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In construction, failing to use the right technology can result in massive financial losses. Wade and Stephen delve into real-world examples where contractors lost big due to outdated project tracking, skipping BIM, and neglecting equipment maintenance.

Learn essential lessons on how effective use of technology could have saved projects from costly overruns and preventable disasters. Discover the importance of cybersecurity, bid accuracy, material tracking, and contract management in preventing financial pitfalls. If you're on the fence about implementing new technology, this is a must-listen!

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Topics we cover in this episode include:

• 00:44 Real-World Case Studies: Technology Failures
• 02:47 The Importance of Cybersecurity
• 04:39 Avoiding Costly Bid Errors
• 07:32 Material Theft and Mismanagement
• 13:11 The Role of Telematics
• 16:55 Legal and Contractual Safeguards

LINKS

Visit the episode page at https://carpentercpas.com/techmisstep for more details and a transcript of the show.

Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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Most contractors believe that working harder and landing bigger jobs will solve their cash flow issues. But is that mindset holding them back? In this episode of the Contractor Success Forum, Wade and Stephen discuss the financial struggles of a seemingly successful contractor who had to fundamentally change their business approach.

They delve into the reality check and lessons learned, emphasizing the importance of proper cash flow management, accurate job costing, and strategic debt management. Tune in to discover the epiphanies and strategies that can help contractors avoid similar pitfalls and move towards financial stability.

Subscribe to get notified as soon as new episodes go live on YouTube: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

Topics we cover in this episode include:

• 00:19 A Real Contractor's Wake-Up Call
• 00:35 Meet the Hosts: Wade and Stephen
• 01:12 The Case Study Begins
• 02:11 Financial Realities and Epiphanies
• 03:58 Implementing Profit First
• 05:40 The Cash Flow Projection
• 08:06 Aggressive Strategies and Tough Decisions
• 18:23 Lessons Learned and Final Thoughts

LINKS

Visit the episode page at https://carpentercpas.com/breakingpoint for more details and a transcript of the show.

Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

Send us a text

Join Wade and Stephen as they explore how technology is revolutionizing the construction industry.

Discover how innovations like BIM, drones, and automation are reducing costs, improving project management, and increasing profitability. Learn why so few contractors are adopting these tools and how they can overcome the barriers to implementing new technology.

Packed with statistics and insights, this episode offers actionable advice for contractors looking to work smarter and more efficiently.

Subscribe to get notified as soon as new episodes go live on YouTube: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

Topics we cover in this episode include:

• 00:32 The Impact of Technology on Construction
• 01:00 Adoption Challenges and Benefits
• 02:56 Innovative Technologies in Construction
• 05:27 Real-World Examples and Case Studies
• 10:11 Future Trends and Predictions
• 19:45 Overcoming Barriers to Technology Adoption

LINKS

Visit the episode page at https://carpentercpas.com/tech2025 for more details and a transcript of the show.

Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com