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:

• 1. Pursue Niche Work at Which You are Excellent and Profitable
  2. Deal with clients you know well
  3. Work with project partners that you trust
  4. Maintain high quality efficient construction work
  5. Emphasize and Demand safety
  6. Insist on timely payments for all dollars earned
  7. 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:
• 1. Low Overhead
  2. Stay Humble
  3. 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