Tips and advice to run a successful construction business from three long-term industry professionals, Wade Carpenter, a construction CPA, Rob Williams, a profit strategist who owned and operated a large construction operation for many years, and Stephen
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Send us a text Do your financial reports leave you with more questions than answers? Are you constantly wondering where your cash went, even when the work keeps coming in? Feel like you're flying blind? Contractors face some of the most complex financial challenges out there, and you need an accounting team you can rely on as you grow.This episode explores the pros and cons of four main approaches to accounting support: hiring in-house, working with a monthly construction bookkeeper, using generalized back office services, and leveraging a team of construction-specific experts. Learn about the cost considerations, technological implications, and the overall return on investment.This episode is perfect for contractors looking to level up their businesses with confidence that their accounting systems and supports will be able to keep up.Subscribe to get notified as soon as new episodes go live!Topics we cover in this episode include:00:34 Celebrating Five Years of Podcasting00:51 Unique Challenges in Construction Accounting02:12 Building a Reliable Accounting Team04:40 In-House vs. Outsourced Accounting08:53 The Importance of Industry-Specific Knowledge12:12 Cost Considerations and ROI20:02 Technology in Construction Accounting28:48 Conclusion and Free ResourcesLINKSDownload the free Construction Accounting Comparison Cheat SheetVisit the episode page for more details and a transcript of the showTake the FREE Construction Company Health EvaluationJoin the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Send us a textStruggling to make your construction business consistently profitable? In this episode, Wade and Stephen introduce the Business Model Canvas, a strategic tool that can redefine how you manage and grow your construction company. Discover how to identify your ideal customers, clarify your unique value proposition, streamline value delivery, and uncover growth opportunities. Learn the nine key segments of this powerful model and how to apply them to your contracting business for sustained success.Subscribe to get notified as soon as new episodes go live!Topics we cover in this episode include:01:31 The Power of the Business Model Canvas05:15 Customer Segments: Identifying Your Ideal Client08:08 Value Proposition: What Makes You Unique?11:17 Channels: Reaching Your Clients12:24 Customer Relationships: Building and Maintaining Connections13:51 Revenue Streams: How Your Business Makes Money15:37 Key Resources: Critical Assets for Success17:24 Key Activities: Essential Business Processes18:41 Key Partnerships: Working With Others20:43 Cost Structure: Where Does the Money Go?LINKSDownload your free Business Model CanvasVisit the episode page for more details and a transcript of the showTake the FREE Construction Company Health EvaluationJoin the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Send us a textIn this episode of the Contractor Success Forum, Wade and Stephen dive into the rapidly evolving area of construction technology and its impact on the bottom line. From drones and robots to augmented reality and wearable tech, the hosts explore the return on investment (ROI) for various technologies on job sites. Learn about the costs, payback periods, and efficiency gains that these innovations offer. Don't miss out on this insightful discussion to make smarter investment decisions in construction technology.Subscribe to get notified as soon as new episodes go live!Topics we cover in this episode include:00:40 Evaluating the Cost and Benefits of New Technology04:30 Drones: Aerial Imaging and ROI08:33 Robotics and Automation on the Job Site14:45 Wearables and Exoskeletons: Enhancing Worker Efficiency18:51 Augmented and Virtual Reality in Construction20:37 IoT Sensors and Smart DevicesLINKSVisit the episode page at https://carpentercpas.com/techroi for more details and a transcript of the show.Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Send us a textFeeling isolated as a contractor? Discover how mastermind groups can transform your business. Join Wade and expert Karyn Greenstreet as they dive deep into the benefits, structure, and success stories of mastermind groups on the latest episode of Contractor Success Forum. Learn how these peer advisory boards can help you tackle challenges, innovate, and stay accountable. Find out what makes an effective group, the typical meeting structure, and how to choose the right group for you. Whether you're a seasoned business owner or just starting out, this episode is packed with valuable insights and practical advice. Subscribe to get notified as soon as new episodes go live on YouTube: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1Topics we cover in this episode include:00:27 Meet the Expert: Karyn Greenstreet 01:54 Understanding Mastermind Groups 05:44 Different Types of Mastermind Groups 09:25 Benefits of Joining a Mastermind Group 16:12 How to Structure a Mastermind Group Meeting 24:54 Finding the Right Mastermind Group for You LINKSNeed help choosing a mastermind group to join? Get the "Find Your Perfect Mastermind Group" ebook Want to start a mastermind group? Watch the "Speed Up Growth: Start a Mastermind Group" video tutorial for ideas and suggestions.Visit the episode page at https://carpentercpas.com/mastermind for more details and a transcript of the show.Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Send us a textIn construction, failing to use the right technology can result in massive financial losses. Wade and Stephen delve into real-world examples where contractors lost big due to outdated project tracking, skipping BIM, and neglecting equipment maintenance. Learn essential lessons on how effective use of technology could have saved projects from costly overruns and preventable disasters. Discover the importance of cybersecurity, bid accuracy, material tracking, and contract management in preventing financial pitfalls. If you're on the fence about implementing new technology, this is a must-listen!Subscribe to get notified as soon as new episodes go live on YouTube: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1Topics we cover in this episode include:00:44 Real-World Case Studies: Technology Failures02:47 The Importance of Cybersecurity04:39 Avoiding Costly Bid Errors07:32 Material Theft and Mismanagement13:11 The Role of Telematics16:55 Legal and Contractual SafeguardsLINKSVisit the episode page at https://carpentercpas.com/techmisstep for more details and a transcript of the show.Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Send us a textMost contractors believe that working harder and landing bigger jobs will solve their cash flow issues. But is that mindset holding them back? In this episode of the Contractor Success Forum, Wade and Stephen discuss the financial struggles of a seemingly successful contractor who had to fundamentally change their business approach.They delve into the reality check and lessons learned, emphasizing the importance of proper cash flow management, accurate job costing, and strategic debt management. Tune in to discover the epiphanies and strategies that can help contractors avoid similar pitfalls and move towards financial stability.Subscribe to get notified as soon as new episodes go live on YouTube: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1Topics we cover in this episode include:00:19 A Real Contractor's Wake-Up Call00:35 Meet the Hosts: Wade and Stephen01:12 The Case Study Begins02:11 Financial Realities and Epiphanies03:58 Implementing Profit First05:40 The Cash Flow Projection08:06 Aggressive Strategies and Tough Decisions18:23 Lessons Learned and Final ThoughtsLINKSVisit the episode page at https://carpentercpas.com/breakingpoint for more details and a transcript of the show.Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Send us a textJoin Wade and Stephen as they explore how technology is revolutionizing the construction industry. Discover how innovations like BIM, drones, and automation are reducing costs, improving project management, and increasing profitability. Learn why so few contractors are adopting these tools and how they can overcome the barriers to implementing new technology. Packed with statistics and insights, this episode offers actionable advice for contractors looking to work smarter and more efficiently.Subscribe to get notified as soon as new episodes go live on YouTube: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1Topics we cover in this episode include:00:32 The Impact of Technology on Construction01:00 Adoption Challenges and Benefits02:56 Innovative Technologies in Construction05:27 Real-World Examples and Case Studies10:11 Future Trends and Predictions19:45 Overcoming Barriers to Technology AdoptionLINKSVisit the episode page at https://carpentercpas.com/tech2025 for more details and a transcript of the show.Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Send us a textYou ever feel like your projects are running smoothly, but your cash flow isn't? Join Wade and Stephen as they dive into the critical importance of working capital in the construction business. Discover how adequate working capital acts as the lifeblood of your company, helping you manage payroll, materials, and equipment costs. Learn key strategies to ensure you have the right amount of working capital, improve your financial stability, and avoid cash flow crises. With practical tips and real-life examples, this episode is a must-watch for any contractor aiming to build a healthy, sustainable business.Subscribe to get notified as soon as new episodes go live on YouTube: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1Topics we cover in this episode include:00:29 Importance of Working Capital01:10 Bonding and Working Capital02:26 Understanding Working Capital03:27 Managing Cash Flow and Working Capital05:43 Improving Working Capital12:00 Employee Dishonesty and Working Capital13:38 Debt and Working CapitalLINKSVisit the episode page at https://carpentercpas.com/oil for more details and a transcript of the show.Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Send us a textImagine starting your day with AI already optimizing your schedule and handling complex tasks. Join Wade and Stephen as they dive into how AI assistants are transforming the construction industry.Discover the competitive edge gained by early adopters and explore examples of AI in action, from organizing historical bidding data to managing project schedules, predicting change orders, and improving cash flow. Learn about open vs. closed AI platforms and data privacy concerns as well. If you're in construction and want to stay ahead, this is a must-watch episode. Share your experiences and let us know how AI is helping your business in the comments below! Subscribe to get notified as soon as new episodes go live: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1Topics we cover in this episode include:00:50 Real-World Applications of AI 02:07 AI Assistants and Their Capabilities 02:46 Data Privacy and Security Concerns 04:38 AI in Financial Operations 12:53 AI in Project Management and Estimating 20:40 Future of AI in Construction LINKSVisit the episode page at https://carpentercpas.com/assistant for more details and a transcript of the show.Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Send us a textDo you wish your people could do more for you? Discover how to get the most out of your workforce on the Contractor Success Forum with hosts Wade Carpenter and Stephen Brown. This episode dives into leveraging individual strengths in your team, the importance of aligning roles with personal skills and passions, and the challenges of managing family members and technological obsolescence in construction businesses.Tune in for tips on optimizing team dynamics, promoting a team mentality, and building a legacy of success. Don't miss this insightful discussion!Subscribe to get notified as soon as new episodes go live: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1Topics Wade and Stephen cover include:00:45 Understanding Different Personalities in the Workforce02:24 Aligning Skills and Job Roles06:51 The Importance of Passion in Job Performance12:46 Team Dynamics and Leadership19:36 Generational Differences and Cultural FitLINKSVisit the episode page at https://carpentercpas.com/workforce for more details and a transcript of the show.Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Send us a textWe've reached 200 episodes of the Contractor Success Forum! Join Wade Carpenter and Stephen Brown as they reflect on their journey, discuss the value of contractor education, and unveil a special 85-question quiz designed to help construction contractors assess and improve their business practices. Discover insights on financial health, systems, operations, and project control tailored specifically for the construction industry. Don't miss this milestone episode filled with valuable advice and a deep dive into key topics that can elevate your construction accounting game!Subscribe for weekly construction finance tips: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1Topics Wade and Stephen cover on this episode:00:41 Reflections and Lessons Learned01:27 The Importance of Contractor Education02:24 Adapting to New Technologies04:05 Introducing the Contractor Success Quiz06:08 Details of the Quiz and Its Benefits08:38 Encouraging Listener Participation15:31 Looking Ahead: Future Plans and ProjectsLINKSVisit the episode page at https://carpentercpas.com/evaluation for more details and a transcript of the show.Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Send us a textThis week, Wade Carpenter and Stephen Brown discuss the critical role of client collaboration in construction projects. The episode explores strategies for effective collaboration, from pre-project planning to managing supply chain challenges, labor shortages, and inflation.Drawing insights from a recent report from Liberty Mutual and Dodge, they highlight how top contractors are navigating industry challenges by working closely with clients, subcontractors, and surety companies.Subscribe for weekly construction finance tips:Â https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1Topics Wade and Stephen cover on this episode:01:01 The Importance of Collaboration Culture02:26 Technological and System Challenges03:18 Impact of External Factors on Projects04:33 Effective Risk Management Strategies05:42 Contract Negotiations and Material Costs07:19 Collaboration with Subcontractors12:29 The Role of Technology in Collaboration20:02 Collaboration with Surety CompaniesLINKSVisit the episode page at https://carpentercpas.com/collaboration for more details and a transcript of the show.Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Send us a textDo you feel overwhelmed by the daily grind of managing your construction business? In our first podcast of 2025, Wade Carpenter and Stephen Brown share essential productivity hacks tailored for contractors. Learn how to leverage tools like the Elgato Stream Deck, Superhuman for email management, AI, and low code automation systems to work smarter, not harder. Discover strategies for optimizing your workflow, creating effective templates, and using keyboard shortcuts. Save time and increase efficiency with these practical tips. Join us on the Contractor Success Forum and make 2025 your most productive year yet! Subscribe for weekly construction finance tips: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1Topics Wade and Stephen cover on this episode:02:06 The Elgato Stream Deck: A Game Changer 08:25 Superhuman Email Management 13:57 Voice Dictation and AI Integration 19:52 The Power of Templates 22:34 Automation Tools for ContractorsLINKSVisit the episode page at https://carpentercpas.com/2025hacks for more details and a transcript of the show.Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Send us a textJoin Wade and Stephen as they share the 5 most popular episodes from 2024 that helped contractors boost profits and improve cash flow. From smart job costing to unconventional tax strategies that work, these proven tips helped hundreds of contractors succeed. Listen now to learn what worked best for your fellow builders!Subscribe for weekly construction finance tips:Â https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1Topics Wade and Stephen cover on this episode:01:26 - Strategic Planning Discussion04:53 - Preventing Profit Loss08:55 - Entity Structure Considerations10:49 - Job Costing Labor14:15 - Keys to Construction Success18:19 - Tax Strategy DiscussionLINKSVisit the episode page at https://carpentercpas.com/2024 for more details and a transcript of the show.Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Send us a textGetting bonded as a contractor can feel like navigating a maze. Join Wade Carpenter and Stephen Brown of McDaniel Whitley Bonding and Insurance in part three of our series on contractor bonding. This episode dives into real-life case studies to uncover valuable lessons for getting bonded successfully. Learn about the challenges of single large clients, territory issues, experience factors, high turnover rates, unstable project pipelines, high operating expenses, and specialized high-risk projects. Tune in for expert insights and practical advice to enhance your bonding process.
Send us a textFEMA uses Waffle House as their disaster gauge - here's why construction companies should copy their playbook. Learn how this 24/7 restaurant chain's disaster planning and logistics can help your construction business stay running when crisis hits. Listen to discover their proven systems for supply chain management, workforce readiness, and emergency response.#ConstructionManagement #DisasterPreparedness #BusinessContinuity
Send us a textStruggling with cash flow in your construction biz? Learn how Profit First for Commercial Construction can help you keep more of what you earn! Get a sneak peek of the teachings in Wade Carpenter's new book.
Want to scale your construction company without burning out? Learn proven systems to grow beyond the one-person operation, from managing cash flow to building repeatable processes that let your business run smoothly without you. Watch for practical tips from construction industry experts.Subscribe for weekly construction finance tips:Â https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1#ConstructionBusiness #ContractorGrowth #ScalingUpTopics we cover in this episode:02:02 - The E-Myth Book Example04:19 - Construction Industry Complexities06:13 - Business Growth Hierarchy08:38 - Growth Stage Challenges10:40 - Back Office Systems12:42 - CFO Services Discussion14:40 - Finding the Right Advisors16:38 - Systems Implementation ImportanceLINKSVisit the episode page at https://carpentercpas.com/leverage for more details and a transcript of the show.Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Let's talk real life construction bonding scenarios. From startups to high-growth companies, learn what bond underwriters actually look for and how to improve your chances of getting approved. Expert bond agent Stephen Brown breaks down practical strategies for construction bonds.Subscribe for weekly construction finance tips:Â https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1#ConstructionBonds #ContractorTips #SuretyBondsTopics we cover in this episode:01:39 - Getting insurance and bonding as a new company04:00 - Bonding and insurance for someone who has limited cash reserves06:46 - Getting bonds with limited financial records10:19 - Getting bonds as a high growth contractor12:52 - Getting bonds with outstanding legal issues15:10 - Bonding when going from subcontractor to general contractorLINKSVisit the episode page at https://carpentercpas.com/getbonded for more details and a transcript of the show.Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Stuck making urgent decisions that don't move your business forward? Learn how to escape the survival trap using Mike Michalowicz's Fix This Next framework. Watch now to discover the Business Hierarchy of Needs and build your roadmap from survival to success. Click subscribe for weekly contractor tips → https://bit.ly/ContractorSuccess#FixThisNext #BusinessGrowth #ContractorTipsTopics we cover in this episode:01:08 - Ross Loveland's Background02:55 - The Survival Trap04:55 - Business Hierarchy Explained08:55 - Sales Level Breakdown12:55 - Profitability vs Growth15:25 - The Order Level17:47 - OMEN Process Overview19:31 - Nurturing Business Growth21:35 - Practical ImplementationLINKSVisit the episode page at https://carpentercpas.com/survival for more details and a transcript of the show.Find out more about Ross at https://trueprofitsalons.com/Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Want to make your construction company marketing actually work? We share 10 proven ways to stand out from other contractors and win better projects - from smart automation to creative partnerships. Watch now to learn how successful contractors are using these strategies to attract their ideal clients and boost profits.
Learn how to make sense of insurance requirements in construction projects! This episode of Contractor Success Forum walks you through reading job specs to ensure you're covered correctly without paying extra. Discover practical steps to streamline insurance for your bids, avoid costly mistakes, and ensure compliance. This episode is perfect for contractors looking to simplify insurance and focus on what matters—building successful projects!#constructioninsurance #constructionprojects #constructionpodcastTopics we cover in this episode:00:36 - Identifying Key Insurance Requirements01:08 - Breaking Down Complex Insurance Specs04:02 - Umbrella Coverage Essentials04:32 - Understanding Liquidated Damages08:00 - Navigating Different Types of Insurance14:47 - Builder's Risk and Property Coverage16:00 - Role of a Specialized Insurance Agent16:58 - Preparing Insurance Estimates EarlyLINKSVisit the episode page at https://carpentercpas.com/coverage for more details and a transcript of the show.Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Are you a construction business owner struggling to pay yourself? Learn practical steps to take control of your paycheck and break the cycle of being the last one paid. Discover common mistakes and how to fix them. Watch now for expert tips on managing your finances and growing your business!
Unlock the secrets of strategic planning for contractors! Learn how to create a compelling vision, set SMART goals, and implement game-changing strategies. Discover why Panda Express's approach works and how you can apply it to your construction business. Ready to transform your company? Listen now and subscribe for more contractor success tips!Topics we cover in this episode include:00:05 - Importance of strategic planning for contractors01:17 - Importance of a vision statement and mission02:25 - Creating purpose-driven work for employees04:05 - Case study: Panda Express and strategic planning05:00 - Wade's business epiphany: The impact of vision and mission08:50 - Learning from competition and SWOT analysis11:19 - Setting SMART objectives for business success16:30 - The benefit of hiring an external consultant19:00 - Implementing and monitoring strategic plans23:10 - Communicating the strategic plan with the team25:30 - The value of revisiting and revising your strategyLINKSVisit the episode page at https://carpentercpas.com/strategery for more details and a transcript of the show.Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Curious how Trump and Harris's tax plans could impact your construction business? We break down the key proposals and what they mean for contractors. Learn how to prepare your finances for potential changes. Watch now to stay ahead of the game! Topics we cover in this episode include:03:23 - Corporate Tax Rates06:42 - Individual Tax Proposals10:46 - Unrealized Capital Gains Tax14:34 - Business Deductions18:28 - Tariffs DiscussionLINKSVisit the episode page at https://carpentercpas.com/taxplans for more details and a transcript of the show.Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
In this episode, we explore how your construction background can significantly shape the success of your company. Whether you come from a large corporation or a small hands-on business, your experience plays a key role in managing operations, handling finances, and growing your business. We share real-world examples and discuss how different backgrounds affect the approach to building a successful construction company. Perfect for contractors considering entrepreneurship or looking to refine their management style.Topics we cover in this episode include:00:00 - How construction experience influences business success.00:18 - The Influence of Large vs. Small Company Experience 01:00 - Setting Up Systems and the Mindset for Success02:30 - Real-Life Examples of Contractors Transitioning04:15 - Understanding Costs and Overhead06:00 - Balancing Experience and Expectations08:00 - Key Takeaways and Advice for Starting a Construction BusinessLINKSVisit the episode page at https://carpentercpas.com/background for more details and a transcript of the show.Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Ready to supercharge your construction business? We're breaking down 25 proven strategies to grow your construction company. From networking to financial management, we've got the insider tips you need to take your business to new heights. Watch now to learn how successful contractors are crushing it in today's market. Don't forget to like, subscribe, and hit that notification bell for more construction success tips!#ConstructionGrowth #ContractorTips #BusinessExpansionWhat we cover on this episode: 00:28 - Networking For Growth02:18 - Quality Workmanship03:14 - Customer Service04:15 - Marketing Strategies05:26 - Specialization06:39 - Expanding Services08:49 - Strategic Partnerships09:16 - Financial Management11:11 - Continuous Improvement12:22 - Risk Management13:43 - Pricing and CashflowLINKSVisit the episode page at https://carpentercpas.com/grownow for more details and a transcript of the show.Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Unlock the power of strategic thinking in construction with the Six Thinking Hats approach. Learn how to make better decisions, spot risks, and find innovative solutions for your projects. Dive into each hat's unique perspective and transform your business mindset.#ConstructionSuccess #StrategicThinking #BusinessLeadershipWhat we cover on this episode:Â 00:00 - Introduction to Six Thinking Hats03:23 - White Hat: The Analyst05:54 - Red Hat: The Empath08:57 - Black Hat: Risk Manager11:38 - Yellow Hat: The Optimist13:56 - Green Hat: The Innovator17:16 - Blue Hat: The Organizer19:29 - Conclusion and Feedback RequestLINKSVisit the episode page at https://carpentercpas.com/sixhats for more details and a transcript of the show.Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
In this episode of the Contractor Success Forum, we dive into the world of lean construction-a game-changing approach that helps contractors complete projects faster, safer, and with higher quality. Hosts Wade Carpenter and Stephen Brown discuss the key principles of lean construction, including the 5S methodology, waste reduction strategies, and how these practices can streamline operations and improve profits. Learn how lean techniques can boost your team's efficiency, improve employee engagement, and reduce costly rework. Whether you're a seasoned contractor or new to the field, this episode offers practical steps to implement lean in your business today.Topics we cover on this week's episode:Introduction to Lean Construction (00:00:00 - 00:00:19)Ever wonder how construction companies deliver faster, safer projects? Introducing lean construction.Overview of Lean Construction (00:00:19 - 00:01:00)Explanation of lean construction's key principles and its origins.Benefits and Statistics of Lean Construction (00:01:00 - 00:02:00)Hard data on lean practices, including efficiency, teamwork, and satisfaction improvements.5S Principles for Lean Construction (00:05:59 - 00:06:25)Explanation of the 5S principles: Sort, Set in order, Shine, Standardize, Sustain.Reducing Waste in Construction (00:06:25 - 00:08:12)Addressing waste reduction in construction using the DOWNTIME acronym.Implementing Lean and Employee Engagement (00:08:12 - 00:09:45)Engaging employees and improving productivity through lean methods.Conclusion and Resources (00:11:45 - 00:14:17)Encouragement to get lean certified and the importance of continuous improvement.LINKSResources we mentioned in the episode:Lean Construction Reading ListJason Schroeder's podcast, Elevate ConstructionLean Construction Education ProgramVisit the episode page at https://CarpenterCPAs.com/leanconstruction for more details and a transcript of the show.Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
This week, we explore how AI is transforming the construction industry. Discover how AI tools can automate tasks, streamline project management, and improve efficiency, ultimately making your business more profitable.Whether you're already using AI or just curious, this episode offers practical insights to help you leverage this powerful technology.What we cover on this episode:Â 00:21 - The role of AI in enhancing productivity01:18 - The evolution from simple prompts to AI assistance01:56 - AI applications in estimating and bidding02:50 - The role of AI in contract management04:08 - Chained AI agents and their practical use04:54 - Voice-activated AI and customer service05:58 - AI's role in risk management and contract analysis09:08 - Automating document analysis and project specs11:02 - Using AI for contract review and identifying risks14:12 - Integrating AI tools for better project management15:56 - Future possibilities and AI-driven efficienciesLINKSVisit the episode page at https://CarpenterCPAs.com/ConstructionAI for more details and a transcript of the show.Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Discover how to automate your construction business with Make.com!
