#113 Surviving Market Volatility In Construction, Trade Tariffs, Foreign Policy & Natural Disasters

In this episode of the Construction Mentor Podcast, host Ike dives deep into the critical aspects of procurement and submittals for general contractors and subcontractors. He emphasizes the importance of proactive risk management in the face of unpredictable market conditions, such as price spikes and supply chain disruptions. Ike outlines a tactical approach to mitigate risks through effective contract language, advanced planning, and operational strategies, ensuring that contractors can navigate the complexities of the construction industry successfully.Ike introduces four key pillars for managing procurement and submittals: contract protections, advanced planning, effective paperwork processes, and operational tactics. He stresses the necessity of clear communication and documentation throughout the project lifecycle, highlighting that successful risk management is not just about avoiding pitfalls but also about fostering win-win scenarios for all stakeholders involved. By implementing these strategies, contractors can protect their cash flow and ensure project success, even in challenging environments.Start the FREE Construction Project Management Introduction Course with CourseCareers Now: https://coursecareers.com/a/ike?course=construction-management&campaign=YT 📚 Student & Alumni Reviews: https://coursecareers.com/reviews 🎓Testimonial of CourseCareers https://youtu.be/RRl88nof5f8?si=dKeh4ZnnJ4Yfoo7l🤯 Even More Testimonials: https://www.youtube.com/@coursecareers Takeaways:"We're here to promote the construction industry as the best path to create your dream life.""You cannot operate with your own interests as the only interest out there.""The goal is to put everybody in a situation to win.""You can't manage what you don't control.""Cash is king.""The earlier you submit, the earlier long lead items can be released.""You want to create a chart or create an Excel sheet that identifies everything you need to buy.""You have to document everything to protect your cash flow and your schedule equally.""Treat your supply chain like a partner.""Prioritize that six sigma winning win, win, win, win, win at all levels."