220. Preparing For 2026 With Russ Stephens

Implement a documented business plan, as it can lead to a 2% higher markup and significantly increase annual revenue for your building company.

Invest 3-4% of your revenue in marketing and advertising to generate sufficient demand, but ensure your sales process is robust to convert these leads effectively.

Develop a content marketing strategy to educate your target market, improving the quality of leads and aligning client expectations.

Understand and apply financial literacy, especially concepts like markup, margin, and Work-in-Progress accounting, to accurately assess business performance and make informed pricing decisions.

Utilize 'construction slots' to create scarcity and urgency, helping streamline the sales process and allowing for higher profit margins.

Prioritize systematization by creating Standard Operating Procedures (SOPs) to delegate tasks, improve efficiency, and free up the owner's time for strategic work.

Regularly benchmark your company's performance against industry standards (e.g., via the State of Residential Construction Industry report) to identify areas for improvement and avoid complacency.