The current climate in the building industry is likely to make many business owners feel risk averse. Today, hosts Duane and Dave take on the topic of risk management. How can entrepreneurs approach decisions that involve risk with confidence? How can risk be measured and planned for? If you've felt fear regarding business decisions either from lack of understanding or lack of support from peers, listen in to learn how to reverse course.
Show highlights include:
2:55 Risk Tolerance
5:50 You are the solution and the risk as a builder
8:10 In order to scale your business you have to take the risk of hiring and delegating.
10:30 Don't let fear stop you from educating yourself on a risk. Embrace a culture of learning and collaboration.
15:00 Staying in the gap, measuring your business against what you haven't accomplished
17:45 Tools that can help business owners prepare for risk - EOS
20:15 It's a risk to not qualify your client
24:30 Plan your designs in advance.
29:30 You're a builder, not a bank. Use your client's money to build their home.
34:00 Taking construction agreements for granted, not hiring legal council, and forgoing proper insurance are three huge risks you should never take.
37:30 It's impossible to completely eliminate risk in this business, but you can drastically reduce risk.
You can learn more about Duane and Dave at https://buildernuggets.com.
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