Contractor Success Map With Randal Dehart | Contractor Bookkeeping And Accounting Services

This Podcast Is Episode 582, And It's About  Dealing With Toxic Construction Employees In The Job Site Running a small construction business comes with unique challenges, and dealing with toxic employees is undoubtedly one of the trickiest. A single troublesome team member can disrupt productivity, affect team morale, and ultimately harm your business's success.    These individuals can create a hostile work environment, lower morale, and reduce productivity. For the construction industry, where teamwork and safety are paramount, addressing and managing toxic employees is crucial. Knowing how to handle such situations effectively can turn things around.   Let's look at the types of toxic actions, how to address them, and provide practical steps to manage these challenging situations. Read on to transform your workplace or job site into a harmonious and productive environment.   To effectively deal with toxic employees, it's essential first to identify poisonous behavior. This can include constant negativity

This Podcast Is Episode 581, And It's About  The Importance Of Having A Contingency Plan For Construction Contractors In the construction industry, unexpected challenges can arise at any moment. Numerous factors, from material delays to unforeseen weather conditions, can disrupt project timelines and budgets.    From terrorism to fire, from extreme weather or earthquakes to cyber-attacks – how would your business cope if it was affected? Would your staff know what to do? Would you be able to keep working?   That's why a contingency plan is crucial for construction contractors. It is not just a precaution but a necessity. Small construction businesses need to be prepared for a range of scenarios. Your company could avoid significant setbacks or closure with a solid contingency plan.   Why contingency planning is crucial Contingency planning involves foreseeing potential risks and developing a strategic approach to mitigate their impact. For small business owners, this means safeguarding their assets, ensurin

This Podcast Is Episode 580, And It's About  Improving Construction Communication And Workplace Productivity The success of any business, large or small, depends largely on nurturing an efficient, productive workplace. While improving employee productivity should always be a priority when the ultimate goal is a sustainable and profitable business, the process is more straightforward said than done.    In today's fast-paced construction industry, staying in touch and being productive is crucial for project success. The good news is that technology has made it easier to streamline processes and enhance team collaboration.   One of the most impactful ways technology has improved construction communication is through user-friendly mobile applications and project management software. These tools allow for real-time communication, easy document sharing, and smooth task management, reducing the delays and errors often associated with traditional communication methods.   Moreover, Building Information Modeling (BI

This Podcast Is Episode 579, And It's About  How To Build Construction Business Systems That Deliver Results In the competitive construction industry, implementing efficient business systems can make a significant impact on the overall success and profitability of a construction business, regardless of its size or specialization. From streamlining operations to improving project management, adopting efficient systems can yield tangible benefits that truly pay off in the long run.   Too many businesses fail because the owner needs to establish efficient business systems. This typically happens because the business owner is so caught up in the company's day-to-day running that the fundamentals of good business management are forgotten. Often, it must be said that the owner doesn't like bookkeeping or other administrative tasks, so these get put on the back burner.   The symptoms are familiar, and their results are disastrous: Poor or non-existent record-keeping. Tax obligations still need to be met. Invoice

This Podcast Is Episode 578, And It's About  Utilizing The Power Of Financial Modeling In The Construction Industry n the ever-evolving world of construction, financial modeling is a game-changer. It drives intelligent decision-making, minimizes risks, and ensures the revenue health of projects. Crafting precise and insightful financial models is a valuable tool for construction companies. It offers a panoramic view of the asset landscape and enables proactive planning and strategic management.   Financial models are invaluable tools designed to help you understand and protect your business's economic health. By simulating different scenarios and examining potential outcomes based on various inputs, such as sales growth, margins, and cash flow, these models provide a comprehensive picture that aids in informed decisions.   1. Precise Cost Forecasting and Budgeting Financial modeling empowers construction companies to predict costs accurately, considering many factors such as material costs, labor expenses,

This Podcast Is Episode 577, And It's About  Mastering Construction Business Finances Through QuickBooks Desktop The power of effective bookkeeping using QuickBooks Desktop - plus an Important Update from Intuit. Keeping track of sales, earnings, expenses, and purchases is fundamental to your construction business's overall health and sustainability. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. Many business owners dread bookkeeping and accounting tasks despite their proven importance. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one of the worst parts of running a business! Is it worth the aggravation? Here are three reminders of how effective bookkeeping is the cornerstone of small business success: Keeping track of reimbursable expenses A reliable system for tracking reimbursable expenses ensures you reap all the benefits you're entitled to when filing your taxes. Expenditures sorted into c

This Podcast Is Episode 576, And It's About  How To Build Up And Stand Out By Delighting Your Construction Clients Most businesses understand that customer satisfaction is crucial to their success. Happy clients are likelier to remain loyal, refer others, and leave positive reviews. This trend has only been amplified by social media and online review sites, where negative feedback can spread quickly and damage a company's reputation. In an increasingly competitive marketplace, more than an effective customer service system is needed: you must provide customers with a positive and memorable end-to-end experience at every touchpoint. Creating powerful experiences that exceed consumer expectations can have massive implications for any business — from increasing brand loyalty and trustworthiness among current clients to being highly attractive to potential customers.  It starts with understanding the difference between traditional customer service expectations and modern customer experience strategies. Keep rea

