Oct 24 2024 53 mins 12
His project manager walked off the job, 22 open jobs waiting to be completed, negative net profit, unhappy clients, and a team that’s been reduced after the PM quit on him — Matt, a third-generation contractor from Massachusetts, is facing some major business challenges. Tom sits down with Matt to find a way out of this tough situation.
Episode Highlights:
[00:00] - Intro
[00:19] - Matt’s background and business overview
[00:38] - The project manager walked off the job
[03:40] - Strategy to tackle these challenges
[06:20] - Communicate with clients, even when the news isn’t good
[07:20] - Focus on finishing one project at a time to avoid profit leaks
[11:03] - Managing the remaining team after some crews left
[14:32] - Tom’s experience with a similar situation
[17:04] - Reverse engineering projects and setting daily milestones
[18:55] - $1.5 million in pending projects
[19:34] - How the situation is affecting both his business and home life
[22:48] - Leadership shortcomings that led to this situation
[24:12] - The importance of hands-on leadership and accountability
[26:40] - Non-negotiable commitments Matt must make
[31:15] - Focusing on man hours and targets
[32:50] - Tom’s 20 steps to a successful project
[35:14] - Impact of his current business on sales
[41:31] - Training the team to solve problems independently
[44:11] - Matt’s plans to hire a new project manager
[47:07] - Biggest takeaways from the conversation
[49:40] - Closing remarks
Resources:
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