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Date
Titre
Durée
09 Dec 2021
101 - Don't Be Held Hostage
00:50:38
00:00 - Intro
01:15 - Adios to Lincoln Riley
03:00 - Is Your Business Holding You Hostage?
13:00 - Don’t Let Software Be Your Bottleneck
23:00 - Know What You Want & Stick To It
34:00 - Let’s Talk About Sustainable Growth
42:20 - Rollercoaster Profits
47:00- Outro
Quotable Moments
“Hostage is when your company is dependent on a person instead of a system or a process.” – M
“Create something that you’ll be able to replicate and not have to rely on the top talent to do, but that you’ll be able to train to learn.” – K
“While they could stick with the same software, it’s just not a fit anymore and it doesn’t make them more efficient.” – K
“Have an idea of what you want rather than just deciding based on the pitch.” – M
“Your vision is just what you want.” – M
“Sometimes, when you don’t stick to your price and you lower it, what ends up happening is that you create more chaos for yourself.” – K
“These challenges that you think are overwhelming and unique to you… they’re not. I’ll find you 5 people with the exact same issue.” – M
“You can’t listen to this and try and do all these things at once. There’s something that’s more important than anything else and you need to work on that thing until it’s no longer the short stave in the barrel.” – M
Resources
“Choosing The Right Software For Your Company” Episode
156 - 9 Essentials to an Organized Business (Part 2)
00:49:08
Productivity is a must for businesses at all levels. It is easier to achieve success and growth when your company is well-organized. In Part 2 of the "9 Essentials to an Organized Business" series, Martin and Khalil discuss goal setting, organizational charts, and the importance of systems!
Time Stamps
00:33 - Liquid Death
02:56 - Can Texas Be Its Own Country?
05:52 - Episode Intro
06:42 - Why Vision Comes Before Goals
13:18 - What Are Goals?
24:36 - Goal Writing Process
25:23 - Org Chart - Why Does It Matter?
35:52 - TouchStone Business Systems
39:21 - Importance of Systems
42:34 - Writing Systems
43:53 - Tools that Can Help You Get Organized
46:28 - Episode Recap & Takeaways
Quotable Moments
"I think so many times you can be chasing a goal just because you think that it matters. But how many times do you run into people that have a sales goal but no profit goal?" - Khalil Benalioulhaj
“People who work for you need to understand what their role is and what their goals are, and they need to know, did we do it or did we not? So, we need goals all around, and getting an organized company, bringing it back to the big picture. “ - Martin Holland
If you don't define what a productive day is, and you don't define what you're gonna do each day, then you're trying to shoot at a moving target and it's really difficult.” - Khalil Benalioulhaj
“If you don't have goals, you might have a great vision, you might have a great mission, you might even have a good culture, but if you don't have goals, you don't have that first step.” - Martin Holland
“An org chart is absolutely essential. It's a map. An org chart is a picture of the way you want your company to look when you're finished with it.”
“80% of what you can do can be done consistently, can be done the same way. If you find an improvement, you can change the process and it spreads throughout your organization.” - Martin Holland
Story of the Show — The “Do Everything” pool business owner. (2:10)
The Change Formula — Dissatisfaction x Vision must be > Resistance or you won’t change. (7:18)
What is the evolution of a business owner, and why is it important? (8:00)
How long does the evolution take? (12:55)
How do you move from one stage to the next? (16:02)
Employee Stage (16:41)
Self-Employed Stage (27:02)
Manager Stage (35:24)
Owner Stage (44:49)
Investor Stage (49:53)
Entrepreneur Stage (54:18)
Mount Rushmore — Best Business Owner Evolution (56:00)
Quote of the Day — “Because what you give your attention to is the person you become.” - John Mark Comer (1:04:16)
One Thing You Can Actually Go Do — Write out your evolution as a business owner. Where are you now, and where have you been? What barriers did you break down? What milestones have you achieved? What one thing could you do right now to free up your time so you can evolve to the next stage? (1:04:38)
Closing the story — Where did the pool business end up? (1:06:52)
Quotable Moments
“If you’re living Groundhog Day every day, and you’re just handling problems, you get desperate. There has to be a reason, a purpose, and a vision.” — M
“We go through this ambition to do bigger and better. If you can just take a step back and reflect on where you’ve been as a business owner, as a contractor, you’ll be surprised at everything you’ve gone through.” — K
“If you’re trying to speed this up too fast, you’re going to make mistakes that will make it crumble.” — K
“Leverage means you accomplish more and more with less and less of your work effort.” — M
“It’s so important to pay attention to the evolution of a business owner so that you will become who you want to become.” — K
Hiring the right people is more than just filling roles; it is a strategic investment that can significantly impact the value and success of a business. Companies that prioritize hiring the right people guarantee that their teams are made up of people who have the essential skills, experience, and personality to thrive in their roles. Unfortunately for many, hiring top talent is harder than it seems. But what if AI technology could help with that?
Listen in as Jonathan Whistman, Author of The Sales Boss and CEO of PerceptionPredict, joins Martin and Khalil to discuss this topic!
Time Stamps
00:46 - Episode Intro
05:24 - Jonathan's Camino de Santiago Experience
13:09 - Get to Know Jonathan Whistman
14:39 - Utilizing AI in Your Hiring Process
20:03 - Screening Applicants Beyond Traditional Approach
26:21 - Finding the Right Sales People
36:45 - How to Write Attractive Job Ads
41:37 - Getting Started with WhoHire
46:10 - PerceptionPredict
52:35 - 5 Truths About Humans That Unlock a Job Performance
01:16:04 - Services Offered by WhoHire
01:20:03 - Episode Takeaways
Quotable Moments from Jonathan Whistman
"With AI, most business people don't realize how fast it's coming and how fast it's changing."
"When we talk about AI. People have all sorts of thoughts about what it is and really it's a new label for something that has existed for a very long time. It's just advanced mathematics. It's advanced pattern recognition. The only difference is our computing power has finally caught up that we're really able to do some crazy things that seem like magic."
"The more sincere a house cleaner is, the less time they spend in the role. They churn out quickly and the quality of their work is less."
"A great salesperson knows their value, and you should be willing to go in equal risk with them."
"If they don't see you, your company, mirroring who they want to be, then they're going to have a problem with that."
Who is Larry Hughes, and how does he help business owners? (1:40)
Why you need to do a valuation of your business before you sell. (8:56)
Common reasons business owners sell their business. (13:36)
Does your business have value? (19:49)
5 things you have to do to create a highly valuable business that someone will want to buy:
1. Operating margins above industry standards. (22:00)
Strategies for improving your margins. (29:22)
2. Have a stable, motivated management team. (33:55)
If you already have a great manager on your team, how do you keep them? (39:00)
How do systems help make your business “buyable?” (41:31)
3. Systems that support sustainable cashflow. (45:59)
4. Realistic growth strategy. (48:20)
5. Diversified customer base. (51:15)
How to protect yourself from Godzilla. (52:28)
Who buys businesses, and why do they buy them? (57:48)
Scenario: You’re a business owner and you’re looking to grow by buying another business. What should you be looking for, and what are red flags that should cause you to steer clear? (1:07:29)
What are you actually buying when you buy a business? (1:10:53)
How is business valued? (1:12:08)
Where do you find buyers? (1:20:15)
If you want to sell your business, good books are SO important! Here’s why. (1:24:10)
We’ve been hearing about Cliff the whole episode... What ended up happening with his business? (Spoiler alert: it’s good!) (1:29:07)
When should you start planning for selling your business? (1:36:18)
Ethan’s Insights — What are the most important things from this info-packed interview with Larry Hughes? (1:37:06)
Quotable Moments
“We all know that there are two things that are definite in this world. One is taxes, and one is death. But for business owners, there’s a third, and that is that one day, they’re going to leave their business.” — Larry
“When you build a business to sell, you’re also building a business that you might choose to keep because it’s making extraordinary income and it runs relatively hands-off... which is what makes it attractive to buyers.” — M
“Value is all wrapped up in one key item, and that’s cash flow.” — Larry
“Cut costs, not corners.” — Larry
“It’s so important that you are NOT the key guy in every aspect of your business.” — Larry
“Sometimes a little too much money is not good for a business owner because he makes a decision without planning.” — Larry
Resources
5 Things to Do to Create a Highly Valuable Business infographic
IBIS — Look up your industry standards, from gross margins to employee costs
56 - Financial Statements Made Easy - Statement of Cash Flows
00:33:08
3 reasons you could have a profit but no cash. (6:19)
What if you DO have cash, but you’re NOT profitable? (8:11)
How does collecting old receivables affect your view of how profitable you are? (11:35)
Why cash is king. (13:13)
What is the statement of cash flows? (15:34)
What does your statement of cash flows look like? (20:13)
How do you use your statement of cash flows? (26:12)
Story Time: A real client who used the statement of cash flows to figure out where her money was going. (27:34)
Take action! Go print out your statement of cash flows and try it out! (29:55)
Quotable Moments
“Cashflow just means the money that’s coming in and going out of your business.” — M
“Cashflow and profit are equally important, but they’re not the same thing. They affect each other, but it’s possible to make a profit and not have any money.” — M
“If you don’t have cash, if you don’t have liquidity in some respect, you can’t do business.” — K
“Before you even think about going and looking at the statement of cash flows, make sure that you have good books.” — K
“The reason to understand in sufficient detail where your cash went and where it comes from is that if you know that, you can do something about it.” — M
“Just look for the big numbers and if they’re negative, go fix them.” — M
191 - Getting Results with Your Website as a Contractor with Monica Pitts
01:02:26
Are you differentiating your construction business online or just blending with the crowd? Web expert Monica Pitts talks about how to make your construction website uniquely yours. Don't just be a number online, be memorable!
Time Stamps
02:13 - Intro to Monica Pitts
03:52 - Measuring Productivity
06:15 - What Makes a Good Construction Website
08:19 - The Role of the Client in Website Development
09:15 - Technical Aspects of a Website
15:01 - The Importance of Owning Your Website & Domain
19:12 - Helpful Accounts to Consider
20:10 - Google Search Console
21:45 - Website Appearance and User Experience
25:43 - The Role of the Client in Website Development and Maintenance
28:59 - Branding and Logos
30:58 - The Importance of a Professional Identity Mark & Brand Guidelines
33:10 - The Power of Authentic Content
39:31 - How to Communicate Pricing on a Construction Website
43:50 - The Role of Website Performance
48:16 - Understanding Website Metrics
54:21 - Episode Takeaways
55:38 - The Cost of Website Development
01:00:43 - Connect with Monica Pitts
Quotable Moments from Monica Pitts
"People are going to look at you and multiple other companies online before they decide to buy from you. And if yours looks and feels like everyone else's website, they will never remember you."
"I feel like when you're forced to find ways to do things more efficiently, you find it, you know?"
"A good construction website, like any other website is gonna start with the company's goals."
"Consider your website your first employee, because it's the first face that everybody sees and it needs to work for you. It needs to be a productive member of your team. And if that's not what your website is doing for you, then your website isn't doing its job."
"People ask me all the time, what system should I be building my website on? And I tell them that they need to think first about what they wanna do with their website. How is it gonna function? How is it gonna be a member of your team? What do you want it to do physically? And then how does it need to incorporate with the other systems that you use in your business?"
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What can business owners expect in 2023? Join Martin and Khalil as they discuss the recent Southwest Airlines incident, new AI technology trends that can benefit your business, and an interesting perspective on qualified leads worth exploring. Stay tuned!
Time Stamps
00:40 - Martin's Holiday at Donnelly, Idaho
01:56 - Southwest Airlines’ Recent Meltdown
07:37 - Software & Systems
13:03 - The Value in Having an Advisor & Mentor
15:35 - ChatGPT
20:19 - How SMB Owners Can Benefit from ChatGPT
31:13 - The “Smokey the Bear” Process for Qualified Leads
36:14 - A Peak Into Our Next Episode
37:09 - 2023 Feelings & Forecast
42:45 - Takeaways & Call to Actions
Quotable Moments
"It is not all about the numbers, but it is also about the numbers. Because whatever it is you do in your business, however, you serve the world; you can't do that if you don't make money." -Martin Holland
"The way to delegate properly is to have systems and processes and people who can run them." -Martin Holland
“It's not that you have to be a unit running the most up-to-date, most new and flashy thing that's out there, technology-wise. But You need to be with the times." -Khalil Benalioulhaj
"They're really gonna have to pay attention to their expenses. I think inflation combined with interest rates for construction companies is gonna make it a little bit challenging if you're not paying attention to those things." -Khalil Benalioulhaj
Story of the Show — Derek Sivers, author of Anything You Want (2:32)
What do contractors struggle with the most, across the board? (7:12)
What is performance? It’s delivering what you sold on time and on budget. (9:47)
Why is it so much more difficult to deliver on your promises when you have employees? (14:02)
How do you manage expectations about “on-time” delivery? (17:47)
Our bests tips for staying on budget (24:12)
What’s the 1% rule, and how can it affect your net profit? (27:37)
How do you manage your limited capacity (bottlenecks)? (29:25)
Use workflows to increase your efficiency. (34:20)
What is hub and spoke management, and when will it work or not work for you? (39:00)
What is circular management, and how can it help you grow? (42:00)
Less than 5% of businesses we know of use this incredible management tool. (45:00)
Systems are the way you get consistent results. (48:26)
How do org charts and systems work together? (54:37)
Mount Rushmore — Tools to Help with Processes (1:06:12)
Quote of the day — “You cannot manage what you do not measure.” - Edward Deming (1:12:49)
Something you can actually go do (1:13:40)
Story Loop Closure — Delegating is creating systems and processes, but what Derek did was abdicate. The problem? He gave away his duties, and his employees took control of the company. He had to go to court to get it back. (1:15:41)
Ethan’s Minute (1:17:32) — We generously gave Ethan 90 seconds today since we covered so much. So, what stuck out to him today?
