In episode 97 of The Subcontractors Blueprint podcast, host Jacob Austin highlights the importance of cost reporting and monitoring for subcontractors. He explains how tracking project expenses against budgets is crucial for maintaining profitability and cash flow, especially given the tight margins in construction. Jacob shares practical, straightforward steps for implementing cost reporting without excessive paperwork, making it accessible for businesses of all sizes. Listeners gain actionable advice on improving financial management, protecting profits, and building more resilient operations. The episode serves as a valuable guide for subcontractors aiming to strengthen their business through better cost control.
KEY TAKEAWAYS:
- Financial challenges faced by subcontractors, particularly in the UK
- Systematic tracking of project expenses against budgets
- Early detection of cost overruns and proactive adjustments
- Management of cash flow through regular cost monitoring
- Identification and justification of additional work claims
- Transformation of raw data into actionable insights for decision-making
BEST MOMENTS:
"If you can't measure it, you can't manage it. And that holds very true for your project costs."
"Regular cost monitoring helps you manage cash flow by aligning your project expenditures with your income."
"Good cost reports turn raw data into actionable insights. They let you and your team make informed decisions on the project."
"The goal of all this reporting is to protect that profit when margins are already slim, as we discussed."
"By regularly keeping tabs on your costs, you ensure that profitability isn't left to luck. You gain control over your project's financial outcomes rather than being at their mercy."
Jacob is on a mission to help the 1 million SME contractors working within the construction industry. If you've taken something of value from this episode, please share the podcast with someone you know, and pass the value on.
HOST BIO: Meet Jacob Austin, a Chartered Quantity Surveyor with a rich background at construction industry giants Balfour Beatty, Kier, and Vistry Group. With extensive involvement in education, health, and residential projects spanning various scales, from £1000s to £100M in concurrent developments, Jacob brings a unique perspective. Having collaborated with numerous small businesses, he's now committed to sharing his expertise to drive their success. Join Jacob on his podcast, where he blends his profound insights and personable approach to offer guidance, industry secrets, and inspirational stories.
LinkedIn - www.linkedin.com/in/jacob-austin/
Instagram - www.instagram.com/qs.zone/
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