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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 Wade and Stephen delve into real-world examples where contractors lost big due to outdated project tracking, skipping BIM, and neglecting equipment maintenance.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/

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Find all episodes and related links at ContractorSuccessForum.com.

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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

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

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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

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

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You ever feel like your projects are running smoothly, but your cash flow isn't? Join Wade and Stephen as they dive into the critical importance of working capital in the construction business. Discover how adequate working capital acts as the lifeblood of your company, helping you manage payroll, materials, and equipment costs.

Learn key strategies to ensure you have the right amount of working capital, improve your financial stability, and avoid cash flow crises. With practical tips and real-life examples, this episode is a must-watch for any contractor aiming to build a healthy, sustainable business.

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:

• 00:29 Importance of Working Capital
• 01:10 Bonding and Working Capital
• 02:26 Understanding Working Capital
• 03:27 Managing Cash Flow and Working Capital
• 05:43 Improving Working Capital
• 12:00 Employee Dishonesty and Working Capital
• 13:38 Debt and Working Capital

LINKS

Visit the episode page at https://carpentercpas.com/oil 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

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Imagine starting your day with AI already optimizing your schedule and handling complex tasks. Join Wade and Stephen as they dive into how AI assistants are transforming the construction industry.

Discover the competitive edge gained by early adopters and explore examples of AI in action, from organizing historical bidding data to managing project schedules, predicting change orders, and improving cash flow. Learn about open vs. closed AI platforms and data privacy concerns as well. If you're in construction and want to stay ahead, this is a must-watch episode. Share your experiences and let us know how AI is helping your business in the comments below!

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

Topics we cover in this episode include:
00:50 Real-World Applications of AI
02:07 AI Assistants and Their Capabilities
02:46 Data Privacy and Security Concerns
04:38 AI in Financial Operations
12:53 AI in Project Management and Estimating
20:40 Future of AI in Construction

LINKS

Visit the episode page at https://carpentercpas.com/assistant 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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Do you wish your people could do more for you? Discover how to get the most out of your workforce on the Contractor Success Forum with hosts Wade Carpenter and Stephen Brown.

This episode dives into leveraging individual strengths in your team, the importance of aligning roles with personal skills and passions, and the challenges of managing family members and technological obsolescence in construction businesses.

Tune in for tips on optimizing team dynamics, promoting a team mentality, and building a legacy of success. Don't miss this insightful discussion!

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

Topics Wade and Stephen cover include:

• 00:45 Understanding Different Personalities in the Workforce
• 02:24 Aligning Skills and Job Roles
• 06:51 The Importance of Passion in Job Performance
• 12:46 Team Dynamics and Leadership
• 19:36 Generational Differences and Cultural Fit

LINKS

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

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

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We've reached 200 episodes of the Contractor Success Forum! Join Wade Carpenter and Stephen Brown as they reflect on their journey, discuss the value of contractor education, and unveil a special 85-question quiz designed to help construction contractors assess and improve their business practices.

Discover insights on financial health, systems, operations, and project control tailored specifically for the construction industry. Don't miss this milestone episode filled with valuable advice and a deep dive into key topics that can elevate your construction accounting game!

Subscribe for weekly construction finance tips: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

Topics Wade and Stephen cover on this episode:

• 00:41 Reflections and Lessons Learned
• 01:27 The Importance of Contractor Education
• 02:24 Adapting to New Technologies
• 04:05 Introducing the Contractor Success Quiz
• 06:08 Details of the Quiz and Its Benefits
• 08:38 Encouraging Listener Participation
• 15:31 Looking Ahead: Future Plans and Projects

LINKS

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

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

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This week, Wade Carpenter and Stephen Brown discuss the critical role of client collaboration in construction projects. The episode explores strategies for effective collaboration, from pre-project planning to managing supply chain challenges, labor shortages, and inflation.

Drawing insights from a recent report from Liberty Mutual and Dodge, they highlight how top contractors are navigating industry challenges by working closely with clients, subcontractors, and surety companies.

Subscribe for weekly construction finance tips: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

Topics Wade and Stephen cover on this episode:

• 01:01 The Importance of Collaboration Culture
• 02:26 Technological and System Challenges
• 03:18 Impact of External Factors on Projects
• 04:33 Effective Risk Management Strategies
• 05:42 Contract Negotiations and Material Costs
• 07:19 Collaboration with Subcontractors
• 12:29 The Role of Technology in Collaboration
• 20:02 Collaboration with Surety Companies

LINKS

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

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