Cian BrennanFounder, Quantum Contract Solutions · Founder

Understanding the Business of Construction

Name: Understanding the Business of Construction
Uploaded: 2023-09-12T22:00:13+00:00
Duration: 30 s
Channel: Cian Brennan
Description: In this segment, the speaker challenges the common mindset among construction company owners that they are merely "in construction." He argues that they…

12 Sept 2023 · 1 min

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In this segment, the speaker challenges the common mindset among construction company owners that they are merely "in construction." He argues that they are actually in the business of construction, which requires not only delivering quality builds but also mastering the commercial side—ensuring work is paid for, maintaining healthy margins, and managing cash flow. He highlights that many firms produce excellent work yet fail financially because they neglect these business fundamentals, leading to closures despite their technical success.

Chapters

Most construction company owners say that I'm in construction. Well, no, you're not in construction. You're in the business of construction. It's not just about building things and supplying things. It's about doing that. That's the first part of it. And the second part of it is getting paid. So many big companies do really, really good work and then they don't get paid for the work that they've done. They go out of business. It's a shame to see because they've done such good work, but they don't know how to add on the commercial part of construction to make sure that they get paid. They've got decent margins and a decent cash flow.