Quotable Moments
“I can’t tell you how many people I’ve met who are just so stressed out about by their business. It affects every area of their life.” — K
“It’ll never be a profitable business that can work without you if you’re doing all the work.” — M
“Sales is not the reason to be in business. Profit and cash are the reasons to be in business.” — M
What is influencer marketing? Will Ai eventually replace SEO? What exactly does "good marketing" mean? Listen in as Martin tests Khalil's marketing expertise!
Time Stamps
00:19 - Khalil is off to Morocco!
01:22 - Rapid Fire Questions
04:15 - What is Good Marketing?
04:57 - What is a Brand?
06:00 - How has Marketing Changed in the Last 3 Years?
07:14 - What Are the Principles of Marketing?
08:29 - Will Ai replace SEO?
12:34 - What's the Difference Between Public Relations & Marketing?
200 - Mastering Entrepreneurship & Building Your Business Empire with Michael Girdley
01:12:36
What's up Cashflow Contractors! Celebrate our 200th episode with us as we dive into the brilliant mind of Michael Girdley. From growing and leading his own company to building a business empire, Michael shares gems of wisdom that every entrepreneur needs to hear. Trust us, you don't want to miss this one!
Time Stamps
01:36 - Intro to Michael Girdley
04:51 - Building a Construction Empire
05:25 - Core Behaviors vs. Core Values
08:29 - Defining & Hiring A-Players
15:08 - The Challenges of Hiring Friends & Family
16:31 - Embracing Offshore Talent
26:21 - Running a Holdco
32:17 - Hiring a CEO to Run Your Company
37:15 - Living the HoldCo Entrepreneur Life
40:38 - The Role and Value of a Board of Directors
43:58 - Incentivizing and Structuring a Board
46:09 - When to Consider Forming a Board
48:25 - Navigating Acquisitions
51:56 - Acquisition Challenges
58:09 - The Intricacies of Hiring CEOs
01:00:42 - Different Types of HoldCo
01:02:53 - Practical Business Wisdom from Michael Girdley
Quotable Moments from Michael Girdley
"Don't do a formal board until you absolutely have to. Don't waste time with formality unless you really feel like you have to do it. Find that stuff the other way if you can. Because boards are a lot of work."
"One of the problems with human nature is we'll take people problems and we'll try to throw a system at it, or we'll take a system problem and we'll try to throw people at it. And it's easy to just get really screwed up there."
"Never underestimate the power of an enemy, real or imagined to motivate a company."
"I'd rather be in a great business with a mediocre team than a mediocre business with a great team. The market wins every time."
"This idea of the genius with a thousand helpers or genius with 12 helpers - a lot of businesses run that way. And if you wanna sell your business someday, you need to figure out how to run your business as a real business and not as 12 glorified assistants, which I see happen a lot."
Need Help with podcast production? We recommend Demandcast
11 Apr 2024
203 - Why You Can't Overlook HR as a Growing Contractor with Sara Anwar
00:50:49
Thinking HR is only for the 'big players'? Think again! This episode with HR expert Sara Anwar breaks down why HR is crucial for small businesses and growing contractors. Tune in!
Time Stamps
01:41 - Intro to Sara Anwar
03:19 - Sarah's Journey into HR
06:31 - HR Essentials for Small Businesses
10:54 - Understanding Handbooks and Job Descriptions
13:53 - The Importance of Onboarding and Training
16:2 - Adjusting Job Descriptions
20:19 - Handling HR for Growing Businesses
26:09 - Navigating HR for Subcontractors
28:05 - Consequences of Misclassification
30:39 - The Essential Components of an HR Handbook
37:30 - Choosing the Right HR Software for Small Businesses
40:23 - Understanding HR Consulting and Software Costs
46:07 - Navigating Employment Contracts and Compensation Models
49:24 - How to Get in Touch with Sara Anwar
Quotable Moments from Sara Anwar
"Sometimes things can go sour when you are running a business. Things change the relationship at times. So I would still harp on having a set of guidelines."
"When you get to about 20 to 30 employees, you probably should think about having a full time HR."
"We want to treat them well, but we need to be very careful about every little thing. This really needs to be airtight to make sure they don't have cause later to say, "I should be an employee as opposed to a contractor."
"Internet and email and social media use. That's a hot topic these days!"
"It [HR] may cost just a little upfront, but it's certainly better than paying the fines, and the lawsuit money, and settlements that can come out of not having it."
Need Help with podcast production? We recommend Demandcast
25 Apr 2024
205 - Why You Need An Operating Agreement Yesterday with Patrick Lane
00:57:34
Considering bringing on a partner in your business? Find out why having a solid operating agreement is crucial for a successful partnership. Patrick Lane shares key insights you can't afford to overlook!
Time Stamps
00:05 - Episode & Guest Intro
02:57 - The Importance of Operating Agreements
05:13 - When Do You Need an Operating Agreement?
08:33 - Key Provisions in Operating Agreements
11:05 - Navigating Partnership Dynamics and Legal Advice
13:02 - The Real Costs of Legal Disputes in Partnerships
14:38 - Management and Financial Considerations in Operating Agreements
22:33 - Addressing Distributions, Divorces, and Disputes
25:58 - Navigating Tax Provisions in Operating Agreements
26:45 - The Importance of CPA Involvement in Business Startups
27:37 - Exit Strategies and Expulsion Provisions
29:00 - The Essentials of Buy-Sell Agreements
31:45 - Funding and Valuation in Buy-Sell Agreements
36:47 - Ownership and Voting Rights in Business Partnerships
40:47 - Employee Ownership: Pros and Cons
43:08 - Non-Compete and Non-Solicitation Agreements
47:24 - Building a Strong Advisory Team for Your Business
52:46 - Final Thoughts and Advice on Operating Agreements
47:00 - What Happens When A Lien is Filed Incorrectly
51:00 - How Karalynn Got Started
Quotable Moments
“If you don’t know and you’re going in blind then you’re going to fail.” – Karalynn
“There’s a big misconception that if you’re terminated all you’re going to lose is the money that they owe you – if you walk away from a job and it costs them more to replace your scope than what you agreed to do, you’re on the hook for that difference because you promise to do this work for X amount of dollars and you didn’t.” – Karalynn
“The general contractor has the right to terminate you for no reason or any reason at all. It’s called a termination for convenience clause.” – Karalynn
“Know how to CYA – cover your ass as a general business practice. If something does happen, keep records or have systems so if you need something, it’s there.” – Karalynn
“If you don’t have certain agreements in your business, the underlying reason is you don’t really value your business.” – Martin
“Stay in your lane. You can grow your way out of it, but stay in your lane. And when you’re going to grow, let’s be intentional about it.” – Martin
“Even if you have a lien and it’s been a while, you have way more leverage than somebody who doesn’t.” – Karalynn
“Generally speaking, a voluntary lien is a security interest in a piece of property. You go to the bank and get a mortgage and take back a lien on your house – you’ll pay them back and you sign off on that.” – Karalynn
“To know about the industry, you really need to have spent some time in it right before you can really understand what to do.” – Karalynn
“I stay in my lane. I don’t do divorces. I don’t do wills. I stay here with what I’m good at.” – Karalynn
How to not waste all your hard work in 5 minutes. (5:45)
Quotable Moments
“He worked for us for 4 months. Did good work, but missed a couple of punch list items. Didn’t call us back. [For those reasons], he lost a referral source in us.” –M
“He paid for advertising, he got a lead, he scheduled an appointment, he went out and he took measurements. He then designed the project and put together a bid and sent it but he made a critical error– he didn’t call to follow-up.” –M
“There are infinite ways that we’re out there doing the 23 hours and 55 minutes worth of work and then we blow it on the last 5 minutes by not following through.” –M
“Success is a few small disciplines practiced every day and they’re always small things, like calling people back.” –Jim Rowan –M
“90% of the problems in business are communications.” – M
“Words are one thing but actions are a whole other deal. People need to see where you’re living it out.” – K
“They’ll [customers] get mad at you anyways so
“The handshake kind of deal works with the right people and the right project, but you shouldn’t rely on it.” – M
“Your contract and your expectations document are different – your contract is there to protect you and the expectations document is to make things clear.” – K
“Your values as a company, your culture as a company will help dictate those expectations for and by those employees.” – K
“It’s not all about what you expect from a customer but what the customer expects from you too.” – M
28 - Stop the Spinning Top: Creating a Strategy for Growth with Chad Board
01:14:00
Background: Who is Chad, what’s his company, and what is he struggling with? (0:57)
What has Chad tried in his business? (2:59)
Does this sound familiar to you: “Too much of what I do is a one-time sale.” — Chad. (5:04)
What was Chad’s “why” for starting the business? (6:46)
The Ups and Downs of Rugged Roofing: An Owner’s Tale (9:01)
Can you separate your personal and professional lives? (26:15)
What things are causing the “spinning top” for Chad right now? (28:20)
Who is the RIGHT target audience and why should they work with you? (35:37)
Why you need to speak about what matters to your CUSTOMER. (41:56)
How does Chad use the books in his business? (48:04)
When being too nice is a problem. (51:42)
If we had to address the one thing that’s holding Chad back the most, what would we tackle first? (55:11)
Chad’s key takeaways from the day. (1:04:40)
First steps: Our recommendations for Chad. (1:08:00)
Quotable Moments
“Every company owner needs to take a salary.” — M
“Getting an outside perspective is going to make me better. It’s going to make me a better manager.” — Chad
“Leaders are readers.” — M
“Perfection is your enemy. The faster you can fail at things, the better off you are. The faster you can learn from the failures, the better off you are.” — K
“Whatever you pay attention to gets better, simply by paying attention to it.” — M
“I’m an independent guy who has not liked working for other people, so I started my own business, but that doesn’t mean that I want to be alone while I do it.” — Chad
221 - $0 to $10 Million in 8 years with HVAC with Mike Kelley
00:56:45
From $0 to $10M in 8 years! Learn about leadership, growth, and resilience as Mike Kelley shares his incredible journey from the army to building a thriving HVAC business.
54 - Financial Statements Made Easy - Balance Sheet
00:49:45
What is a balance sheet? What questions does it answer for you? (HINT: What you own, what you owe, and what’s leftover for me.) (6:27)
What accounts are on your balance sheet? (10:50)
Let’s take a look at the balance sheet at work. (14:24)
Balance sheet ratios: What are they, and how can you use them? (21:18)
Your balance sheet shows how quickly you turn over your accounts receivable, and knowing that can help free up a LOT of cash. (31:30)
Next up: Statement of Cash Flows. BUT you can’t effectively use the Statement of Cash Flows if you aren’t doing accrual-based accounting. (41:18)
Numbers you need to pay attention to in the equity section of your balance sheet. (47:12)
Quotable Moments
“Contrast makes life rich. You’ve got to have a bad balance sheet in order to appreciate a good balance sheet later on.” — M
“The balance sheet is a snapshot statement. It tells you how you stand at the moment that you produce that balance sheet.” — M
“If you think about these Wall Street guys, they all have finance degrees. This is all they focus on, it’s a full-time job. And so you’ve got to find somebody in your corner that can really help you think about these ratios, the health of your balance sheet, and the health of all of your financial statements. It’s where you’re going to become a better manager, owner, and operator.” — K
“The whole point of financial statements is they tell you what the score is. They pinpoint where the problems are and give you ideas of what to do to change it. And then, they show you how your changes are working.” — M
“You shouldn’t have to do the ratios. Tell your accountant that you want the ratio every Monday morning.” — M
“Start building a relationship with a banker if you don’t have one. Ask them these questions: What are my ratios? Why am I not a healthy business, in your eyes?” — K
“If you’re smaller and you’re like, “Man, we’re just not big enough to where this stuff even matters,” that’s NOT true... The smaller you are, the smaller these problems are to fix.” — K
“We started getting behind on a lot of payments.” (22:30)
“That’s when I got that gut check.” (22:50)
“I was bleeding cash everywhere.” (25:00)
Even people with no business sense can tell that this isn’t right... (27:10)
Margins? Bidding? How did they determine pricing? (28:70)
“That $5,000 is not all for you.” (29:50)
You’re busy, but you’re on credit lock — it’s like quicksand. (31:10)
They decided that we needed help. It was divine intervention. That’s when everything changed. (34:20)
“We think we’re saving money by doing it ourselves, but it costs us opportunities.” (43:00)
How Sergio reacted to competitors then and now. (49:00)
What was the most impactful change that he made in his business? (54:00)
One danger of increasing your capacity before you’re ready. (1:00:30)
What’s the hardest part of getting your pricing right? (1:06:20)
How did he tell his customers that he was going to have to start charging more? (1:09:45)
A common marketing mistake that contractors make. (1:18:00)
How a CRM transformed Alpha’s business. (1:22:20)
Mount Rushmore — Sergio’s biggest improvements (1:27:17)
Quote of the day — “Sometimes you win, and sometimes you learn.” — Sergio’s daughter (1:35:10)
Intern Insights with Ethan — There’s a ton to cover, so let’s see if Ethan can get it all in! (1:36:30)
Quotable Moments
“When it comes to the numbers and the business side, it’s a whole different story.” — Sergio
“If you don’t know what you’re doing and don’t have something that you want, it’s pretty hard to do it.” — M
“It’s not just about working harder, it’s about working smarter.” — K
“Keeping track of your business is just as hard as doing it.” — M
“When you do a good job, customers are happy to pay you.” — Sergio
“When you’re small, you don’t see the big issue with not having the margins or the systems... As you get bigger, it becomes a magnifying glass on all of the problems you have.” — K
Mount Rushmore
Courage
Getting the books right
Creating a vision for the company — Sergio’s George Washington
Improving operational efficiency
Delegation
Price increase
Getting the books right (so important, we had to mention it twice!)