Struggling with cash flow as your construction business grows? Learn essential strategies to maximize profit and maintain cash flow during critical growth stages. Wade Carpenter and Stephen Brown share expert insights on navigating financial challenges.Watch now for practical tips on pricing, billing, and cash management. Don't let growth sink your ship!What we cover on this episode:Â 00:16 - Cash Flow Challenges00:44 - Growth Phases02:12 - Overhead and Profit03:29 - Pricing and Markup04:40 - Cash Flow Forecasting06:31 - Accurate Financials08:14 - Startup Phase Mistakes10:30 - Cash Flow Control12:41 - Growth Phase Risks14:40 - Maximizing ProfitLINKSVisit the episode page at https://CarpenterCPAs.com/scale for more details and a transcript of the show.Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
What does it take to be an Olympic-level contractor, consistently setting the gold standard in construction?Join Wade Carpenter and Stephen Brown as they explore the key traits and practices that separate the good from the truly great. Discover how you can push your team to win every time. #ContractorSuccessForum #OlympicCaliberContractor #ConstructionExcellenceTopics we cover on this episode include: 00:39 - Contractor of the Year01:12 - Thinking Outside the Box02:33 - Discipline and Consistency03:27 - Investing in Employees04:35 - Autopilot Performance05:23 - Breeding Success06:31 - Strategic Planning07:34 - Training for Success08:30 - Innovation and Improvement09:25 - Reputation and Relationships10:12 - Ethics and Community10:51 - Financial Acumen11:56 - Resilience and Perseverance12:43 - Performance Speaks VolumesFind all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Are you bidding your construction jobs correctly? Learn the crucial difference between margin and markup to boost your profits. We'll show you how to reverse engineer your bids for success and maximize your cash flow. Watch now and transform your bidding strategy! What we cover on this episode: 01:21 - Reverse engineering profit margins03:23 - Understanding break-even point05:45 - Markup vs. margin explained08:55 - Defining job costs12:20 - Importance of cash-based profit15:36 - Introducing Profit First website18:58 - Conclusion and feedback requestLINKSVisit the episode page at https://CarpenterCPAs.com/margin for more details and a transcript of the show.Get the free breakeven calculator: https://ProfitFirstConstruction.com/breakeven Join the Profit First Construction communityFind all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Discover the 5 stages of construction company growth and what they mean for your success. From startup to maturity, learn how to navigate challenges and seize opportunities at each stage. Watch now to understand where your business stands and plan for the future!Topics we cover on this episode include:Â 01:47 - The Startup stage03:06 - The Survival stage05:05 - The Success stage08:16 - The Growth stage11:41 - The Maturity stage15:55 - Generational challenges20:22 - Market factors that affect each growth stageLINKSVisit the episode page at https://CarpenterCPAs.com/growthstages for more details and a transcript of the show.Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Struggling to get bonds for bigger construction jobs? We've got you covered! Learn how to push through job size issues with your surety company and take your contracting business to the next level. Watch now for practical tips and insider advice! Topics we cover on this episode include: 02:23 - Underwriter concerns and considerations05:56 - Cash flow and financial risks08:52 - Time and preparation importance11:16 - Working capital and equity14:34 - Profit management and risks17:22 - Learning from rejected projects19:25 - Checklist for larger projects#ConstructionBonds #JobSizeGrowth #ContractorTipsLINKSVisit the episode page at https://CarpenterCPAs.com/jobsize for more details and a transcript of the show.Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Do you know if you're bidding your job properly to manage it for your cash flow? Struggling to keep your finances in order despite your best efforts? You're not alone. And today we're going to tackle some of these issues head on.Topics we cover on this episode include:Â 03:23 - Profit First implementation challenges07:17 - Instant assessment difficulties10:34 - JobEx and OpEx concepts15:18 - Book development and goals18:24 - Feedback request and conclusionLINKSGet the Profit First Target Allocations Calculator: https://carpentercpas.com/taps/Visit the episode page at https://CarpenterCPAs.com/bid for more details and a transcript of the show.Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Discover how modern technology is transforming the construction industry! In this episode of Contractor Success Forum, Wade Carpenter and Stephen Brown discuss real-world case studies that showcase the benefits of implementing technology on job sites. From cost savings to increased efficiency, learn how you can leverage these tools to improve your business. Don't miss out – listen now and join the conversation! Topics we discuss in this episode include: 00:30 - Benefits of Modern Technology01:00 - GPS and Automation Case Study01:30 - Asset Management Technology02:00 - Cost Savings with Technology02:30 - ROI of Technology Investment03:00 - Improving Efficiency with Technology03:30 - Safety Benefits of Technology04:00 - Theft Reduction with GPS Tracking04:30 - World Trade Center Cleanup Case Study05:00 - Deep Dive into Technology Types05:30 - Real Time Location Tracking06:00 - Proactive Maintenance Benefits06:30 - Route Optimization and Fuel Savings07:00 - Safety Alerts and Compliance Monitoring07:30 - Cost Benefit Analysis08:00 - GPS and 3D Control Systems08:30 - Autonomous Construction Vehicles09:00 - Drones for Site Surveys09:30 - Time Tracking Technology10:00 - Video and Camera Systems on Job Sites10:30 - ROI on Equipment InvestmentLINKSVisit the episode page at https://CarpenterCPAs.com/modern for more details and a transcript of the show.Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Protect your construction site from theft! In this episode, we discuss the rising issue of job site theft and how it impacts your business. Learn practical tips to safeguard your equipment and materials, especially during holidays. Don't let theft eat into your profits - listen now and secure your assets! Topics we cover on this episode include: 00:28 - Theft in Construction Industry01:06 - Holidays: Prime Time for Theft02:08 - Organized Crime Involvement03:06 - Statistics on Equipment Theft04:25 - Protecting Equipment During Holidays05:43 - Insurance for Equipment07:05 - Security Measures07:50 - Technology Against Theft09:03 - Importance of Police Reports10:24 - Insuring Equipment for Replacement Cost11:40 - Material Theft and Vandalism13:10 - Insurance for MaterialsLINKSVisit the episode page at https://CarpenterCPAs.com/theft for more details and a transcript of the show.Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
Struggling to finish that last 2% of a construction job?
Have you ever had trouble finding good help? Can't find good qualified people? It's been tough in the construction market, but there are ways to find good help at a reasonable cost. Let's break them down this week on the podcast.On this episode, we discuss:The current state of the labor shortage in construction and accountingWhy companies are struggling to find and retain good laborWhat happens when a construction owner tries to take on too many rolesOutsourcing as a solution to the labor shortageIf you do outsource work, make sure it's to a professional who knows your industrySupport and nurture relationships with the people you count on mostHow to address higher salary expectations post COVID and the recessionLINKSVisit the episode page at https://CarpenterCPAs.com/labor for more details and a transcript of the show.Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com
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