EP25: 5 Reasons Contractors Fail

Did you know that 96% of contractors will fail within their first ten years of business? That statistic is shocking! Listen in for some of the reasons many contractors tend to fail so that you can avoid their fate.In this episode, we talk about…How construction and contracting businesses actually have the highest failure rate of any other business.Marketing: The guys actually agree that this is the most important factor, because if your marketing isn’t successful, you won’t get any customers, so it should be a full-time position in your business.Insufficient Cash Flow: this can lead to serious problems, and it’s all too common!Charging Too Little: This all comes down to good sales technique and confidence - and if you charge the right amount, chances are you won’t have cash flow problems!Excessive Overhead and/or Employees: You’ve all seen a brand-new company spend way too much on swag on fancy equipment, right? It’s important not to scale too fast.Lack of Organization: This can cause a lot of problems, frustrate your customers, and affect profitability.How business coaches can help you avoid these mistakes and everyone can benefit from some help.Links to Resources:Profit First by Mike Michalowicz - https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making/dp/073521414X/Profit Club – Paid Coaching group www.hammerandgrind.com/theprofitclub Facebook group - https://www.facebook.com/groups/thecontractorprofitgroup Facebook – https://www.facebook.com/hammerandgrindpodcast Instagram - https://www.instagram.com/hammerandgrindpodcast/ Brad Huebner’s Instagram - https://www.instagram.com/teamhandy/ Eric Triplett’s Instagram - https://www.instagram.com/theponddigger/ Website – www.hammerandgrind.com Help us get the word out to other contractors by leaving us a review or sharing our podcast! Hosted on Acast. See acast.com/privacy for more information.