Are receivables risks preventing your company's growth? You should probably get accounts receivable insurance. Listen in as Martin and Khalil welcome Risk Management consultant Scott Stone to discuss the process and benefits of obtaining Accounts Receivable Insurance.
Time Stamps
00:37 - Episode Intro
02:46 - How Scott Stone Got Into the Insurance Business
05:09 - Insuring Your Accounts Receivables
06:32 - Extending Credit From B2B Transactions
08:16 - How Much Does Receivables Insurance Cost
10:34 - Receivables Insurance Coverage
15:30 - Credit Risk Underwriting Process
21:35 - Types of Coverages for Smaller Jobs
23:34 - 4 Different Qualifiers
27:07 - Advantages of Getting Insured
32:20 - How Do Banks Treat Uninsured AR vs. Insured AR?
36:59 - Examples of How Receivables Insurance Benefited Businesses
48:40 - Claim Settlement
50:09 - Receivables Insurance as a Credit Enhancement
55:00 - Post-pandemic Economic Challenges
1:02:45 - B2C Risk Mitigation Options
1:06:46 - Episode Takeaways
1:07:27 - How to Reach Scott Stone
Quotable Moments
"If you're a company that is extending credit, whether it's for goods, tangible items, or for services you provide, you could potentially be a client and have credit insurance.” - Scott Stone
“Our policies are extremely customizable. It's not one size fits all.” - Scott Stone
“Slow pays are always slow pays until they become a no pay. And when they become a no pay is when you turn it over to us.” - Scott Stone
“A lot of people are excited about the sales opportunity, but they fail to think, what’s these people's ability to pay me?” - Scott Stone
“Insurance is something that you need to buy when you don't need it. Because when you need it, you can't buy it.” - Scott Stone
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97 - The Evolution of a Business Owner with Jeff Finney
01:33:21
00:00 - Intro
04:00 - Evolution of a Coffee Drinker
07:15 - We Hope You’re Hungry
09:40 - Jeff's Background
11:50 - How Jeff Started Woodworking
22:50 - College? Y or N
26:25 - The Value of Finance
28:50 - Full-time Business Owner
31:05 - Partner Conflicts + Dynamics
37:50 - Going Solo
40:00 - Making a Profit
42:30 - Not Being a “Yes Man”
55:00 - Build A Business To Sell
1:02:00 - Getting Out Sales
1:11:00 - Don't Focus On Sales Only
1:22:00 - How to Scale
Quotable Moments
“For our young listeners out there, take the opportunity and look for the experience you can get. If you’re more focused on getting paid now, you’re not going to get as good of pay later.” – K
“I tell people all the time that you don’t need an MBA to succeed in business. I also say, an MBA will not in any way remotely assure that you will succeed in business.” – M
“There’s 2 ways to be educated and they both happen through experience. You can either get the experience yourself or you can pay for someone else’s experience to be passed down to you.” – K
“Profit is not new cars – profit is inventory, new machines, and innovating.” – M
“Your suppliers have no reluctance to tell you it just went up 15% and yet we, as the middleman between suppliers and their ultimate consumer, why are we reluctant?” – M
“I’m building my company to sell it – I’m not sure whether I ever do it or not, but I want to get it to that position where it could be sold.” – J
“Just because there’s a language and a culture barrier there, it doesn’t mean that there’s a talent barrier.” – K
“Onboarding starts during the hiring process.” – Khalil
“The number one reason for people leaving a company is unclear expectations. It’s not money, it’s not hours, it’s not safety, and it’s not coworkers.” – Martin
“Doing training on the first day is fine but you need to talk about values, give examples of the values, and bring in other employees to talk about them.” – Khalil
“Nowadays, people can find work anywhere. You need to give them a reason, besides money, to come work for you.” – Martin
“You hire for skill and you fire for attitude.” – Martin
“Ignorance is not an excuse to not have the professionals that you need in your business.” – Martin
“The biggest takeaway is to make a checklist of all the things you need to go over in onboarding in the future.” – Khalil
“Know that you were able to make huge leaps and progress over the last 5 years so know that you’ll be able to do it in the next five years as well.” – Khalil
Why you shouldn’t try to do all of the administering yourself. (4:28)
Three reasons why people don’t reach out to experts to help them. (6:52)
Story of the Show — Martin’s client didn’t know his costs, margins, or whether the business was even making money. (9:33)
Before you start a business, consider this... (12:19)
What is administration? (15:35)
Where do you start when you want to improve your administration? (16:46)
How the administrative part of bookkeeping informs all of the other three areas of business. (19:31)
What’s the ultimate vision? What things do contractors need to know? (21:11)
What is a profit and loss statement? (23:16)
The 5 fundamental questions your 3 financial statements will answer. (25:03)
Why your bank statement does not work as a profit and loss statement. (26:27)
What is a balance sheet? (29:50)
What is a cash flow statement? (35:50)
How you can “rent” advisors. (40:08)
What information do you get from good books once you have someone put them in order? (41:27)
Mount Rushmore — Admin tools (43:34)
Quote of the Day — “If there is not a good bookkeeper in your business, you will go on groping like a blind man.” - Luca Pacioli (inventor of double-entry bookkeeping) AND “If the books are a mess, so is everything else.” - Anonymous (51:02)
Closing the story — Martin’s client got his books in order and made more in Q1 of 2020 than the entire two years prior. (54:55)
Ethan’s Minute — What parts of administering the business stuck out to Ethan? Listen to find out! (57:45)
Quotable Moments
“Administration will consume more of your time and effort than doing whatever it is that you actually do.” — M
“You don’t need to become an expert at administration. You just need to understand how it works and then find people you trust to really help you in those areas.” — K
“The subjective of how you feel at any given time isn’t good enough. We need information as objective as it can possibly be to tell how we did, how we’re doing, and what we need to do in the future.” — M
“If you’re trying to grow a business on a gut feeling, you’re setting yourself up for disaster and for stress and for headache and heartache.”— K
24:50 - The Difference Between Target Profit And Target Sales
28:50 - You Make Money, But You Don’t Have Any . . .
35:39 - Inventory Terms And Supply Chain Issues
39:10 - Delayed Gratification
42:45 - What’re The Signs Of Bad Books?
48:32 - Integration Into Your Techstack
Quotable Moments
“It's so important for people to realize that it's a target profit and not target sales. When you have a target sales, that's what leads you to do things like discount.” - Khalil
“The smarter bidders out there are including some of these things like there might be weather delays. There might be issues with material orders where I still have to pay my guys, but I don't have the materials to do the job. You've gotta keep in mind when you're bidding.” - Khalil
“The number one thing to follow is your margins because it tells you what your break even is.” - Martin
“It's sales that bring margins and the margins have to be sufficient to pay your overhead expenses.
Want to keep your business lean and mean? It's time you manage your overhead better! Listen in to learn practical ways to reduce your overhead and maximize profitability.
“Partnership isn’t always the literal definition – think of it as any way that you get into business with somebody where you offer them rights or grants or ownership that you can’t get out of.” – M
“If you’re not having uncomfortable conversations then you’re not having the right conversations.” – M
“Your company will benefit more from you focusing on your strengths and focusing on a different role than your partner.” – K
“We spend the majority of our time working. If you don’t feel a connection and purpose during the best hours of your day, then people are going to leave if they don’t feel that.” – K
“You can’t eat it all – you have to have the buffer for the world and you have to have the courage to raise your prices.” – M
“Your brand has a lot more to do with who you are and has more to do with what your unique value proposition is.” – K
“On partnerships, be intentional about it and make sure you have a really good operating agreement.” – K
“On hiring, the market has changed. You may have to change your ads, change your culture, and change the time you give to your employees.” – K
“With your brand, it’s what’s going to increase your prices, hire better employees, and contributes to everything.” – K
146 - Conducting A Year-End Review for Your Company
00:50:11
As the New Year approaches, have you taken the time to sit down and evaluate how 2022 has gone for your company? A good year-end review is essential for any business because it helps you lay a solid foundation for the coming year. If you haven't done it yet, listen in as Martin and Khalil walk us through the process and provide a few extra tips along the way.
Time Stamps
00:19 - World Cup
06:26 - 2022 in a Glance
09:42 - US Manufacturing Industry
13:58 - Trans Siberian Railroad
15:20 - Why is a Year-End Review Important?
18:44 - Doing a Structural Review
22:21 - The Value in Reading & Writing
27:44 - How to Do a Year-End Review
29:25 - Analyzing Your Areas of Improvement
32:03 - Reviewing Your Financial Statements
39:21 - Key Accomplishments
40:57 - Understanding Wins & Losses
42:22 - What's Your Vision?
46:21 - Developing an Action Plan
Quotable Moments
“There are so many things that we go through in our life, and if we don't take time to just reflect and think of the things that we experienced, what they meant to us, the lessons we learned, we don't retain any knowledge from it.” - Khalil Benalioulhaj
“What are some things that, if you were better at them, could help your business?” - Martin Holland
“Sometimes you may have this great selling product, and it's because you are way underpriced.” - Khalil Benalioulhaj
“If [your vision] is not real, you're just wasting ink on your website.”
184 - Mind Mastery: Changing Your Internal Narrative
00:45:53
Do you know how powerful your thoughts can be? Martin and Khalil address the five Cs of negative thinking, getting rid of these negative habits, and switching your internal narrative to one that shapes success. Stay tuned!
Time Stamps
00:37 - Setting Yourself for Success
01:48 - Delegation and Task Management
05:59 - Open-ended Tasks
09:03 - The Impact of Our Thoughts
13:39 - The Five Cs of Negative Thinking
15:09 - Stop Complaining
17:22 - Stop Criticizing
20:33 - Reduce Your Concern
21:20 - Stop Commiserating
27:00 - Stop Catastrophizing
31:19 - Flipping the Switch
37:20 - The Role of Narrative in Shaping Mindset
44:04 - Setting Positive Goals for Personal Growth
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03:49 - How To Know If A Costly Software Is Worth It
06:05 - How To Build A Marketing Framework, On Budget
07:04 - Non-Basic Benefits Software Can Provide
Quotable Moments
“A tech stack is the concoction of key softwares that you use to run your business efficiently. These could be softwares for project management, sales, or CRM – whatever functions support your business.” – Khalil
“As software goes, nothing’s essential, if you’re just a one-man shop, or even if you have lots of employees and you’re in a paper system, you don’t really need software.” – Khalil
“In my opinion, an essential software would be something to help you manage projects and bill customers, like QuickBooks. Another essential would be something to help you stay organized, like Google workspace.” – Khalil
“Oftentimes, depending on your specific need, you can find plenty of cheaper softwares to do the job you need. You just need to do the research to find the best fit.” – Khalil
“If you’re looking for a good software, go out and look at what other people are using in the industry.” – Khalil
“Good marketing costs.” – Khalil
“Incorporate your software sooner rather than later. The longer you wait, the harder it is to get into the habits of adopting using these tools efficiently.” – Khalil
“It’s pure agony. I suck my thumb. I do all other things before I finally carry it out.” – Warren Buffet
“Hire for skill and fire for attitude.” – M
“We may never eliminate all the feelings of empathy, doubt, and fairness, but we cannot let them keep us from terminating an employee once we know they have to go.” – M
“Building the right team is arguably the most important duty for our businesses. It transforms your job into a business. They provide leverage to do more and learn more.” – M
“Don’t waffle.” – M
“There’s no faster way to ruin a good employee than to have them watch you tolerate a bad employee.” – M
21:25 - The Death Spiral Can Start With Good Intentions
24:11 - Understanding A Business Owner With One Question
25:16 - Conclusion
Quotable Moments
“If you’re in the spiral it means that you have been losing money.” — Martin
“All of these identities that you're trying to maintain cause you stress because you're having to live a lie and that's where the spiral I think really picks up speed is the lies.” — Khalil
“With the death spiral, If you want to get out of it, you're going to be uncomfortable. You're going to have to go through pain and discomfort and extra hours and courage.” — Khalil
Investing in yourself and being open to lifelong learning offer advantages in the competitive world of construction. Self-improvement and self-development are not just buzzwords; they are essential components of a fulfilling and successful life.
