hcrc-inc Get in Touch with Eric: Interested in executive coaching? Eric offers invaluable insights and practical advice that can guide your leadership journey in the construction industry. Schedule a quick 10-minute conversation with him through the following link: www.10minuteswitheric.youcanbook.me For more hands-on, practical, and effective leadership advice, be sure to get a copy of Eric's book "Construction Genius: Effective, Hands-On, Practical, Simple, No-BS Leadership, Strategy, Sales, and Marketing Advice for Construction Companies." Available on Amazon. The book provides a wealth of knowledge that every construction professional can benefit from. Don't miss out on the opportunity to elevate your leadership, strategy, sales, and marketing game in the construction sector.