TCF398: Contractor Q&A : When is Debt "Good Debt"?

Listen in as Tom and Dan answer your questions about how to communicate with customers during a long wait and whether there’s such a thing as “good debt”.  In this episode, we talk about… Question 1:  "Exclusively because of the Shin-Fu, we have clients with large renovation projects with deposits paid stacked up until February 2022.  What additional word tracks can I use for clients who have the money, but are discouraged by such a long wait?" Mind the Gap: Fill the waiting period with relevant content to build trust and stoke their excitement Mindset: Remember they have to wait on other contractors, too Communication: Be real and keep them in the loop    Question 2: "What is your take on good debt and how much of it should I rely on for the success of my business? What are some good examples and areas where good debt makes the most sense?" The reason Tom believes most debt is not good for contractors   Good debt: increases your net worth, helps generate more value, allows you to manage your business in a more profitable way Bad debt: doesn’t increase your wealth, isn’t used to purchase materials and holds you back Never use debt to compensate for lack of revenue in your business   Links to resources: Follow Tom on Instagram at https://www.instagram.com/realtomreber Contractor Growth Network - TheContractorFight.com/CGN The Contractor Fight Facebook Group – https://www.facebook.com/groups/thecontractorfight/ The Contractor Fight TV – https://www.youtube.com/channel/UCEWHDzg1Tnogow9uAL3YESw