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This newsletter series will give you insights and techniques to help you build a better business no matter how large or small yours is. I always say that success comes from working on your business as opposed to in your business. I want to share with you the systems and philosophies that have been successful for me over the years.
This is newsletter #29 in the series. If you have missed prior newsletters, and are enjoying the series, we encourage you to purchase the program. More information can be found by clicking on the coupon at the bottom of this page.
Adequate consideration to the amount of physical labor required for a job is necessary for determining the length of time you can realistically devote to a project. Give careful consideration to the length of the project in relation to the amount of physical labor.
Your anticipated labor requirements should be forecast at least several months in advance, or your schedule may end up in disaster. Create a projected monthly budget in labor based on the jobs that are in-house and what jobs can be anticipated. Prepare in advance what your manpower requirements will be. If you have a heavy need for a certain period of time, see that enough labor is available in time to provide training and familiarity with your firm’s systems. In slow periods, try to acquire service work.
If you don’t schedule your labor, you can unexpectedly run into overtime requirements that you have to pay for. Always try to work out a schedule with the general contractor where you can coordinate your own work schedule with other subcontractors. Stay informed and attend (or designate someone) any intermittent trades/construction meetings. If your general contractor speeds up his completion schedule ahead of the time he originally gave you, remind him that he is responsible for overtime pay. Check the specific contract document first, as it may be your responsibility.
A time schedule, broken down by job sections, should be a part of every contract you negotiate. Any penalty clause you have to sign for running behind schedule should be balanced by an incentive clause for early completion. In any case, don’t accept a clause that will penalize you for failure of other subcontractors to finish in time and leave the work area free and ready for your own crew.
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The above content is extracted from Mike Holt's Business Management Skills Program.
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