Listen in as Ron Nussbaum, BuilderComs Founder and Construction Champions Podcast Host, joins Martin and Khalil to share his inspiring journey from military to construction and his mission to help contractors communicate more efficiently with their clients.
Time Stamps
000:45 - Updates from Khalil & Martin
02:21 - Intro to Ron Nussbaum
03:45 - From Military to Construction
07:56 - Mindset Shift in Construction & Trades
09:51 - Ron's First Job in a Construction Company
13:15 - Becoming an Operations Manager
18:14 - Challenges & Lessons from Running a Construction Crew
21:39 - From Operations to Sales
27:51 - Making the Move to Software
31:09 - More About BuilderComs
35:07 - How BuilderComs Help Contractors Operate More Efficiently
40:14 - Biggest Challenges in Running a Software Company
41:42 - BuilderComs Product Roadmap
44:23 - Ron's Partnership with Project 10k
50:07 - How to Reach BuilderComs
51:01 - Launching & Growing the Construction Champions Podcast
Quotable Moments from the Episode
"If you're going to continue to grow and become the person that you're meant to be, you have to continue to be uncomfortable." - Ron Nussbaum
"Everything has to be developed. You can have this natural ability to do stuff, but if you're not investing in you continuing to develop those muscles, like leadership and discipline, you can lose it." - Ron Nussbaum
"If you're getting out of getting out of the military, the construction industry is the perfect place to go because it's a lot of the same mentality." - Ron Nussbaum
"We didn't need to revolutionize how people communicated. We just had to revolutionize how it went in and where it went and how people talk to the right people" - Ron Nussbaum
"Leaders are readers." - Martin Holland
"Time is the currency of leadership." - Khalil Benalioulhaj
150 - Getting Started with Bonding with Stephen Brown
00:42:10
Construction is a tough industry with many risks and uncertainties. But there’s a way to mitigate these risks: bonding. Martin and Khalil invite Stephen Brown, an expert in Creative Bonding Solutions and Insurance Strategies and the host of the Contractor Success Forum podcast, to discuss bonding and how contractors can benefit from it. Stay tuned!
Time Stamps
00:35 - Memphis Fun Facts
03:29 - Stephen Brown's Journey as a Podcaster
05:44 - What is a Bond? Why is it Required?
09:05 - Where is a Bond Required?
10:46 - Getting Approved for a Bond
13:31 - What is a Bid Bond?
15:52 - Qualifying for a Bond
19:44 - Finding a Good Bonding Agent
21:11 - Bond Stories
25:43 - Things That Can Improve Your Chances of Getting a Bond
31:54 - The Importance of WIP Reports and Interim Financial Reports
32:19 - How to Get in Touch with Stephen
37:26 - Bonding vs. Insurance
38:09 - The Value of Getting Insured
Quotable Moments
"Managing your business so you can sleep at night, so you can leave your business and go on vacation; if your business is set up for that, you can get bonding, and if it's not, get a good bond agent and work with them until you get to that point." - Stephen Brown
"What inspires confidence in the bonding company is really simple. They call them the three Cs: cash, character, and capacity." - Stephen Brown
"Construction is the one type of industry where there's just no limit on how much money you can lose on a job." - Stephen Brown
"When there's something new that you want to do that interests you, there's some risk involved. So that's when you need a good bonding and insurance agent." - Stephen Brown
"You need to become a real business, and that includes accounting, insurance, HR, and things like that. Not just, "I'm really good at pouring concrete, and that's what I'm gonna do today." - Martin Holland
"An accounting system is one of the most fundamental things you need to have in place to have a real business." - Stephen Brown
"If you have systems, you're gonna make more money too because money sneaks away all kinds of mistaken false starts. It just disappears."
"Bonding, I think we can call it a form of insurance, but it doesn't pay you; it pays your customer and defends you. Insurance pays you if you suffer the loss." - Martin Holland
155 - 9 Essentials to an Organized Business (Part 1)
00:50:24
What does it take to build a successful company that people will rave about? Join Martin and Khalil as they discuss the 9 essentials to an organized business that will make all the difference in terms of increasing efficiency, improving communication, and streamlining operations.
Time Stamps
00:36 - Diane's New Speech Language Pathology Clinic
08:16 - Episode Intro
09:00 - What is Your Vision?
16:36 - What Makes a Good Vision?
25:52 - The Difference Between Your Vision & Mission
29:25 - Defining & Refining Your Mission
32:31 - Identifying Your Culture
39:10 - Having Actionable Values
47:18 - Episode Summary
Quotable Moments
“Having a vision for what you want your company to become is essential because it guides everything you do.” - Martin Holland
“If you've gotta go to your website to find your vision, it is not a vision. It has to be something you really care about.” - Martin Holland
"I encourage people to think about the vision, not to think in terms of what sounds good on my website, but to think in terms of what do I really want?" - Martin Holland
"A vision is something that describes your business when it's complete; what it's going to achieve. But for the mission, it's actually how you achieve the vision of your business." - Khalil Benalioulhaj
"I think if you're really gonna take a hard look at your values, you've gotta look at how you spend your time, your energy, where you pay attention to, what you pay attention to, and how you truly act on a day-to-day basis." - Khalil Benalioulhaj
"I also think that culture should also, and in some ways, define or at least impact your mission, because how you do something really does matter, and the culture that you create is something that will impact how something is done." - Khalil Benalioulhaj
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Khalil and Martin The Cashflow Contractor Podcast
08 Jun 2021
74 - Be Lean, Be Seen: “2 Second Lean”
00:15:45
Introduction of the author, Paul Akers. (1:40)
What is a lean? (4:03)
8 main areas of lean. (5:55)
The Lean bonus area. (10:11)
Overall book review and rating. (12:19)
Quotable Moments
“90% of what we do is waste.” – Martin
“If your whole team every day is making small improvements, at the end of the year you’re going to be a more efficient company than you were at the start.” - Martin
“Whatever it is that bugs you, you find a way to improve it. It might take you 10 minutes. It might take you an hour to achieve the two-second lean, but you've saved two seconds every day for the rest of the time you're in business.” - Martin
“Waste is like gravity… it pulls at you 24/7. If you don’t have a system to overcome it, you’re going to lose and it’s going to win.” – Martin
“Waste is everywhere once you learn to spot it.” - Martin
“Small gains result in massive improvements.” - Martin
Are you overwhelmed by day-to-day tasks and countless "priorities"? Do you know that vision is crucial in achieving focus? Tune in and learn how prioritizing your 'One Thing' can transform your workflow and how you do your business. Don't miss it!
Time Stamps
00:20 - Episode Intro
01:51 - The 'One Thing' Concept
05:54 - The Importance of Narrow Focus
07:22 - Overcoming Obstacles to Focus
12:03 - The Role of Vision in Your 'One Thing'
17:02 - Setting SMART and FAST Goals
18:38 - Accountability and Avoiding Distractions
21:49 - Practical Steps to Identify Your 'One Thing'
Are inefficiencies and miscommunication prevalent in your company? Silos could be the root cause! Join us as we explore strategies to identify and break down these barriers, fostering better teamwork and streamlining operations.
Time Stamps
00:36 - Episode Intro
01:16 - Tales from the Grain
04:15 - Defining Business Silos
05:54 - Examples of Silos in Business
07:48 - Causes and Formation of Silos
13:51 - Breaking Down Silos
23:44 - The Dangers of Silos
27:03 - Conclusion & Takeaways
28:54 - Episode Outro
Quotable Moments from the Show
"The biggest reason that I see why a silo starts is that there's not a shared vision." - Khalil Benalioulhaj
"The best leaders are aware of silos." - Khalil Benalioulhaj
"Silos develop oftentimes naturally, and you need to spot them in your organization." - Martin Holland
"The number one reason people leave jobs is unclear expectations." - Martin Holland
Story of the Show — Martin has a client who does exceptional work and provides outstanding customer service, but lowballers moved into his market. He was concerned about how he was supposed to compete with them. Martin’s answer? You don’t. (4:20)
What are the three ways to compete? (6:29)
When does operational excellence work best? (9:33)
When does being a low cost leader hurt? (11:48)
If you don’t know your worth, it’s really hard to get your pricing right. (16:03)
When should you compete on product leadership? (21:25)
How do you compete on customer intimacy? (27:36)
Competing in customer intimacy while being good at both operational excellence and product leadership is the sweet spot for most small businesses. (31:24)
The true value of communication, and why you really should prioritize it. (34:14)
The easiest way to prioritize communication with your customers. (35:25)
So, how do you choose which of the three areas to concentrate on? (37:57)
One Thing You Can Actually Go Do — Download and use the USP Workbook from the resources section and work through it. (41:50)
Mount Rushmore — Best USPs (43:10)
Quote of the Day — “You can’t be all things to all people. Do what you were made to do.” - Robert Kiyosaki (55:02)
Closing the story — Remember Martin’s client who was worried about low ballers coming into his market? It was like a lightbulb went off and he stopped trying to compete on price. Instead of stressing over how he can do his top quality work and customer service for a low price, he’s charging what he’s worth and his business is thriving. (55:06)
Ethan’s Insights — Listen to Ethan recap the three areas to compete. (58:17)
Quotable Moments
“At the end of the day, you’ve got to be yourself and you’ve got to compete with your strengths, not with your weaknesses.” — K
“What I see with contractors is that it’s usually the guys that are just starting that are doing the low cost method, but they don’t have operational excellence and they’re usually the ones that have problems that they’re not even aware of.” — K
“Pricing issues are typically our own head trash.” — M
“If you become known as the communication guy, it keeps your customers in the loop and they always know what’s going on. Your business will grow just from that.”” — M
Mount Rushmore
Best looking cashiers!
$6 burger at Carl’s Jr.
FedEx - “When it absolutely, positively has to be there overnight.”
3 Day Kitchen and Bath - if they don’t finish the remodel in 3 days or less, you get it for free.
Southwest Airlines
Starbucks - “We’re the third place you hangout.”
Enterprise Rental Cars - “We will pick you up”
National Car Rental - “Car rental at the speed of business”
160 - Building a Profitable Business the Hard Way with Chris Griffin
00:54:58
Mistakes are inevitable when it comes to building a business. But how you handle them can make all the difference! Chris Griffin, Business Leader, Experiential Marketing Executive, and Host of the Experience Builders Podcast, joins Martin and Khalil to discuss lessons learned from managing a business before and after the pandemic.
Time Stamps
00:44 - Episode Intro
03:41 - CFC Welcomes Chris Griffin!
07:28 - More About Chris Griffin and His Company
13:24 - Business Challenges in the Tradeshow Industry
21:10 - Getting Organized & Developing Systems
30:32 - Dealing with the "Unexpecteds" in Your Business
34:26 - Choosing Better Customers
41:35 - Employee Compensation & Payroll Creep
52:43 - Episode Takeaways
53:33 - Get in Touch with Chris Griffin
Quotable Moments
“There's that old Chinese saying, when the student is ready the teacher appears, well, the teacher's always been there. You just didn't realize it.” - Martin Holland
“We're back and busy, although we're not clean and pretty.” -Chris Griffin
“We want to be more in service to fewer partners.” -Chris Griffin
“A system is not software. A system is just an agreed upon method of how you do business with each other in your own company.” -Chris Griffin
“Good judgment comes from experience, and experience comes from bad judgment.” -Chris Griffin
“Mistake is an investment if you make it once and you fix it. It's an expense if you just keep making it over and over again.” -Chris Griffin
“Your processes and systems become a mechanism of you attracting new customers more than your deliverables, how you are doing business becomes the most valuable thing.“ -Chris Griffin
“Profit is not a sin and neither is having fun.” - Martin Holland
“If you're highly profitable, the same weight doesn't weigh anything.” - Martin Holland
“Everything comes from experience, either yours or somebody else's, and somebody else's is generally a lot cheaper.” - Martin Holland
143 - Working Capital: What It Is And How You Should Use It
00:22:33
Do you want to double your business? The best place to start is with your working capital. Even if everything seems great and running smoothly, failing to account for working capital is a recipe for disaster! Join Martin and Khalil as they discuss various business scenarios to learn more about the nuts and bolts of the working capital game.
