AM I MAKING ANY MONEY PODCAST

15 Mistakes Contractors Make When Building a Company

Today, Terry Morrill goes over the 15 Basic mistakes that contractors make when building a company. When building a contracting company, most things are learned by experience. There was no definitive guide book on what to do and what not to do. Because of this, contractors fall into the same mistakes that end up hurting their growth in the long run. 

Overview of the 15 Mistakes 

  1. Not understanding the different hats 
  2.  Do not take time to build your business (5 hours a week) 
  3.  Having no plan to follow for business growth
  4.  Not knowing your numbers
  5. Not having a marketing pipeline
  6. Not charging enough/knowing your worth
  7. Not having a sales pipeline
  8. Estimating blindly
  9. Not separating your sales department from delivery/installation
  10. Not knowing how much money you’ve made at the end of each day
  11. Believing you are the only person who can do the job right
  12. Not having a hiring and training person in your company
  13. Not training your crews to get a job done on time
  14. Not having a software that ties everything together
  15. Not having a workable organization chart for your company
 
By avoiding these common contracting mistakes, you will be well on your way to creating a company of real value. 
15 Basic mistakes that contractors make when building a company
15 Mistakes Contractors Make When Building a Company

15 Mistakes Contractors Make When Building a Company

Today, Terry Morrill goes over the 15 Basic mistakes that contractors make when building a company. When building a contracting company, most things are learned by experience. There was no definitive guide book on what to do and what not to do. Because of this, contractors fall into the same mistakes that end up hurting their growth in the long run. 

Overview of the 15 Mistakes 

  1. Not understanding the different hats 
  2.  Do not take time to build your business (5 hours a week) 
  3.  Having no plan to follow for business growth
  4.  Not knowing your numbers
  5. Not having a marketing pipeline
  6. Not charging enough/knowing your worth
  7. Not having a sales pipeline
  8. Estimating blindly
  9. Not separating your sales department from delivery/installation
  10. Not knowing how much money you’ve made at the end of each day
  11. Believing you are the only person who can do the job right
  12. Not having a hiring and training person in your company
  13. Not training your crews to get a job done on time
  14. Not having a software that ties everything together
  15. Not having a workable organization chart for your company
 
By avoiding these common contracting mistakes, you will be well on your way to creating a company of real value. 

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