In this episode of Beers with Contractors, the hosts delve into the crucial aspects of managing and growing a contracting business with author of the Profit Problem, Martin Holland. The conversation opens with a discussion on the emotional cycle of change for new employees and strategies for retaining them.
The dialogue highlights the importance of understanding this cycle, consisting of uninformed optimism, the valley of despair, and informed optimism, to effectively manage and support staff through transitions. Special guest Martin Holland, a seasoned business coach with a focus on contractors, discusses the significance of solid financial practices, including the need for proper bookkeeping and accrual accounting, and how it directly impacts business decision-making and growth.
He emphasizes the essentials of business fundamentals - guiding, getting, doing, and administering the business - and the pivotal role of aligning with partners who share similar values. The episode wraps up by stressing the importance of proper financial planning to avoid overextending in growth phases and encourages listeners to continually educate themselves on financial management for sustainable business expansion.
00:00 Kicking Off with Beers and Business Insights
00:24 A Casual Catch-Up: Life and Weekend Plans
01:44 Diving Deep into the Emotional Cycle of Change
08:05 Introducing Martin Holland: The Business Coaching Maestro
15:03 Unpacking the Four Fundamentals of Business Success
23:55 The Power of Proper Accounting: A Deep Dive
31:35 Accrual Accounting Explained: Why It's Essential
42:39 Decoding Financial Statements: A Deep Dive
43:17 The Art of Depreciation and Financial Management
46:06 Navigating Growth and Capital in Business
46:39 The Perils and Triumphs of Big Projects
49:54 The Power of Informed Decision-Making
51:04 Reflections on Business, Risk, and Values
58:01 A Candid Conversation on Business Failures and Lessons
01:00:51 The Essence of Business Coaching and Its Impact
01:05:26 Signing Off: The Importance of Responsible Business Practices
Contact Martin Holland At:
Linkedin: https://www.linkedin.com/in/martin-holland-7318aa16
Website: https://www.annealbc.com/
UnisonWorx is Workforce Management Software for the Construction Industry
Learn more at https://unisonworx.com/industries/construction
