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Entrepreneurship

501: Key Drivers To Improve Construction Profitability And Cash Flow [Video]

This Podcast Is Episode Number 501, And It’s About Key Drivers To Improve Construction Profitability And Cash Flow Enlightened contractors like you understand the value of developing your own unique Construction Contracting System, a collection of documented repeatable processes and operation manuals. The key is continuously refining your construction company’s practices and procedures. Your office ensures your contracting company has a steady flow of projects. Proper accounting and bookkeeping develop timely financial reports to show which jobs are profitable so you can pursue more. Thus, you can focus more on the following: Acquiring the right clients Doing the project as close to on time and budget as possible Get job deposits and timely progress payments Follow-up with clients to monitor satisfaction and line up new projects Boost profitability by recognizing your key drivers Identifying the key drivers of your business is critical to boosting profitability. A key ‘driver’ significantly impacts your specific construction business’s performance. A whole range of factors can affect the performance of every business. The secret is to focus on a handful of drivers that: Affect the performance of your business significantly Are measurable Can be compared to a benchmark, such as last year’s figures or an industry average Can be acted upon Make use of benchmarking Use past figures as a benchmark for current performance. Figures for last year or last quarter provide hard facts and established patterns that expose potential problems and opportunities. Also, compare your construction business with other similar companies, especially competitors. Your accountant, bank manager, or industry association may be able to supply industry benchmarks. What are some of the key drivers in business? Critical drivers vary from business to business, and in construction businesses, they include: Sales lead in capital goods or service Market share where only the biggest will survive ‘First-time fix’ in a maintenance business Even direct competitors may have different drivers. A prime location is not a key driver for a floor installation business, but it is for a brick-and-mortar competitor that relies on a well-located retail store if they sell hardwood flooring and carpet and provide installation services. Some of the following drivers might be relevant to your business: 1. Converting leads into sales The number of leads (information requests or quotes given) provides early warning of any peaks or downturns in your sales. If you have an established leads-to-sales conversion ratio and know the size of an average sale, you can use the pace of leads to forecast sales. Monitoring sales figures can show: – Which categories of products are selling well – What each salesperson has achieved – If lead conversion rates are improving – Keep your costs under control Maintaining a healthy gross profit margin is critical. If your gross margin percentage is falling, take swift corrective action. The causes could include higher input prices, a changing product mix, production inefficiencies, or excessive discounting. If you run a service business that bills out time, it can be helpful to treat consultants’ salaries as a variable rather than overhead costs because this makes it easier to work out who is making you money. 2. Collecting receivables efficiently Your accounts receivable collection period (the number of days on average to collect customer payments) is an important driver to monitor. Try to improve your past performance and at least match the industry standard. If the standard is 35 days, and you take 45 days on average to receive customer payments, then improve your collection activities immediately. Bill promptly and highlight overdue payments for prompt action. The key is consistency – late payers should know that you’ll unfailingly contact them. 3. Optimal inventory levels Your inventory turnover rate is the ratio of cost-of-sales to inventory. Most businesses aim for a high inventory turnover rate because it indicates an efficient use of capital resources. If the ratio decreases, find out why. For example, you may be overbuying or purchasing inventory you cannot sell. The more you can break down your inventory figures into separate product categories, the easier it will be to pinpoint problems. 4. Hours billed An interior designing firm had a disappointing level of monthly sales for years until the owners realized that hours billed per consultant per week was the key driver. Once they began monitoring this, they could see which consultants were earning the revenue. The firm could then target small and manageable improvements – such as billing 30 minutes more a day each. Attitudes changed overnight, and sales increased significantly. 5. Turning over staff A plumbing company recognized that…

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Entrepreneurship

Three strategies for everyone to feel better at work Webinar [Video]

With organisations increasingly recognising the importance of the wellbeing of their employees, Matt Jenkin Employment Law partner at Moorcrofts and Miles Mather Executive Coach and Trainer look at how businesses and individuals can implement strategies to feel better at work.Miles discusses three core dimensions of wellbeing:1) social – connecting with other humans2) physical – balance and rest; and3) occupational – setting directional goals; and how to implement effective strategies to feel better at work.About Miles MatherMiles is on a mission to spread positivity in the workplace and create happy people!He is an executive coach and trainer as well as a transformational private coach. Having trained at an advanced level as a transformational coach, Miles’ focus is on personal development for deep, and long term change.He has worked as a commercial consultant, delivering change management and commercial support since 2005 for over 15 well known blue chip clients.About Matt JenkinMatt has over 20 years’ experience as an employment lawyer. He regularly advises employers and senior executives across a broad range of employment law matters including drafting employment contracts, employment policies and procedures, day-to-day HR/employment law support, advising on business reorganisations, transfer of undertakings (TUPE), termination arrangements and settlement agreements and employment tribunal claims including complex multi-day discrimination claims. Matt also provides regular training to clients, talks at a number of events and writes for national HR and Employment publications on a broad range of employment law topics.