This Podcast Is Episode 575, And It's About  A No-fuss Record-keeping Guide For Your Construction Business Managing a hectic schedule and complex projects can be challenging if you're a contractor. You must also ensure that your paperwork, documents, and contracts are in order. It's essential to keep a paper trail of your work and practice due diligence.  Keeping all your working documents in order shows that you treat your business, customers, and subcontractors responsibly. This is a mark of professionalism and can also help if you have an insurance or legal claim. Contractor paperwork documentation and procedures You should develop documentation and record-keeping procedures appropriate for your contracting operation or service if necessary. Once procedures are in place, it is equally important to ensure everyone understands and follows them.  It's good practice to hold a workshop on documentation procedures with your employees and have them sign off that they understand and have copies of the procedures

This Podcast Is Episode 574, And It's About What Every Contractor Needs To Know About Successful Construction Companies   Small construction businesses have several characteristics that distinguish them from larger firms. These characteristics include having a limited workforce, smaller revenue streams, and a more localized focus.  They are often run by the owners themselves or a small team of employees. They tend to have a more personal approach to their work, as they are usually more involved in every aspect of the project. Due to their size, they are often more flexible and able to adapt to market or project scope changes. However, they may also face challenges such as limited resource access, difficulty securing financing, and increased competition from larger firms. Over the years, we have had many successful construction clients. The seasoned ones have become lifelong friends and are now retired, living according to their terms. And several are still working according to their schedule with quality, hig

This Podcast Is Episode 573, And It's About Navigating Construction Cash Flow Challenges, Myths, And Facts In the world of small businesses, positive cash flow is king. The driving force keeps your business engine running smoothly, covering all your liabilities. But what happens when outflow exceeds inflow? Cash flow problems ensue, threatening the survival and growth of your construction business. These cash flow problems can originate from various sources, including macroeconomic issues like recessions, natural disasters, wars, and microeconomic problems like business decisions and performance. However, careful planning and smart accounting practices can cushion or even avoid these financial blows. Managing cash flow is a vital part of running a successful construction business. Some contractors think managing cash flow means tracking how much money enters and leaves their business, but more goes into it.  [Starting Cash + Cash In - Cash Out] = Cash Flow Contractors and sub-contractors know there is more

This Podcast Is Episode 572, And It's About Budgeting, Forecasting, And Goal-Setting In Your Construction Company   If you're like many construction business owners, you may need help understanding your finances or how you can use your financial information to make decisions for your business. We often get into business because we love a product or service we want to provide, but it's less common that we love managing the financial aspects of our business.    As a construction company owner, you have the best chances of success when you regularly set budgets, develop financial forecasts, and establish goals. Budgeting, forecasting, and goal-setting are best business practices that can help you stay on track and ensure long-term success.    The M.A.P. Way Budgets are invaluable business tools because they help you manage your finances effectively. A budget is a plan for how you will spend money in the coming year. It's connected to setting goals, such as setting aside money for promotional expenses (Market

This Podcast Is Episode 571, And It's About Practical Tips To Improve Your Construction Marketing Strategy Stepping up your marketing game as a construction business owner is always a welcome topic in my client conversations. Often, contractors chat with me about the best way to promote their company, primarily because no one else is running it.    You may focus more on accounting and taxes at times, and at other times, your business may slow down, and sales become more challenging. Given this trend, establishing and maintaining connections with existing and potential customers has become more critical.    So, if you're looking to do some construction business promotions to attract more quality clients, what do you do, especially on your own? Here are some practical tips that I highly suggest to consider:   1. Build a solid online presence: Create a website showcasing your services and experience, and make sure it's easy for potential customers and homeowners to contact you. Plus points if you know how to

This Podcast Is Episode 570, And It's About Construction Business Practices For Getting Paid And Paying Yourself Running a small construction business may seem like hopping from one task to another, needing more support and guidance. That can make it tempting to let some to-dos on your checklist slide, especially those related to finances, which can be challenging and are often outside your preferred skill set or experience.    The issue, of course, is that clients can only pay you once you've invoiced them. And as you make your salary a top priority, you can also pay yourself. You need an invoicing system that makes the process less painful—or even removes it entirely from your hands.   There are some tips you can follow to keep your finances healthy and enable you to thrive. Here are some practices to improve managing your financials so you can have the best chances of success in your construction business.. Pay yourself The business owner's salary is the line item most often left out of a small constructi

