Coachcasts

E378: Managing Subcontractor Payments

January 27, 2016 TonyB Coachcasts, Project Management 0 Comments

Keep control of your projects and cash flow with proper subcontractor payment management.

 

  1. Avoid the common pitfalls
    1. Don’t rob Peter to pay Paul – pay all bills associated with a project draw when you get paid
    2. Over-payment on work performed
    3. Sub-tier sub and supplier non-payment – collect lien releases
  2. Setting up for success
    1. Every sub must have a subcontract agreement
    2. Make subs create a schedule of values and review it
      1. Match to Owner SOV if possible
    3. Clearly outline your billing procedures
  3. Making it work for everyone
    1. Communication is a key
      1. Make sure everyone understands how you manage payables
    2. Review the SOVs when progress payments are submitted – don’t wait
    3. Pay quickly when you get your money
      1. I prepare everything prior to receiving payment so I can push a button once the money is in my account

E377: Tracking Your Backlog

January 26, 2016 TonyB Coachcasts, Sales 0 Comments

Keep your workload steady with proper backlog tracking.

 

It’s a sales job too.

 

  1. Tracking backlog for sales
    1. Know your upcoming workload
    2. What does your current runway look like
    3. Where are the highs and lows
    4. Do you have time to react adn sell some work
  2. Good sales efforts equals:
    1. Keep your resources working
    2. Limit the amount of overload
    3. No gaps in revenue generation
  3. Track the Backlog
    1. Determine you sales cycles to know how far out to watch
    2. Update with the Opps team regularly
    3. Track you sales effforts by client so you know the average cycle and what they have coming up

E376: Ask Coach – Finding Good People

January 25, 2016 TonyB Ask The Coach, Coachcasts 0 Comments

When hiring new employees, look at how they fit in your organization more than their skills.

 

Q: We are getting ready to hire some key employees. Can you give us some advice on how to find and hire good people?

A: Search everywhere then hire for fit first, skills second.

 

  1. What is a good employee?
    1. Someone that knows everything they need to know? Will they accept your ways?
    2. Someone that will do whatever you ask? Are they going to wait for instruction for every move?
    3. Someone that argues with others?
    4. A good employee is someone that fits in with your organization and will do things congruently with your mission/vision.
  2. Finding potential hires
    1. Start with your employees – they have networks and will know who might fit well
    2. Your network – ask around, tell people in your network that you are looking for some new people
    3. Advertise – post it everywhere you can – there are thousands of people looking for new opportunities – make sure you give people the opportunity to know you are hiring.
  3. Wich one fits best
    1. Remember to hire slow and fire fast
      1. Spend some time preparing for and reviewing potential hires
    2. Ask questions that give you insight to their values and your core values – do they match?
      1. Example: You received a final invoice and sign off from a subcontractor (who has been a rela pain in the a**) and realize they missed a $5K change order. Do you let them know or process as is and hope they don’t catch it? Why?
      2. A client gave us a change order several months ago and we have completed the work and submitted the invoice already. While going through some paperwork, you realize you transposed some numbers and the change order was actually $8K more than it should be. What do you do? Why?
    3. Let other employees spend some time with you potential hires and get their feedback
    4. Consider micro-tasks for short-listed candidates
      1. Take the top 3 and hire each one to prepare a Project Execution plan for an upcoming project. Pay them by the hour for their work. Let them work closely with one of your current PMs for asking questions and getting information. The resulting work effort can help point you in the right direction.

E375: Hustle And Hard Work

January 22, 2016 TonyB Coachcasts, Improvement 0 Comments

Success comes on the heels of hard work and hustle.

 

  1. So, you want the good life?
    1. It takes hard work and hustle – 10X your efforts (Grant Cardone)
    2. It takes focus and determination
      1. Daymond John remarks in his new book, The Power of Broke, how every morning he gets up and says to himself “Rise and grind!” – that’s hustle Baby!
    3. You must do the things you know you need to do even when you don’t want to
  2. Want some clues on how this works
    1. Look at your mentors – how do they conduct themselves?
    2. Super successful people put a lot of effort into what they do
    3. As Zig Zigler said “the big shot is just a little shot that kept shooting.” – so can you!
  3. Getting your hustle on (yeah, it’s not easy but here is some help)
    1. It takes well rounded focus – not just work – mind / body / spirit / family / community
      1. Exercise, eat well, sleep well, stay fit, love, enjoy, – it takes a well rounded life
    2. Remember your vision – review it every day
    3. Make plans – daily / weekly / monthly – review and celebrate your actions weekly
    4. Find the right mentors and read biographies
    5. Find inspiration – quotes / songs / readings / books / pictures

 

Some links to the books I talk about in this episode:

The Power of Broke by Daymond John

The 10X Rule by Grant Cardone

E374: Great Compensation Packages

January 21, 2016 TonyB Coachcasts, Human Resources 0 Comments

Creating great employ benefits extends far beyond the paycheck.

