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225. Running Profitable Projects With Russ Stephens and Erika Mosse

⏱️ 53:12 🎤 Will, Russ Stephens, Erika Mosse
AUDIO EPISODE
225. Running Profitable Projects With Russ Stephens and Erika Mosse
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Chapters

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  • 1:52
    The Silent Killer
    Scheduling overruns are a silent killer of profitability, not always showing up in job profit and loss but impacting overall company finances.
  • 3:29
    Cost of Delays
    Every day a project runs over schedule costs the business a significant amount, impacting revenue and net profit due to fixed expenses.
  • 5:44
    Managing Subcontractors
    Effective management of subcontractors through vetting, robust contracts, and clear communication is crucial to prevent delays and maintain project quality.
  • 8:35
    Pricing for Profit
    A different methodology involves adding a net profit to jobs rather than gross profit, ensuring profitability on every contract by factoring in materials, labor, and fixed expenses.
  • 9:20
    Importance of Documentation
    Documented processes, clear roles, and client handbooks are essential for preventing scope creep, managing expectations, and increasing project profitability.
  • 18:31
    Know Your Numbers
    The number one differentiator for profitable home builders is understanding and continuously tracking financial numbers and key performance indicators.

Speakers

W
Will
Host — head of marketing
R
Russ Stephens
co-founder of the Association of Professional Builders
E
Erika Mosse
research and content strategist at JobTread

Key Takeaways

✦

Understand and track your fixed expenses per job per day to accurately assess the cost of project delays and make informed decisions.

✦

Implement a 'pricing for profit' methodology that adds a net profit to each job by factoring in all costs, ensuring guaranteed profitability.

✦

Develop robust contracts and vetting processes for subcontractors, clearly outlining expectations and potential penalties for delays.

✦

Create and utilize a client handbook to set clear expectations, prevent scope creep, and manage client selections effectively.

✦

Document all internal processes and roles within your company to reduce friction, improve efficiency, and enhance overall profitability.

✦

Use project management software to maintain a single source of truth for schedules, communications, and documentation, streamlining operations and minimizing errors.

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