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Unexamined Beliefs
The construction industry is perhaps the best example of an industry built on firmly held but largely unexamined beliefs. Most contractors I have worked with over the last 30 years believe that: top line growth in sales is always good; their company can build...
Experts Make Money
Big business starts as small business especially in the construction industry, which is primarily made up of tens of thousands of small and medium sized privately owned companies. Today I am addressing the contractors who are still of a size to be building their...
You Are an Expert
Do not be misled. Construction contractors are not manufacturing structures, or highways, and selling them to ultimate owners one piece at a time. We are selling construction services, much like business consultants are selling information services or law firms are...
Start With Function
The process of building an organization that can execute profitable construction contracts sometimes begins with asking your spouse to answer the phone two days a week. Regardless of how incidental it may feel, every time you hire new personnel you are building your...
No/Go Without CFO
I have often said that the first sign that a young contractor is developing business acumen is when they hire their first CFO. If you're operating any size construction business larger than $5 million annual turnover you must have a professional CFO. Period. No...
Cash is King
The definition of "working capital" in a contracting firm differs slightly from the classic accounting definition for other industrial concerns. Since contracting is not a "cash and carry" business where the product is paid for in advance or when purchased, we are in...
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