This Podcast Is Episode 569, And It's About How Not To Undercharge Your Construction Clients Contractors like you know how to pound nails, pour concrete, build homes and commercial structures, bend pipe and pull wire, install roofs, lay carpet, paint walls, and perform a thousand other tasks. So why are you not enjoying the same standard of living as other professionals? Because you are doing all of those things for anybody and everybody who asks you to.   Too many contractors are overworked, undervalued, and underpaid. We seek to change that for as many contractors as possible as we know how almost every sound, solid, hardworking, well-intentioned contractor is going out of business or barely scraping by, and that has to end here and now.   First, I must address how this could be an internal cause, such as how you deem your self-worth. Imposter syndrome is a common problem affecting people in various industries, including construction. For those who don't know, imposter syndrome is the feeling that you'r

This Podcast Is Episode 568, And It's About The Power Of Core Values In Your Trade Business As a construction company owner, you're the architect of your business's vision and culture. But some of the foundation often needs to catch up in the hustle to improve services, chase sales, and keep the lights on. Core values—those guiding principles that shape your company's identity—are more than words on a wall or a statement in a handbook.   Getting leads and doing the work is only part of the answer. Not answering them and acting on the knowledge is why many construction companies wither and die. They focus on the wrong areas to innovate or improve. They focus on the wrong enemy and threat. As a result, they need to catch up on what they could be doing to succeed and prosper over time.   Is the elevator pitch you used a year ago – even six months ago – still accurate? Unless you are crystal clear on who you are as a construction company, whom you're here to serve, and what you hope to achieve in the next one to

This Podcast Is Episode 567, And It's About The Secrets To Stellar Client Service In The Construction Industry Customer service is the heartbeat of any successful business. The unsung hero transforms a potential disaster into an opportunity and a mere transaction into a lifelong relationship. In the narrative of customer loyalty and retention, service is the protagonist.   Your approach to customer service has the power to attract and retain clients. As a construction business owner, client service is critical to your company's success. It is essential to understand what your clients want and how you can provide the best service possible to meet their needs.   Why stellar customer service is key The importance of customer service for loyalty and retention cannot be overstated. Positive experiences build stronger emotional connections with customers, leading to repeat purchases or the client hiring you again, enhanced brand loyalty, and positive word of mouth. Stellar customer service is the hallmark of su

This Podcast Is Episode 566, And It's About Marketing Your Construction Business: How To Make It Work For You Marketing your construction business is crucial for its growth and success. You can use various strategies to promote your business, such as creating a website, networking, social media marketing, and advertising. Additionally, sponsoring events and collaborating with other companies can help you reach a wider audience.    I understand how daunting it can feel for construction business owners like you; we've been there. Whether you're new to the game or have been in business for a while and haven't quite cracked the code, navigating the marketing world can be overwhelming. But it doesn't have to be. Your business deserves to be seen, heard, and thriving—with the proper guidance, you can make marketing work for you. Let's unravel the puzzle, starting from square one.   1. Defining your target audience Know thy client: the key to tailored marketing. Before you shout your brand from the rooftops, you

This Podcast Is Episode 565, And It's About DIY Construction Accounting Errors And Ways To Improve Your Practices Many small construction business owners tend to handle their accounting and bookkeeping, especially when they've just started. However, keeping track of the finance side of the business– everything from income to expenses to tax compliance– can be overwhelming.   Mistakes can happen quite quickly and can have costly consequences for your business. Below are five of the most common Do-It-Yourself accounting errors you should avoid.   1. Unorganized Records It takes excellent organizational skills to do your bookkeeping and accounting right. You must record every transaction, keep receipts or digitize them for future reference, calculate taxes accurately, and more. If your records are not kept organized and updated, you'll likely miss something, which could get you into trouble during the tax season. 2. No Accounting Schedule As a construction business owner, there are many other things you need

This Podcast Is Episode 564, And It's About Common Construction Business Pitfalls And How To Overcome Them Construction Company owners like you have probably experienced life-changing events in the past few years, as many of our clients did. Are you struggling to keep your construction business afloat? Do you find yourself facing the same issues over and over again? It's common for construction businesses to meet various challenges, but if you're not addressing them properly, they can quickly become pitfalls.    1. Poor Cash Flow Management    One of the biggest challenges for construction businesses is managing cash flow. You need cash to buy materials, pay workers, and keep your business running. However, you may be in a cash crunch if you don't correctly deal with your cash flow. To avoid this, you should create a cash flow forecast and regularly update it. This will help you anticipate cash flow issues and take steps to address them before they become a problem.    2. Failure to Adapt to Market Chan

This Podcast Is Episode 563, And It's About Unlocking New Construction Clients And Markets For a business to thrive and grow, it needs a strategic plan and the ability to find new customers and continually tap into promising markets. However, this can be easier said than done in a highly competitive trade industry.   With time, the quality of your work will speak for itself, which is the most valuable testimonial of all. While your good reputation preceding you is undoubtedly essential, there are a few other ways that you'll want to market your services to ensure that you have a steady stream of work.   The untapped potential in existing markets   Start by re-evaluating your existing customer base. Profiling them will help you more accurately define your target consumers.    Strategic Marketing is essential for any business to attract new clients, and the construction industry is no exception. Effective marketing strategies can help you reach your target audience and showcase your expertise. Some of these i