Show Notes
04:47 - What Does Working Capital Involve?
08:57 - Why it’s Vital to Understand Your Working Capital
14:12 - What to Consider Before Increasing Your Sales Target
16:20 - How to Calculate Your Working Capital - Let’s Do the Math!
18:03 - Day Sale Outstanding
15:28 - The Miracle of Having Good Books
20:15 - Financing Your Business Through Your Suppliers
Quotable Moments
“Working capital is the ebb and flow of money in and out of your business, principally through operations.” - Martin
“I think it's important to understand that growth is a big component of failing with working capital; where you are doing fine because you're operating at a certain clip, but then you decide you want to double the sales in your business. Well, that's when you can run into trouble if you don't have the working capital.” - Khalil
“Simple way to do it, add your receivables, add your inventory, subtract your payables. That's how much you need.” - Martin
How to brainstorm and draft your first expectation document. (8:02)
How to present the expectation document to your customer. (8:32)
Quotable Moments
“It seems like customers always want things beyond the original scope of work. If I keep on giving in, we'll work the rest of our lives for free. If I refuse, they'll just trash our reputation, which they’ll probably do anyway.” (1:34)
“So it's fair to say that you have a good idea of what to expect in these projects and your clients don't have a clue.” (2:41)
“90% of the problems with customer relationships are due to poor communication and the other 10% include communication as a factor.” (7:32)
“The quality of your communications is the result you get.” (11:04)
“1099 is miscellaneous non-wage income. A W2 is someone performing work for us and that is an employee.” – Tom
“When you get into things with the US department of labor – you don’t have to settle with them, but if you don’t, you run the possibility of litigation.” – Tom
“If you don’t know something, go find someone that can help you like an attorney, like Tom Robertson.” – Khalil
“For a salary non-exempt, you’ll still pay overtime. With the salary exempt, we pay them a fixed amount every week.” – Tom
“An administrative person is an office or non-manual person who does the general business of the employer, or even the employers. They have discretion and independent judgment in what they do.” – Tom
“You can’t just say “I’m going to pay you a salary.” There are some tests that are met with a dangerous third-party labor commission that can come in and determine who should have been paid overtime.” – Martin
“Oklahoma is an at-will state. You can fire for any reason or no reason at all, as long as it’s not illegal/discriminatory.” – Tom
“This is a process. Employment law is complex and has a lot of details. There are a lot of things that you cover, but the complexity doesn’t mean you don’t address it, but you can do it one at a time.” – Tom
08:00 - Why You Should Beware Of One Size Fits All Software
09:00 - The Cons Of Using The Wrong Software
10:10 - You Need To Make Sure Your Softwares Integrate
11:00 - Knowing Where Integration Is Necessary
12:00 - Outro
Quotable Moments
“Software is NOT a silver bullet. It’s not going to solve all of your problems.” – Khalil
“Using software is more about behavior changes instead of features or integrations, if you don’t use it right, or regularly , it won’t solve your problems.” – Khalil
“You want to map out what that timeline looks like. It will be really clear to you where you need to develop systems in your business.” – Khalil
“Beware of the silver bullet and one size fits all software. You may have a software that does it all but then you realize it’s not even set up for your industry.” – Khalil
“Having integration matters but there are some integrations that are more valuable than others. Look inside your business and see where there is overlap or collaboration and integration might be necessary.” – Khalil
135 - Taking A Leap In Your Business With Sean Glessing
01:17:38
Show Notes
05:43 - Sean’s Business Background
10:21 - Sean’s Process Of Getting A Second Job
13:31 - How Sean Set A Price For His Work
17:16 - Making A Decision About Attending College As A Contractor
24:26 - Keep Your Priorities In Mind When You Make Decisions
26:40 - The Big Next Step In Your Business: Hiring
31:08 - The Value Of Learning In The Field
33:04 - Moving Past The Million Dollar Point
38:46 - What’s The Focus Of Sean’s Team?
40:21 - The Systems In Place In Sean’s Business
45:01 - Expansion Aspirations
49:36 - A Team Building Mindset
51:08 - A Peek Into The Administrative Side Of Sean’s Cabinetry
59:52 - A Great Team Truly Makes A Difference
1:07:28 - It all Starts With You
1:11:46 - A Story About Challenge
Quotable Moments
“When we have kids, I'm gonna say the only reason we're sending you to college is to make connections” - Sean
“The problem with networking at that age is you don't know what you're networking for. When you're in business you have a purpose. You have an intention and a reason to foster that relationship.” - Sean
“My regret at 25 was not knowing or realizing there's great books out there that can help you get where you want to go.” - Sean
“There are serious consequences to saying yes to some things in your life because it makes you say no to others.” - Khalil
“Time is so precious. Those years you spend in school are years you're not learning in the field.” - Sean
Maintaining a full-time job and being an entrepreneur. (2:00)
Learning Spanish and becoming a bilingual contractor. (9:00)
How OKC Pools started & their original pricing structure. (15:00)
Encountering money issues. What am I doing wrong? (25:00)
How to know your worth. (39:00)
Variable Costs, margins and markups. (56:00)
In hindsight– from a successful entrepreneur. (1:17:00)
Quotable Moments
“My hesitancy to raise prices was because I didn't want to lose customers. I thought, “they’re all gonna drop me.” But then I raised prices and none of them dropped.” –C
“I was making all this money but it wasn’t showing up in my bank account.” –C
“I was smart enough to know that I didn’t know what I was doing.” –C
“If you don’t hire great people, it’s not an asset, it’s a liability.” –C
“It’s not that you want to be more valuable. It’s that you don’t know how valuable you are.” –K
“There’s a certain amount you need to do to stay in business. Then you must do more than that to pay debt. Then you must do more than that to justify being in business and making a profit.” –M
50 - Financial Statements Made Easy - Without Numbers or Math
00:41:29
What are financial statements? (2:22)
Why do they matter, and what do I need to do with them? (4:40)
Financial statements let you know the score, but they also help you with the future. (8:00)
Story Time: What can happen if you don’t use financial statements to plan for the future. (11:27)
When do most business owners start trying to understand their financials? “When they’re about to die.” — M (13:08)
How do I actually get accurate financial statements? (16:22)
Cash vs. accrual accounting (18:39)
Why does it matter to have things categorized in your books? (22:40)
What accounts are in your books (assets, liabilities, equity, income, expenses), and what info is in each? (27:16)
They say I make money, so why don’t I have any?? (36:36)
Quotable Moments
“You didn’t get into your business to do numbers and math... You did it because you’re great at building pools or because you loved remodeling houses. Now, overnight, you have to become a business person who has to know the score, who has to look at numbers.” — K
“Financial statements keep the score... They’re showing you how you did. Am I succeeding, or am I failing?” — M
“As a business owner or manager, you want to know about the future. What should I do? And you can use information that’s in your financial statements to make better decisions about the future.” — M
“Cash basis is just a picture of today. Accrual basis is going to give you the full picture.” — K
“Your most important role as a business owner is to recognize good books. You don’t have to keep them, but you have to recognize them and then be able to use the information.” — M
An opportunity to grow your company may present itself to you, as a business owner, but what if you lack the necessary funding to pursue it? Securing an SBA loan might prove beneficial!
BOK Financial's Gonzo Garzon and Cashin White join Martin and Khalil to discuss what business owners need to know about SBA loans in 2023.
Time Stamps
00:47 - Intro to Gonzo Garzon
02:47 - Gonzo Garzon's Professional Background
04:45 - Intro to Cashin White
05:41 - Cashin White's Professional Background
07:03 - Understanding SBA Loan
10:45 - Advantages of Getting an SBA Loan
13:05 - Owner-Occupied Real Estate Loan
20:40 - Qualifying for a Real Estate Loan
31:43 - Getting a Loan for Acquisitions
40:15 - 4 Types of Change of Ownership Loans
50:32 - Personal Guarantees
52:41 - Getting a Loan for Working Capital
57:56 - Episode Takeaways
01:01:15 - Get in Touch with Gonzo & Cashin
Quotable Moments from the Show
"I've always liked it [SBA Loans] because it allows us to do a couple of things that bankers aren't known for, and that's being creative and flexible. So always try and keep one foot in SBA lending." - Cashin White
"The first question that I will encourage business owners to ask a bank if they're looking for an SBA loan is, are you a preferred SBA lender? And what really that means is SBA is giving a designation authority to the bank to make the final credit decisions." - Gonzo Garzon
"As business owners, sometimes you come across opportunities and maybe you don't have the cash really to buy that property or that building that you wanted to buy at that time, because, you know, typically a conventional, we require you 20 or 25%. Then boom, then you can use SBA because today you only have 10, 15% to you." - Gonzo Garzon
"The best way you can show well to your lending institution is that you've got your stuff together and that's going to manifest in the quality of your financials and the timeliness of it." - Cashin White
If growth is your goal, attaching your wagon to the right horse early on is very important." - Cashin White
196 - Closing Loops: The Simplest Way to Reduce Stress
00:15:08
We’re constantly opening loops in our business and our lives. But how effective are you at closing them? Learn about the concept of closing loops and how it can help reduce stress and increase productivity.
Time Stamps
00:18 - Episode Introduction
00:53 - The Concept of Loops
03:56 - The Stress of Open Loops and the Need for Closure
05:10 - The Three Ds
07:32 - How to Close Loops
09:17 - Using Software to Manage Loops
14:31 - Conclusion and Call to Action
Quotable Moments from the Show
"Open loops are the number one way people kick back responsibility. So you're trying to delegate a job to somebody and you say, I need you to accomplish this by Friday. And they say, I will, as soon as you get me the keys to the skid loader. Now it's back on you. Right?" - Martin Holland
"At the end of the day, the most important thing is when something's been communicated, when something's been asked, confirming that you have it, confirming that you're working on it, and confirming that it has been completed is closing a loop." - Khalil Benalioulhaj
Need Help with podcast production? We recommend Demandcast
22 Aug 2024
219 - Account Problems From the Wild
00:35:31
Are account issues driving you wild? This episode is packed with actionable tips to take control of your business accounts. Khalil and Martin also discuss common pitfalls and how to avoid them. Tune in!
209 - Process Mapping: The Secret to Less Stress & More Time
00:28:41
Ever wonder why your business processes lead to stress and bottlenecks? We break down how process mapping can streamline operations and free up more time for you. Tune in!
Time Stamps
00:33 - Understanding Process Mapping
09:07 - Utilizing Software to Streamline Processes
10:59 - Dos & Don'ts When Creating Process Maps
13:48 - The Importance of Clear Responsibilities
24:17 - Benefits of Process Mapping
27:39 - Episode Outro
Quotable Moments from the Episode
"Most companies have processes, but are not written down." - Martin
"An overcomplicated process with too many stages is too much to manage." - Khalil
"A lot of times they're just not designing the process intentionally. It's just kind of happening. And it's like they're building a house without blueprints." - Khalil
213 - 11 Signs of a Bad Customer: When to Say Goodbye
00:39:55
Have you ever had a customer you just knew was trouble? Knowing when to part ways with a bad customer could save your business and sanity! Join us as we break down common red flag signs, plus real-life examples you might relate to. Tune in!
Time Stamps
00:34 - Episode Intro
01:32 - Identifying Red Flags in Potential Customers
212 - Elements of CRM: Why You Need One and What to Look For in Software
00:39:06
Organize, strategize, and grow your business with the right CRM tools! We discuss why every business needs a CRM and the essential features to look for. Listen in!
Want to boost your productivity and take control of your time? Learn the value of delegation, maximize efficiency, and accelerate your business growth in this short episode with Khalil and Martin. Tune in!
