198. Understanding Today’s Client With Bob Cain

Implement a robust system for managing change orders to ensure they remain profitable and don't erode project margins. Price change orders appropriately with higher margins.

Utilize technology and systems like BuildTools to showcase organization and communication capabilities during initial client meetings, helping to differentiate your business from competitors.

Prioritize honest and timely communication with clients, providing weekly updates and access to a client portal for project status and documentation.

Proactively set client expectations at every stage of the build process, particularly during 'low' periods like the construction phase, to manage emotions and maintain satisfaction.

Regularly monitor net profit at the job level by comparing actual costs against the budget in real-time, adjusting for change orders, and conducting post-job 'scrubs' to learn from any budget overruns.

Implement Work In Progress (WIP) accounting to accurately track project finances, anticipate future costs, and prevent over-reporting profit or unexpected financial surprises.