47 - 7 Ways to Distinguish Yourself From Other Contractors (and Make a lot of Money)

There are three million construction companies in the United States. Listen to this episode and learn 7 ways to set yourself apart and build a great business.    Highlights Include: My attempt to distinguish myself at a traditional English public school 7 ways to distinguish yourself:  Pursue Niche Work at Which You are Excellent and Profitable  Deal with clients you know well Work with project partners that you trust  Maintain high quality efficient construction work  Emphasize and Demand safety  Insist on timely payments for all dollars earned  Have a financial cushion to weather bad times  What is a niche, and why it's important  How to get to know people by committing to long term relationships  How to give and build trust with your project partners How to improve processes so that you can maintain high quality work Why a strong safety culture is vital, and how to make sure safety is prioritized  How to get paid for what you've earned by being a "nice squeaky wheel" The secret to getting through the next recession:  Low Overhead  Stay Humble It's not what you make, it's what you keep   Action Items:  Prioritize, in order of importance, the list of the seven ways to distinguish yourself. Pick the most important way.  Ask:   What's working  What's not working  In what specific ways can we improve?  Spend 90 days working on the one that you pick and see how much progress you make.  After 90 days move on to the next most important on the list   Learn how to clarify your niche: Click this link to download the Target Market Analysis tool    Read a great book: The Construction MBA: Practical Approaches to Construction Contracting, by Matt Stevens  Listen to a great song: The Headmaster Ritual by the Smiths