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Entrepreneurship

How to Ensure Your Team Members Aren’t Underutilized [Video]

Does your team seem unproductive? Do they, at times, seem lazy? Perhaps they’re underutilized. Strengthen your leadership skills through executive coaching. Apply to Dr. Grace’s coaching program here: https://careerrevisionist.com/apply Feeling underutilized consequently makes an employee unproductive as they feel unmotivated from doing less than what they’re capable of. It could also invoke their lack of trust in you as a leader and in the value of what you’re pursuing as a team. We all know that when one person is going in the wrong direction, it can throw the whole team off. As the one in charge, you must ensure the full utilization of your team members. Executive coach, Dr. Grace Lee, shows you in this video 3 powerful ways on how to wield the potential of each and everyone in your team. This is the same type of training her clients get from her executive coaching program and is proven to be quite effective. Watch the full video and comment your takeaways below! –As a communications and executive coach, Dr. Grace has been training people in all aspects of communication and career growth. Want to learn more from Dr. Grace? Follow these steps:👇 SUBSCRIBE TO THE YOUTUBE CHANNEL NOW 👇https://www.masteryinsights.com/subscribenow💯 FOLLOW DR. GRACE LEE 💯Instagram: https://www.masteryinsights.com/instagramClubhouse: https://www.masteryinsights.com/clubhouseLinkedIn: https://www.masteryinsights.com/linkedin–★☆ CHECK OUT THESE RELATED VIDEOS ★☆First-Time Leader? 5 Tips on How to Lead a Team Effectivelyhttps://youtu.be/6jRArv1V9NcHow to Be More Valuable to Your Team as a Leader – Executive Coachinghttps://youtu.be/QTN3sLJ_748How to More Visionary As a Team Leaderhttps://www.youtube.com/watch?v=b1UXJ6xN7n8—This video is about How to Ensure Your Team Members Aren’t Underutilizedhttps://youtu.be/VcTQsURrAPEhttps://youtu.be/VcTQsURrAPE#leadershiptraining #leadershipskills #teamleadership

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Entrepreneurship

Enriching Executive Development [Video]

In the arsenal of tools senior human resources (HR) professionals use to develop business leaders within their organizations, executive coaching is well-established among them. However, little if anything has been written about HR leaders’ relationships with external executive coaches. Little is understood about the leap of faith and commitment these professionals can make to each other thus ensuring that the client and the organization benefit fully from this investment in an executive’s development.While these factors are fundamental in effective coaching relationships generally, there are nuances of significance in how they play out in these essential partnerships. The primary relationship factor of trust and respect is best explained by HR professionals who have experienced such essential partnerships. Essential partnerships begin with a clear understanding of each other’s roles and responsibilities. Defining participants and timeframes are essential components of role clarity. Through their respective roles, these partners are committed to the progress of the identified executive and by extension to the continued success of the organization in which the executive is a key leader. While confidentiality should always be discussed and understood, constructive triangulation refers to the steady flow of collateral information shared between the HR professional, the executive coach, and the client. As experienced as the executive coach may be, he or she remains an outsider and is, therefore, never as close to the daily play-by-play reality of how a top leader is leading—and perceived within the organization—as is the HR partner.The value proposition of executive coaching as an executive development resource is diminished when it does not involve the reciprocal commitment characteristics of such partnerships. Workplaces require highly evolved leaders who are relentless, intuitive, and nimble enough to synthesize quickly the barrage of quantitative and qualitative data flying at them often from stakeholder groups spanning the planet. They need to grow quickly in places where they can clarify their thoughts with colleagues, vet their concerns, make sound strategic decisions, and then direct the execution that will ensure competitive and profitable distinction. This rapid development of mature and ready leaders will also need to occur in supportive places—like within a strong coaching relationship.

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Entrepreneurship

1. Starting a Business in Healthcare – Trenton Olson & Matt Gibson [Video]

Trenton Olson is the President of Senior Benefits Insurance Services, a Utah insurance agency the focuses on Medicare and Long Term Care insurance. He started SBIS in 2010 and shortly thereafter, Matt Gibson joined the team as Trenton’s business partner. SBIS has since grown remarkably fast and continues to grow every year. Trenton and Matt discuss how they came to start up a business in Medicare, how to build a strong team, and how to grow in a space that oftentimes flies under the radar. Learn more about Senior Benefits Insurance Services here:www.srbenco.comBe sure to subscribe to the How in the Health channel for more healthcare podcasts. Follow us on Instagram here:instagram.com/how_inthehealth/