Time Stamps
00:37 - Episode Introduction
00:53 - The Buyback Principle and Hiring Decisions
02:38 - The Value of Delegation
05:10 - The Challenges of Delegation and Hiring
09:01 - The Importance of Documentation and Software in Delegation
09:48 - Infinite Tasks and Parallel Tasks
12:55 - The Benefits of Having an Executive Assistant
14:08 - Episode Outro
Quotable Moments from the Show
"Your company doesn't have value if you're not delegating. If you have to be there, what you have is a job. And investors typically don't wanna buy a job, and they especially don't wanna buy your job, right?" - Martin Holland
"Nobody's ever gonna do it as well as you, but you're never going to be beyond your personal capacity if you don't hand it off." - Martin Holland
"In hiring an executive assistant, my main priority was to be better about communication, to be better about delegating to the rest of my team, to be better at documentation and then across the board being accountable with all those things." Khalil Benalioulhaj
Build A Profitable Business That Works Without You! Schedule a FREE CONSULTATION with Martin Holland at Anneal Business Coaching
Need Help with podcast production? We recommend Demandcast
22 Jun 2021
78 - Hiring Post-COVID
00:08:46
The dilemma. (1:30)
How to get around it. (2:55)
Is your job ad compelling? (4:30)
Quotable Moments
“If employers were buyers and employees were sellers, it’s a sellers market.” – Martin
“A little over 90% reported that the lack of workers is the number one factor in scarcity of products and scarcity of services, which in turn is the number one factor in the price increases we’re all seeing.” – Martin
“There are two things you can do – offer the going rate for labor and emphasize the benefits of working for you.” – Martin
“Are you offering a competitive salary and does your job as entice them or does it put them to sleep?” – Martin
Graduating college and starting in the work field. (11:00)
Working in and selling his family's business of 92 years. (13:58)
Burnout with your work. (19:28)
Becoming a business broker. (39:36)
How to find out the value of a business. (43:13)
Asset sale vs. stock sale. (51:46)
The most common delay when selling your business. (57:36)
Reasons why people sell their business. (59:34)
Who are these business buyers? (1:03:30)
How long is the selling process? (1:12:27)
Quotable Moments
“I quickly learned that cash lived in the bank and profit was completely on paper.” - Hank
“Profit is on paper, but it's not nearly as meaningful as if at least part of it's in the bank.” - Martin
“Sales were tremendous, transactions were tremendous, things were going fantastic, and I was just utterly depressed.” - Hank
“This is more than just a thing I do, or a place I go, or even a game, it's just more than that. I'm creating, I'm helping the world, I'm feeding people, I'm accomplishing things, and I love that.” - Martin
“When businesses are acquired, they want the employees, those employees are one of the biggest assets they can have.” - Hank
“Too often I see owners pay themselves too little cause they say, oh, you know I want the business to do well, but that hurts them.” - Hank
“The worst thing that a builder can do is not know the market.” - Hank
“If your books are a mess... so is everything else.” - Martin
“As a business owner, the reason why you want to sell is more important than the price and the terms of selling your business.” - Hank
“If you're a business owner right now, and you're looking to grow, you can grow through that acquisition as well.” - Khalil
Have you ever felt that you're not doing a good enough job and your clients will, one day, see that? Do you have constant self-doubt despite clear achievements and successes? You’re not alone!
Imposter Syndrome is common among businessmen and contractors. Listen in as Carolyn Herfurth joins Martin & Khalil in uncovering this phenomenon.
Time Stamps
00:47 - Episode Intro
01:30 - What is Imposter Syndrome?
05:18 - How Carolyn Got Into the Impostor Syndrome Institute
10:08 - Khalil's Experience with Imposter Syndrome
42:33 - Addressing the Source of Imposter Syndrome
47:19 - Transforming Into a Humble Realist
50:31 - Episode Takeaways
53:07 - Resources About Imposter Syndrome
Quotable Moments
“When people play small, things don't get done.” - Carolyn Herfurth
“People who feel like imposters have become very adept at externalizing their success. Essentially saying, sure, I'm successful, but I can explain all that.” - Carolyn Herfurth
“You have to be in the game to get lucky. If you're sitting on the sideline, you don't get lucky. So give yourself credit for that. “ -Martin Holland
“[Imposter Syndrome] it's basically when you attribute your successes to luck and your failures, you own them.” -Martin Holland
“Imposter syndrome is about our relationship, our judgment, our definition of what competence is and isn't “ - Carolyn Herfurth
“Imposter syndrome is about our relationship, our judgment, our definition of what competence is and isn't.” - Carolyn Herfurth
“Great business leaders tend to view business as an adventure.” -Martin Holland
“A channel is somewhere you start to receive new leads, opportunities, and business. It can be word of mouth, social media, website, paid ads, or even your salespeople.” – Khalil
“Your channel is really just your source of leads and where you’re able to close new business.” – Khalil
“When it comes to picking your channel, start with where you feel most comfortable, where your customers spend the most time, and where your strengths are.” – Khalil
“You can have multiple channels as long as you have someone on your team dedicated to each channel.” – Khalil
“A lot of times you can grow faster by focusing on doing one channel well over trying to focus on five channels and doing them poorly.” – Khalil
“He wanted to change his pricing to be the same as his competitors but he didn’t have any solid evidence that he was losing bids because of the prices.” –M
“Turns out, he got 4 jobs in a 3-hour stretch without lowering his prices. He maintained his prices and he got his full margins.” –M
“Had he called those people back and reduced the prices, and subsequently gotten the bids he was going to get anyways, he would have it in his head that price was the controlling factor on winning those bids… and that wasn’t the case.” –M
“Pricing is the most common a salesman will give you for losing a bid.” –M
“If you have a spur of the moment pricing decision and you want to double the price. I’m all for it. Spur of the moment pricing decisions, where you reduce price because of perceived competition or price problems, do not do it. Stay the course.” –M
32:59 - What Is The Difference Between Hesitating And Waiting
34:00 - Common Hesitations
39:30 - Conclusion
Quotable Moments
“Some of the most powerful vision statements come from a very clearly defined obstacle that you're gonna go and attack” - Khalil
“They can all be obstacles but when you confront them and overcome them it's just like you said about ice It's not as bad as you thought it was gonna be and you're on the other side” - Martin
“Overcoming your obstacles, It's what gives you that confidence to keep going, It's what gives the momentum” - Khalil
“Delegation is a capital investment for your future” - Martin
“In many ways you can't separate the two, your personal and your business life, but as far as decisions go you do need to separate the personal from from the professional” - Khalil
“The proper statement of a problem is a statement of the solution” - Martin
151 - Pools, Partnerships, and Processes with Scott Bakkala
00:45:20
Running your own business is not easy. And it gets even more complicated when you throw in partnership issues and unprecedented pandemic challenges! Martin and Khalil invite Scott Bakkala of Vista Pools to discuss the lessons he learned about business partnerships, dealing with a sudden increase in competition, and developing sound processes along the way.
Time Stamps
00:40 - Oklahoma's Erratic Weather
01:14 - Intro to Scott Bakkala
02:22 - Pool Business & Lessons in Partnership
09:37 - Why It's Important to Have Defined Roles
11:28 - What Scott Learned From His Previous Partnership
14:39 - The Impact of COVID-19 on the Pool Industry
18:07 - The Pandemic Pool Phenomenon
21:27 - Mistakes, Concessions, and Processes
25:28 - Under Commit, Over Deliver
27:24 - The Contractor Death Spiral
30:20 - How to Get Out of the Contractor Death Spiral
32:33 - How Covid Affected the Workforce as a Whole
36:50 - Pool Industry Supply Chain Issues & Price Increase
41:47 - What's Instore for Vista Pools in 2023
43:48 - Advice for New Pool Business Owners
Quotable Moments
"I think partnerships, they're born, they're incubated in this space of sort of wonderment. It’s a skewed perception of reality, though I think not everyone can share the same dream. I think it takes some very unique relationships to be on exactly the same page, which is what's necessary for a successful partnership.” - Scott Bakkala
“A handshake isn't good enough. It's maybe good enough for today, but reality changes. It just, always.” - Martin Holland
“Not everyone is going to share your vision, your goals, your dream, that they're simply just not going to believe in you, and that is okay. Not everyone is going to believe in what you do. Find people that do.” -Scott Bakkala
“Just because someone's a good person doesn't mean that they're a good partner, and not even a good business person.” -Khalil Benalioulhaj
“I think there's value in staying in your wheelhouse.” - Scott Bakkala
“Customer deposit is for work that has not started. That's not money you've earned, and that is a very deceiving figure to have mixed in with your general ledger. - Scott Bakkala
“When people are starting down this pool purchase process, they don't need to be sold to. They need to be to be educated. That's what they want. They want information. They don't need the sales. - Scott Bakkala
Story of the Show — There’s an extremely well-known company that started in 1985. Their company values were integrity, commitment, respect, and excellence. They were a smashing success. (3:18)
How do we define company culture? (4:48)
How are values and company culture intertwined? (9:53)
What does the Benali culture look like? (14:24)
Where is the right place to start with company culture? (18:13)
How do you discover and identify your values? (23:53)
After you write out your values, here’s the next step. (26:58)
When you discover someone who fundamentally disagrees with your values and it’s disruptive to your team, there’s only one thing you can do. (33:48)
What if you’re creating your culture statement and you think, “this is NOT how our culture is now.” How do you reverse course and get in line with your culture statement? (38:02)
Is there actually value in defining your company culture? If so, what’s the value? (42:08)
Culture can be a competitive advantage (44:14)
Mount Rushmore — Culture Musts (47:40)
Quote of the Day — “I came to see that culture is not just an aspect of the game. It IS the game.” - Lewis Gerstner (53:18)
One Thing You Can Actually Go Do — Make an effort to write out the things that are most important to you. Then, if you have employees who really do embody your culture, review what you’ve written out and see what their thoughts are. (55:13)
Closing the story — The $100 billion company, well, it was Enron. Integrity, commitment, respect, and excellence were their written values, but clearly they didn’t live those values. (56:51)
Ethan’s Insights — Intern Insights is no more! Welcome to the team, Ethan! (58:06)
Quotable Moments
“You want the culture in your company to reflect your values and the things that are important to you.” — M
“To me, culture is about belonging.” — K
“Start by identifying what’s important to you and writing them down.” — M
“If you’re going to have a company culture that really sticks, you’ve got to go do it yourself. You have to be the role model, the example.” — K
“When you have a culture statement and your values written out, you now have something more or less objective to point to and say, this is the issue.” — M
226 - A New Way to Measure & Incentivize Employees
00:20:03
Discover a unique employee assessment method that highlights self-reliance and learn how to cultivate a workforce that thrives with minimal supervision. This can potentially be a game-changer for your construction business!
Things that are superficial and don’t actually create a great workplace. (3:39)
Three things you should provide your employees: autonomy, mastery, and purpose. (6:04)
How do you provide autonomy, and what is the Giraffe of the Month? (10:11)
One aspect of mastery is letting your employees help train someone new. (14:37)
You can give your employees purpose by helping them align their personal growth goals with the business goals. (18:17)
What makes a great coworker (and employee)? What makes an awful coworker (and employee)? (23:42)
What does it mean to be a best place to work? (29:09)
Motivators and demotivators. (30:51)
Why is it worth it to build a best place to work? (37:16)
How do you build that best place to work? (41:19)
Mount Rushmore — Company Cultures at Best Places to Work (52:20)
Quote of the Day — “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.” - Richard Branson (59:29)
One Thing You Can Actually Go Do — Have your employees take our Workplace Survey linked below. (1:01:40)
Quotable Moments
“If an employer can find autonomy, mastery, and purpose and provide that for people, you’re well down the road to building a great workplace.” — M
“No one wants to be micromanaged.” — K
“As an owner, you’re really in a unique position. It matters to build a best workplace because your employees are literally spending a majority of some of the best years of their life with you. You have the opportunity to invest in them, not only as a professional but also as a person.” — K
“If you can have really good employees that are happy, you’re going to be able to build a better business.” — K
“Whenever two or more people get together, there is a culture... The question is, did it happen to you, or did you create it?” — M
“It’s not just a matter of hiring for values, but managing for values.” — K
Prospecting depending on your business model. (1:45)
The 5 main prospecting principles. (2:50)
The prospecting pyramid. (3:30)
Always be helpful. (10:00)
Quotable Moments
“Set SMART goals. Goals that are Specific, Measurable, Attainable, Realistic, & Time Specific.” – K
“The 5 main prospecting principles are 1) Set Goals, 2) Stay Consistent, 3) Know Your Ask, 4) Celebrate “NO.” 5) Always Be Helpful.” – K
“Have a prospecting pyramid to set goals for the week. The top of your pyramid is your first step, where you set however many meeting you want to have that week. The middle is the amount of calls you want to make. The last and bottom step is the amount of emails you’re going to send.” – K
“When you're really focused on branding, focused on the long term. You can start to make some of those plays and get better word of mouth referrals, the right word of mouth referrals, and really amplify that.” – K
“Marketing doesn’t need to be some massive effort.” – K
“When it comes to pricing, expectation is everything.” – K
“You need to include design in your pricing. Charge for your design. They can pay for it and take it to any other contractor or they can stay and work with you and that fee can apply to your work.” – K
“For most contractors, if you’re in a place where you’re saying “yes” more than you’re saying “no,” you’re probably not in a good place. You should be turning away some work.” – K
“A surcharge is an extra line on your quote and its intent is to recover some temporary charges.” – M
“I’m telling every client I have that they need to raise their prices while inflation is up right now. Consumers will try and push back but everyone knows prices are going up.” – M
“Get the software. I know it might be a little more but it can work for you rather than you having to work for it.” – K
189 - Margin Mindset: Are You Charging Enough as a Contractor?
00:46:27
Are you under constant stress to make ends meet in your business? Caught up in desperation bidding? Time to ask: 'Am I charging enough?'
Martin and Khalil break down the margin mindset, highlighting signs of undercharging and its impact on your business. Get insights on nailing pricing, standing out from the competition, and balancing quality service with financial health. Hit play!
