Latest / Contractor Business Builder Podcast / Exactly Where to Focus for Fast Results in Your GC Business

Transcript

Exactly Where to Focus for Fast Results in Your GC Business · Contractor Business Builder Podcast

• 0:01
  Hey contractors, ever wondered if you're focusing on the right
• 0:05
  things to grow your construction business?
• 0:07
  It's one of the most common questions I get from
• 0:09
  contractors. What should I be working on
• 0:11
  right now to scale faster without getting burnt out?
• 0:14
  So today I'm giving you a road map that shows where to every
• 0:18
  stage of your general contracting business so you can
• 0:21
  grow profitably and substantially substantively.
• 0:24
  Let's do this. So zero to 500,000 when you're
• 0:29
  starting out. Build confidence and closed
• 0:31
  jobs. At this level you're laying the
• 0:33
  groundwork. Branding and marketing.
• 0:35
  Create a simple, clear brand and marketing message that attracts
• 0:39
  the right job. Next you need sales skills.
• 0:42
  Learn to confidently close deals and improve your win rate.
• 0:46
  Next is a bookkeeper higher one early so you you know your
• 0:49
  numbers and avoid messy finances.
• 0:52
  Next is mission and vision defied why you're in business
• 0:56
  and where you want to take it. Next track jobs.
• 1:00
  You need to start documenting projects and cost, good habits
• 1:05
  and job costing. Next businesses doing 500,000 to
• 1:10
  1,000,000 in revenues. You need to pour the foundation.
• 1:13
  Now you're established what you're stretched out.
• 1:16
  So you need to start raising pricing.
• 1:18
  Set rates that allow for sustainable growth.
• 1:21
  Nexus software and systems. So implement better estimating,
• 1:25
  hiring and financial tools. You're going to need to hire a
• 1:28
  site foreman or Superintendent. Get yourself off the tools and
• 1:32
  into leadership ASAP. Next you're going to need a part
• 1:36
  time admin or virtual assistant. Need to offload paperwork and
• 1:40
  free up your time. And then finally cash flow
• 1:43
  management is critical. Use systems like profit first to
• 1:47
  plan for growth. Alright next level of business.
• 1:51
  Businesses now going from 1,000,000 to 3 million and in
• 1:56
  revenue. Build a self running
• 1:58
  organization so you've proven you can sell and build.
• 2:02
  Now it's time to lead. You've proven so.
• 2:06
  First, you're going to need project management systems.
• 2:09
  Standardize how jobs are run to reduce chaos.
• 2:12
  You need to hire a project manager.
• 2:14
  So delegate day-to-day project management oversight.
• 2:18
  Get a full time admin or raise the one that you have.
• 2:22
  Handle back end tasks, calls and paperwork, marketing expansion,
• 2:27
  Increase your online presence and ad spend strategically.
• 2:31
  And finally, define HR rules. So clarify hiring authority,
• 2:36
  performance management and decision making
• 2:38
  responsibilities. Alright, next stage of business.
• 2:42
  Businesses doing from 3 million to 10 million.
• 2:45
  Now you need to lead leader. This stage is about building a
• 2:49
  management layer and scaling smartly.
• 2:52
  Promote key talents with leaders and project management,
• 2:55
  estimating and operations. Higher salesperson and marketing
• 3:01
  manager drive growth without you in the driver seat.
• 3:04
  Leadership development so invest in training for managers to lead
• 3:09
  teams effectively. Next is strategic planning, so
• 3:12
  plan for your future succession or scaling opportunities.
• 3:17
  And then finally, strengthen your HR department to establish
• 3:20
  a dedicated HR manager or team to handle recruiting, compliance
• 3:25
  and leadership support. So now the next stage, last one
• 3:31
  we talk about is your 10 million plus, so 102030 million
• 3:34
  contracting company. You've built a machine, now
• 3:38
  manage it strategically. This is all about visionary
• 3:41
  leadership. So data and dashboards.
• 3:44
  You need to monitor KPI's, key performance indicators and your
• 3:48
  finances remotely and with clarity.
• 3:51
  Hire and train a general manager.
• 3:53
  So you need a general manager to oversee all operations and free
• 3:56
  you from day-to-day involvement, fractional CFO or Advisory
• 4:02
  Board. So support big picture decision
• 4:04
  making, continuous innovation, refined systems, improve
• 4:09
  efficiency, and explore new venture opportunities.
• 4:13
  Finally, is the life mission. So you're going to need to now
• 4:16
  shift focus toward long-term fulfillment and impact from
• 4:20
  yourself. So focus on these steps for the
• 4:22
  next 6 months, whichever level of business you're in, and
• 4:27
  you'll know exactly where to put your time, your energy for
• 4:30
  faster, more results. Talk to you again soon.
• 4:34
  And if you're serious about scaling and wanting to see
• 4:37
  businesses, business that manages itself, is it rapid
• 4:41
  result? Creators.com got lots of
• 4:45
  resources and additional services that you can utilize to
• 4:49
  grow your construction.