 

  1. As Elite Contractors we want to
    1. Have the best employees in our niche
    2. Build a great culture that thrives
    3. Have people excited to come to work
  2. Compensation is a major part and it’s not just the pay
    1. Rate of pay plays a large part but not the only thing – after a certain level other things become more important
    2. Health and welfare is an area that plays into the over package as well
    3. Quality of life is a large part – it’s the icing on the cake and the things that make people love working for your organization
  3. Tips on building a great compensation package
    1. Keep your base pay at a decent, above-average level
      1. Add performance bonuses to get peak performance
    2. Have a decent health care plan
      1. Doesn’t need to be the best and employees will be willing to pay if you explain properly
      2. Consider a wellness program
        1. I got one that saves the employee money, gives them great added benefits like 24/7 on-call doctors and saves the company money (let me know if you are interested)
    3. Quality of life
      1. This is where you can really knock it out of the park without breaking the bank
      2. Create a nice work environment – upgrade the vehicles some
      3. Be flexible with people so they can tend to family events
      4. Company morale boosters help get people active
      5. Community involvement

E373: Take Advantage Of Technology

January 20, 2016 TonyB Coachcasts, Project Management 0 Comments

Are you leveraging advances in technology to your full benefit?

 

It amazes me to see how many businesses don’t take full advantage of the technology that is available out there.

 

  1. The times we live in are changing
    1. Companies with only 12 employees selling for billions of dollars
    2. One person can do the work of 5 or more
    3. New things are coming out every day and we’re just getting started
  2. Want to compete with the big boys
    1. Beat them in the technology area – they can’t move that fast
    2. Keep a look out for new things and be an early adopter
      1. Autonomous earthwork sites are not that far off
      2. There are robot masons
      3. I build apps for small businesses for less than $2,000
    3. Watch for trends and see what works in other industries
  3. Take full advantage of being a small business and stay nimble
    1. As a small business, you can react faster with lower investment when new tech comes around
    2. Create a culture that embraces technology
    3. Provide good training for you employees, not just on the tech you use but on other things

E372: Selling With Our Proposals

January 19, 2016 TonyB Coachcasts, Marketing, Sales 0 Comments

The proposal is part of the overall selling process that many people put little effort into.

 

  1. Proposals are a continuation of the selling process
    1. It’s our chance to shine
    2. Show our customers we care by answering their concerns
    3. Address their unique pain points
  2. What makes up a good proposal
    1. It will vary by potential customer
    2. Must explain why they should choose you and not your competition
    3. It addresses what matters to them
  3. Executing successfully
    1. Develop templates for each type of client you have
    2. Update each time with specific information unique to that client
    3. Each proposal must contain
      1. Intro letter addressing why you and not someone else (from their point of view)
      2. Proposal with terms and conditions
      3. Scope of work
    4. Add additional information that may seem suitable – try different things
    5. Get feedback and adjust

E371: Ask Coach – Dominating A Had Bid Market

January 18, 2016 TonyB Ask The Coach, Coachcasts 0 Comments

How can I dominate a market driven by the lowest price wins?

 

Q: We primarily compete on low-bid public projects. Can I still dominate a market that is driven by the lowest price without just cutting my profits?

A: Yes, you can still dominate a hard-bid market. Some of the key factors my shift but you still can.

 

  1. Dominating your market (what does it mean?)
    1. You are the preferred solution
    2. You know more than most
    3. You are the most efficient
  2. The factors shift but are still the same – can’t we accomplish all  the above even in a low bid scenario?
    1. Margins may be tighter so we have to be more creative
      1. Yes marketing costs, etc can be lower in this market
    2. Efficiency becomes the primary focus in hard-bid markets
    3. Managing cash flow is very important
    4. Relationships still matter
  3. Focus on what matters and the prices will follow
    1. The key is to drive your costs down so your margins can go up
    2. Start with your efficiency and productivity
      1. Focus on that to get the most out of everything you do – no wasted steps
    3. Cash management
      1. Stay on top of your cash / AR / AP like a hawk
    4. Relationships
      1. Build those great relationships – they will help when you need it most

E370: Watch Out For Perfection

January 15, 2016 TonyB Coachcasts, Improvement 0 Comments

Don’t let yourself get paralyzed by perfection.

 

Knowing 80% of a language will allow you to speak fluently.

So why do we always end up striving for perfection?

For some reason, many of us get trapped with this idea that things must be perfect. That we must not make mistakes or have errors. That is far from true.

 

  1. We all strive to be the best
    1. Leading the pack doesn’t take perfection
    2. Try looking at it as “always getting better”, not being the best
    3. Don’t confuse being the best with being perfect – mistakes are part of learning
  2. Don’t allow delays for perfection
    1. So many times I hear people say, “it’s almost done, just a few more changes.”
      1. If I didn’t forget about perfection I wouldn’t be doing these Coachcasts yet
    2. Business loves speed – don’t delay
    3. Jump in and correct – but don’t be sloppy
  3. Some things to remember
    1. Everyone was a beginner once
    2. Start small and build on your successes
    3. The only real failure is not doing for fear of perfection

E369: Building An Elite Culture

January 14, 2016 TonyB Coachcasts, General Business, Human Resources 0 Comments

Motivate your teams by building an elite culture in your organization.

 

Today we talk about 5 key tips to building an elite culture in your organization.

  1. Give people a purpose
    1. Militaries do a great job of motivating people – why? One key thing – they have a purpose
    2. Wikipedia was created with volunteer writers – why? They joined in the purpose of providing access to knowledge
    3. Make your purpose support your product and create a mission
  2. Recognition and advancement
    1. Give people recognition for their contribution – large or small
    2. Provide for advancement – not just monetary rewards
  3. Educate and coach
    1. Provide people with a way to learn more
    2. Help them in their efforts
  4. Set the example and lead
    1. Be sure you live and breathe your product
    2. Get your management to do the same
  5. Communicate
    1. Communicate everything
    2. People can’t do what they don’t know

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