Time Stamps
00:42 - Exploring Closers.io
03:45 - Topic Introduction
04:18 - A Margin Mindset
08:37 - Understanding Your Margin
19:51 - Indicators of Underestimating Costs and Lack of Margin
22:03 - Addressing the Fear of Increasing Prices
25:20 - Understanding the Value of Your Service
26:41 - The Importance of Customer Experience
27:34 - Overcoming the Fear of Raising Prices
29:19 - Delivering Value Beyond the Product
39:36 - Implementing New Pricing Strategies
42:46 - Perseverance in the Face of Rejection
44:40 - Closing Thoughts and Next Steps
Quotable Moments from the Show
"If you don't have cash, if you are under stress all the time if you're doing the desperation bidding, if you need to get the next job to finish this job, those are all indicators that you're not charging enough." - Martin Holland
"Understanding if you have a gross profit margin is a function of having really good books and understanding how to use them." - Martin Holland
"If you cannot make a profit, you probably already know it." - Martin Holland
"Your competitors should not set your prices for you. They don't have your best interest at heart." - Martin Holland
"If you want to charge more, you have to give people more." - Martin Holland
"Get people to buy into your method and they'll buy your service." - Khalil Benalioulhaj
"People will pay more for the product with a relationship than just the product." - Martin Holland
"Probably your biggest channel of new business is referrals. What is a referral? It's, "I trust this company. You should use them too." - Khalil Benalioulhaj
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09:23 - Marketing Is An Investment, Not An Expense
09:37 - Tracking, Systems & Habits
12:30 - Knowing Your Customer Acquisition Cost (CAC)
14:06 - Calculating The Lifetime Value
16:12 - ROI In Your Company
17:50 - Outro
Quotable Moments
“You’re seeing it across the board – the cost of business is just getting way more expensive and everything is going up.” – Martin
“If you want to calculate your ROI, it’s pretty easy to calculate numbers. However, if you really want to find attribution, you need to have good data.” – Khalil
“If you don’t measure, then you can’t manage it.” – Martin
“Do you want to track exactly where a lead came from? You can with good data and good attribution.” – Martin
185 - Unlocking Sales Success: Iceberg Selling and Building Lasting Relationships with Karl Becker
01:10:14
Have you ever wondered what makes the best salespeople successful? Why some people can get deals done and create opportunities over and over again? Karl Becker joins us to share his sales strategies and principles from his book 'Iceberg Selling’. It’s a refreshing conversation that will make you rethink your sales approach and your approach to business and life.
Time Stamps
01:34 - The Impact of Holidays on Business
03:37 - Introducing Sales Expert Carl
03:43 - Karl's Approach to Sales
05:26 - Karl's Background and Journey into Sales
08:03 - Applying Iceberg Selling in Different Sales Scenarios
09:42 - The Concept of Iceberg Selling
12:58 - Doing the Research
14:32 - Setting Yourself Up For Success
16:29 - Getting Clear On The Person's Iceberg
18:05 - Repeat Back What You Said
20:13 - Sales Misconceptions
23:15 - Head Trash
31:26 - The Lifetime-Value & Being-of-Service Mindsets
41:06 - The Ownership and Drivership Mindsets
44:18 - Challenges in Instilling Mindsets into Your Team
48:20 - The Abundance Mindset
50:57 - Uncovering The Needs of Your Sales Team
52:42 - Challenges in Construction Sales
57:35 - Setting Your Sales Team for Success
01:03:14 - The Hat Trick
01:05:38 - Karl Becker's Books & Contact Info
01:08:16 - Episode Takeaways
Quotable Moments from Karl Becker
"We only see about 10% of what's going on. You only see about 10% above the waterline. The other 90% is under the iceberg."
"Selling is being of service."
"Oftentimes I find that selling is really about communicating and helping people understand a new reality or move towards something that they want."
"Selling isn't this manipulation thing. Selling is caring and helping people understand and giving them a path forward."
"You are your own leader. It's up to you to make it happen."
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“People don’t think they have time to strategize because they make it too complicated.” – K
“The things that are difficult in our lives, we put on the back burner because we just want to have comfort.” – K
“Set of tactics or tasks that address a clearly defined problem.” – K
“Strategies are complicated and elaborate because the problem is not clearly defined. When you clearly define your problem, your strategy will be clear and develop itself.” – K
“If you can clearly define your problems, strategy will get so much easier for you. You’re not going to approach problems on a whim, but you’re actually going to have a science to what you’re doing.” – K
“You don’t have to reinvent the wheel just to have a successful strategy.” – K
Shocking statistics and common invoice errors (2:27)
Myths around accounts receivable and payments (5:15)
How Jan ensures and monitors outstanding invoices (13:20)
Why we need to celebrate invoices and not just sales (18:20)
What actually happens if an invoice doesn’t get paid (23:00)
Step #1: Creating a Perfect, error-free, invoice (28:41)
Step #2: Keeping in touch with the customer and building relationships (31:31)
Step #3: Feeling Confident About Asking for Payment (38:14)
Step #4: Knowing exactly what to say and being clear (42:38)
Step #5: Red Flags (46:35)
Controlling and managing extenuating circumstances or agreements, not just expecting them to work out (53:00)
What happens if you don’t have time to look at accounts receivable every day (54:00)
How to date and give deadlines on your invoices (1:05:00)
Quotable Moments
“40% of all assets owned by businesses in the U.S are accounts receivable, that’s real estate equipment inventory, 40%” (2:27)
“Companies will typically have 2-3x last year’s annual earnings loaned out at any point in time to customers” (3:05)
“Almost 50% of invoices are sent out from a business with an error (3:54)
“People buy from people that they like, people like to pay people that they like” (17:00)
“If you want to recover the $4,500 invoice that you won’t be paid, you’ve got to sell $45,000 to get the $,500 back” (25:11)
“When talking about profit margins- 10% seemed to be excellent. Most hobble along at 3-4% and then mine was 24% (34:37)
“If I had a customer that suddenly didn’t want to pay those terms, then that was a red flag for me. Because again, they weren’t valuing what we did as a business” (51:40)
“You have to have confidence. You are not the servant of your customer. You’re a partner, you’re a partner with your customer” (53:10)
“Sometimes suppliers send out invoices and think they’re absolved from responsibility and suddenly believe it is their customers' issue. This is our problem- these are our invoices and this is our money that we’ve sort of lent in good faith” (58:30)
“A lot of my clients have more than double their last year’s profit loaned out at any time” (1:07:46)
201 - Drilling Down on Acquisitions: From Contractor to State Senator with Robert Keyes
01:07:43
From drilling holes in the ground to drilling down on business success, Robert Keyes shares his incredible journey on our latest episode! Discover how resilience, continuous learning, and integrity have powered his ventures from the ground up. Tune in!
Time Stamps
03:54 - Robert Keye's Professional Background
05:43 - The Art of Acquisition: Learning from Success and Failure
20:31 - Implementing Change and Cultivating a Positive Culture
27:20 - Mastering Acquisitions and Culture
31:12 - Strategic Acquisitions and Financial Decisions
34:53 - Navigating Business Operations and Growth
36:20 - From Rodeo School to Business Success
42:01 - Building a Strong Team and Maintaining Integrity
46:36 - From Drilling Rigs to Business Ventures
54:30 - Running for State Senate
01:04:50 - Episode Takeaways
Quotable Moments from Robert Keyes
"So often people think that the power of negotiations at the end of the deal is where you're making your money. If you're waiting to do that, you're not a good business person."
"When you go into your board meetings and your leadership meetings, and you got employees, the worst thing you want is whole team of people saying, "Yes, sir, you're right."
"Any successful business owner, if they're not looking on a weekly basis at their accounts receivable, accounts payable, long term debt, cash in the bank, and bad debt, they're looking for a train wreck."
"Excel does better for us than anything we've been able to find."
"If you can take somebody that has a good aptitude and good integrity, and you begin working with them, you can help them become what you need to do way better than you can take somebody with the most experience in the world, but you can't trust their integrity. You're fighting a losing battle."
"We became the problem solvers and the rest is history."
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17 Nov 2020
24 - Finally Talking Sales with John Hill
01:59:07
How John got into sales at Green Okie. (1:28)
He’s been doing sales for about 5 years, but John doesn’t actually LIKE sales. What?? (8:28)
What does it really mean to listen to your customer? (12:22)
How do you find your ideal customer for your product or service? (26:04)
What does John’s sales process look like? How does he keep it efficient? How has it changed because of Covid-19? (30:19)
Is there an efficient way to qualify leads AND improve the customer connecting process? (44:50)
What are the essential steps in John’s sales process? (49:26)
John’s secret for spending no more than 15 minutes (usually only 5!) preparing a proposal. (57:02)
Pro Tip: Get your customer’s to put some skin in the game before you get too far down the road. (1:05:39)
What does Green Okie customer service look like? (1:19:17)
Why do owners need to hire a salesperson rather than try to do it all themselves? (1:22:54)
The power of timing jobs so you can offer customers a slight discount AND see a benefit to your cash flow. (1:38:04)
What should contractors be looking for in a salesperson? And what do contractors need to provide so their sales team is successful? (1:42:09)
Quote of the Day: “I’ll match their price when they match my service and quality,” and “I don’t sell on price because I don’t buy on price.” — John Hill (1:48:54)
Quotable Moments
“If you’re in business, you always want feedback because you’re always learning.” — John
“Nobody wants to be sold to, and they can absolutely tell when they’re being sold to.” — K
“I’m not here to sell you something. I’m here to meet your needs and to solve a problem.” — John
“People are buying from you because you’re listening to their emotions and you’re helping them achieve that emotional vision they have for their backyard.” — K
“You shine as a company when you do something unexpected.” — John
“If you don’t feel confident in asking for a deposit and bidding for what you know you have to have, raise your chin up and bid it properly. Don’t discount! If you do that enough, that becomes who you are.” — M
207 - $500 Per Day Penalties if You Don't Do This! with Mark Robertson
00:31:31
Could you be facing $500 daily penalties and not even know it? Find out how you can safeguard your business against these potential fines in this episode with Mark Robertson. You don’t want to miss this!
Time Stamps
00:35 - Episode & Guest Intro
01:44 - Understanding Beneficial Ownership Information Report
08:02 - Understanding Exemptions and Requirements
11:41 - Penalties for Non-Compliance
14:25 - Navigating the Filing Process
25:59 - Practical Advice and Closing Thoughts
27:52 - More About Mark Robertson
30:07 - How to Reach Mark Robertson
Quotable Moments From the Show
"FinCEN has spent the last three years putting together regulations on how companies should report who the beneficial owners are and who the control people are for companies here in the United States. Those regulations kicked in effective January 1st of this year." -Mark Robertson
"You have until the end of the year if you were formed before the beginning of this year. Now, if you were formed in January of this year, you have 90 days to do your filing. If next year you file a new company, then new companies filed after January 1, 2025, have 30 days to do their filing." -Mark Robertson
It’s Martin’s first time recording a solo podcast episode! His topic of choice - Mindset. Listen in as he shares a real-life incident wherein mindset affected a person’s work performance, as well as some ideas on how to change our negative subconscious beliefs to more optimistic ones.
Time Stamps
00:19 - Episode Intro
00:54 - Let's Talk About Mindset!
04:62 - A Story on the Effect of Mindset
11:21 - Our Subconscious Beliefs
Quotable Moments from Martin
“There's a certain comfort in numbers. It's objective. You can get an answer, you can add two numbers up, and get a correct answer and an incorrect answer.”
“Mindset is a very very powerful factor in success, and the problem with it is we're not aware of the mindset that we have.”
“If your subconscious brain were a lake that you can't see through, but every now and then a fish jumps up above and you get a glimpse of it, you need to pay attention and say, is that true?”
“We have to take that courage, go contrary to our instincts, act as if, and begin to change the subconscious beliefs that are damaging us and holding us back.”
112 - Mowing, Marketing, & Managing Franchises with Mike Andes
00:54:44
00:00 - Intro
02:10 - How Mike Got Started
05:14 - Mike’s First Employee
08:16 - The Growth of Augusta Lawn Care
10:40 - How Mike Handles The Seasonality of Landscaping
13:00 - Mike’s Approach To Marketing
20:00 - How To Raise Prices
23:00 - How Mike Knew He Wanted To Franchise
26:00 - The Value Metric Used To Raise Prices
30:00 - The Software Mike Recommends & Uses
34:00 - So What’s Pay For Performance?
