💰Charge the right amount for your work to ensure profitability.
🗣️Communicate clearly with clients to manage expectations and resolve concerns.
📝Comply with regulations and pass on the costs to clients.
📊Keep accurate books to track costs and manage finances effectively.
⭐Prioritize quality over quantity to build a solid reputation.
How do I determine the right amount to charge as a general contractor?
—Consider your labor costs, overhead, and desired profit margin when calculating your pricing.
How can I effectively communicate with clients?
—Paint word pictures of what they should expect, promptly resolve concerns, and underpromise while overdelivering.
Why is it important to comply with regulations?
—Compliance ensures customer satisfaction and prevents legal and financial issues.
Why should I keep accurate books?
—Accurate books help you track costs, make informed business decisions, and maintain financial stability.
Why is prioritizing quality over quantity essential?
—Quality work builds a strong reputation and leads to long-term success in the industry.
00:00The speaker has 43 years of experience in construction, 26 of which as a general contractor. He shares five mistakes to avoid.
02:30Mistake #1: Not charging enough money. Consider labor costs, overhead, and profit when calculating pricing.
05:35Mistake #2: Ineffective communication. Paint word pictures, promptly resolve concerns, and underpromise while overdelivering.
08:27Mistake #3: Avoiding compliance with regulations. Pass the costs of compliance to clients for a successful business operation.
10:22Mistake #4: Operating without accurate books. Keep track of costs and maintain financial stability.
15:40Mistake #5: Prioritizing quantity over quality. Quality work builds a strong reputation and leads to long-term success.