39:50 - How You Calculate Pay For Performance
44:00 - Efficiency With Pay For Performance
53:00 - Outro
Quotable Moments
“Two and a half years ago we started franchising Augusta Lawn Care and now we have 87 locations around North America.” – Mike
“If you have under 100 customers, focus on localized ways [of marketing]; direct mail, Nextdoor, door hangers, and going to very specific neighborhoods.” – Mike
“The best form of investing is taking a small business, getting customer acquisition costs that you can nail down, and then investing into marketing. If you’re trying to grow your business, you need to invest into marketing.” – Mike
“When we raise prices 25%, we usually have about a 97-98% retention rate. A good rule of thumb to remember is to raise your prices by 10%, until you lose 20% of customers.” – Mike
“Everything in pricing is tied to budget hours because that’s really the building block to P to P. If they’re not hitting budget hours, pricing isn’t high enough and the rate is too low.” – Mike
“If I was just getting started, I would recommend and use Jobber. If you want something more complicated, I would be going with a larger, publicly traded company like Service Titan.” – Mike
“Pay for performance in one sentence is - you give a percentage of the labor revenue the employee earns every single day for the business - that’s what their wages are.” – Mike
“At the end of the day, if you’re not accurate on budget hours, it’s going to be a big problem. You’re going to make errors sometimes but our goal is to make 4 out of 5 estimates beat budget hours.” – Mike
“On average, with P4P, we will see at least a 20-30% efficiency increase and as high as a 45% increase.” – Mike
“The worst thing in the world for an A-grade employee is to work with unmotivated, C-grade, employees.” – Mike
“Radical Delegation”, a delegation framework. (28:38)
Risks of not delegating. (35:23)
What’s a good place to start delegating? (40:11)
Quotable Moments
“If somebody can do your duties 70% as well, you are better off to delegate that role to them and concentrate on what you do best.” - Martin
“If you can't free up and delegate worthwhile projects, you're not going to have time to do the things that you need to advance yourself and your business.” - Martin
“Delegation is the key to growth and survival but you've got to make sure it's delegation and not abdication.” - Martin
“A really simple definition of abdication and delegation is you're either invested in it or you're not as the owner.” - Khalil
“It is not a benefit to the owner at the expense of employees. “ - Martin
02:10 - Plenty Of Work, Shortage Of The Right Kind
02:30 - So, What’s A Growth Foundation + Its Benefit?
04:00 - A Website That Converts
08:50 - A Customized CRM Tool
10:05 - Set-Up Streamlined & Integrated Accounts
12:30 - Meaningful & Measurable Messaging
14:00 - Uniform Design & Templates
14:30 - Immediate Results From The Growth Foundation
15:00 - Good Content & Building Upon Your Growth Foundation
17:00 - Promoting Your Good Content
19:30 - Want What We’ve Discussed? Benali Can Help
20:24 - Outro
Quotable Moments
“There’s demand in the marketing right now for real estate, remodeling, and new construction, but they don’t necessarily have the right kind of work.” – Khalil
“Contractors might just be saying “yes” to whatever job comes their way, which can cause frustration and inefficiencies in your processes.” – Khalil
“A growth foundation is something that allows you to do good sales, good marketing, and actually allows you to grow your business at scale.” – Khalil
“It’s a persistent, constant marketing that is there all the time.” – Martin
“A website is more than just a digital business card, it will market for you and will operate 24/7 a lot more smoothly than if you were picking up the phone.” – Khalil
“CRM is a customer relationship management tool that allows you to track deals you’re working on, what jobs you need to bud on, what jobs you’ve closed, and lost.” – Khalil
“You want to make sure that your messaging speaks to your client’s emotions and is solving their pain points.” – Khalil
“Strong messaging and language on every single channel you have where you use words canl help your marketing.” – Khalil
“You’re going to get more results because your conversion rate is going to go up, but you do need to build on that foundation through content.” – Khalil
“That foundation for growth is going to make you so much more efficient and keep you at a good foundation and the content and strategy is the “turn-up” or “turn-down” piece to amplify and share your efforts.” – Khalil
Have you ever wondered, "Should I be creating content for my business?" Should I be blogging or making videos? In today's episode, Martin and Khalil answer all of your questions.
Learn about the benefits of blogging, the various ways you can produce content, and how you can use AI technology to make content creation easier for you. You do not want to miss out on this. Stay tuned!
Time Stamps
01:22 - Episode Intro
06:56 - The Benefits of Having a Blog
11:35 - Why You Should Create Your Own Content
18:18 - How to Start a Blog When You're Not a Writer
30:18 - What Can a Contractor Blog About?
33:45 - The Process of Creating Content
41:04 - Advantages of Creating Content for Your Business
44:44 - Episode Outro
Snippets From the Episode
"The good thing about having blogs, having written things down and having them on your website is, you know, where they are." - Martin Holland
"The blog has to be useful, partly useful for you because it's SEO and you're the thought leader and you're engaging clients, but it should be useful to your audience." - Martin Holland
"Great writers are always talking to a specific person." - Martin Holland
"If you want to charge a higher price, you need to give them a reason other than price to buy from you." - Martin Holland
"Don't sit here and try to reach everybody in the world. Just think about that one person." - Khalil Benalioulhaj
How Core Values can influence decision making. (22:10)
Quotable Moments
“If you think of your company, your company has a brand. And your brand is really the personality of your company. Your core values are going to be the traits, the behaviors, and the characteristics of your company’s brand.” – K
“Your core values should consist of qualities, but also principles. The qualities are going to be more so characteristics, but then the principles are more so beliefs, or rules that you’re trying to follow.” –K
“If you don’t have a vision for your company, you’re not going to know where to go. You’re going to wind up somewhere that you don’t want to be and you’ll become a company that you don’t want to become.” – K
“When you hire, you should do so for values instead of skills. Values are a lot harder to teach, and I don’t recommend you trying to teach values. But skills, those you can teach people.” – K
“Core Values acts as a roadmap. It keeps you consistent and gives you some standards and behaviors to practice and live by as a company. It helps you as a manager, as an owner, and helps your team.” – K
Feeling stuck as a business owner? Our latest episode explores the powerful Change Formula! Learn how dissatisfaction and vision can be your keys to overcoming resistance to change.
206 - What is Your Cash Rhythm?: Why You Need a Weekly Cash Flow Report
00:38:27
Struggling with cash management? Ever feel like you're guessing your way through your business finances? This episode might just be the lifeline your business needs! Learn why a weekly cash flow report isn't just good practice — it's essential.
Time Stamps
00:36 - Episode Intro
03:06 - Understanding the Cash Flow Report
10:42 - Profitability vs. Cash Flow
13:27 - Avoiding the Pitfalls of Poor Cash Management
18:26 - Strategies for Improving Cash Position
20:57 - Maximizing Returns on Inventory Management
Who is Eric Daffern? Why did he go into law? (1:50)
There are two main risks in real estate and contracting: the risk of getting sued, and the risk of not getting paid. (5:30)
Story of the Show — The perfect construction contract and project suddenly went wrong because of the pandemic. (12:20)
Why are systems so essential for contractors? (14:15)
Why don’t more contractors have relationships with an attorney? (17:20)
99% of the time, everything’s gonna work out. How do you protect against that 1% where the bottom falls out? (20:27)
What’s the most important tool you can use to make sure you get paid and stay out of court? (22:00)
What’s a contract system? (22:40)
What’s a contract addendum, and how does it give subcontractors power in a negotiation? (24:40)
How do large GCs react to subs trying to negotiate? Do subcontractors even stand a chance against them? (27:30)
Do you need to pay an attorney to review every contract? (30:20)
What are some other systems contractors need? (33:15)
Can you still do work on a handshake? (35:50)
Systems add value ($$$) to your business. (40:00)
Mechanic lien systems — Don’t ignore your superpower! (40:45)
Why do you need HR systems? (46:30)
Your team can work closely together to make sure that your business is protected. (48:10)
How can early incident management systems protect you and your employees? (49:10)
How can you be a good consumer and choose the right attorney? (55:00)
Mount Rushmore — Lawyer Jokes edition (59:40) Listen to see which joke was Eric’s favorite!
Quote of the day — “Knowledge is power.” (1:02:40)
Something you can actually go do (1:06:10)
Closing the story — Remember that this was the PERFECT job. Everything went right, until the last payment. Luckily, we had already worked with the client to create a mechanic lien system. Unfortunately, we had to file a mechanic lien, but my client was able to get paid and still maintain a good relationship with his client. (1:09:50)
Intern Insights with Ethan — Can Ethan sum up in 60 seconds or less what it took the other guys over an hour to explain? (1:13:14)
Quotable Moments
“The earlier you find a problem, the cheaper the resolution is.” — M
“If you will focus on a team around you and invest in your team, then you can have that team help you make money as well. There’s no difference between having a screwdriver, a hammer, or whatever in your craft, and having a lawyer, an accountant, and a banker on the business side of it.” — Eric
“The number one reason people leave an employment position is unclear expectations ... Systems define the expectations against which people are measured so you can go and do those things.” — M
“You’re not going to be the expert in everything. You have to hire and trust other people. It’s going to make you better.” — K
“You have the choice of doing nothing or the choice of doing something.” — Eric
145 - Why You Need to Offer Health Benefits to Your Employees with Holly Peppler
00:45:34
All SMB owners want to take care of their employees. Yet so many businesses fail to offer health benefits to their workers. Holly Peppler of Strategic Benefits Partners joins us to break down the misconceptions business owners have around health benefits and provide us with a clear path to offering employees better benefits without breaking the bank.
Time Stamps
00:19 - Healthcare in the 1970s
01:34 - Health Insurance Changes Before & After Obamacare
23:39 - Group Health Insurance Requirements & Payment Strategies
25:57 - Setting Up Benefits & Determining Thresholds
28:59 - The Value in Offering Health Benefits to Your Employees
29: 33 - Dental & Vision Coverages
30:30 - Understanding Open Enrollment
33:56 - Life, Disability, & Other Benefits
37:07 - The Advantages of Having a Benefits Partner
40:05 - What to Look for in a Benefits Partner
42: 37 - Benefit Partner Redflags
Quotable Moments
“If somebody tries to charge you for a quote, run the other way. That's not how our business works.” - Holly Peppler
“I think a really important thing for business owners to understand as they think about benefits is that the option really matters for you when recruiting employees.” - Khalil Benalioulhaj
“Offering a spread of benefits, even for small employers, can make a huge difference and can really help with retention and with finding new employees.” - Holly Peppler
05:30 - The Differences Between Homeowners & Builders
08:27 - Their Unique Sales Processes
15:45 - The Ultimate Buyer’s Guide
22:00 - Increasing Your Margins
26:00 - The Differences When It Comes To Marketing
30:30 - The Value Of Case Studies
35:00 - Traps You Fall Into With Homeowners
39:00 - Referral Program Strategies
46:15 - Summarized Pros and Cons
48:00 - Outro
Quotable Moments
“When you work with homeowners, you can have higher margins.” – Martin
“An Ultimate Buyer’s Guide outlines the entire process of working with the client and answers all customer questions that may come up.” – Khalil
“What you want to do is under promise and over deliver.” – Martin
“Your bid is your marketing when your’e working with a builder.” – Khalil
“If you’re planning on working with homeowners, you need to have case studies, with photography, that you can use on social media and your website.” – Khalil
“You need to start where you’re winning when it comes to marketing and sales.” – Khalil
“Take a second look, and make sure that you’re prepared and optimized to work directly with homeowners.” – Khalil
Mental health is a pressing issue that affects individuals from all walks of life, and the construction industry is no exception. Despite its tough exterior, this sector has witnessed alarming rates of suicide and mental health-related issues among its workforce.
Greg Sizemore, ABC’s Vice President for Health, Safety, Environment, and Workforce Development, joinsMartin and Khalil in raising awareness about mental health challenges in the construction industry.
Time Stamps
00:27 - Intro to Greg Sizemore
02:35 - How Greg Got Into Construction
07:09 - Greg's Positive Mindset Toward Construction
09:49 - The Great Potential in Construction
12:38 - Workforce Deficit in the Construction Industry
16:33 - Mental Health Crisis in the Construction Trades
23:42 - Socio-Demographic Risk Factors for Suicide
28:45 - Suicide Awareness & Prevention
34:38 - The Importance of Total Human Health
39:39 - Investing in a Solid Company Culture & Support
47:34 - The Cost of Ignoring Employee Mental Health
51:36 - The First Step Toward Better Workplace Mental Health
54:35 - Episode Outro
Quotable Moments from the Show
"For the business and for people working in the business, there has to be a why." - Martin Holland
"Construction, or a career in the construction industry is the best kept secret in America." - Greg Sizemore
"You can call your lawyer on a Saturday night when your toilet doesn't flush, but he ain't gonna fix it. You're going to have to call a plumber." - Greg Sizemore
"The challenge is real. And the first thing we've got to do is have the courage to say, you know what, we're not perfect, and it can happen on my job site." - Greg Sizemore
"The person's soul wants to connect to what they're doing." - Greg Sizemore
"An investment in culture is also an investment in the person. It's an investment in that connection and having a value in who they are as not just an employee but as a person." - Khalil Benalioulhaj
"All of us can make all the noise we want to on these platforms. But where it's going to make a difference is in whatever your zip code is." - Greg Sizemore
"It is a profitable thing to take care of your people." Martin Holland
"If your mindset is that this is an expense you can't cover, change it to this is an investment you can't afford not to make." - Greg Sizemore
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