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Modern Craftsman

Midweek with Tyler: Transparency in My Renovation Budgets - Episode 37 Repost

Modern Craftsman

Modern Craftsman

Reno, Architect, Business, Projectmanager, Careers, Newconstruction, Homerenovation, Build, Interiordesigner, Carpentry, Construction, Builders

4.91.1K Ratings

🗓️ 1 November 2024

⏱️ 42 minutes

🧾️ Download transcript

Summary

In this repost of Episode 37, Tyler shares his current thoughts on the subject then dives into the importance of transparency in all aspects of his construction business - from budgeting and invoicing to project management and client communication. By adopting a fair compensation mindset and implementing detailed tracking systems, he has achieved greater profitability, reduced stress, and fostered stronger relationships with his partners and clients.

The Modern Craftsman:

linktr.ee/moderncraftsmanpodcast

Find Our Hosts

Tyler Grace 

Podcast Produced By:

Motif Media

Tyler's Top Blogs:

How I Started My Business

Books that Build

Site Protection Principles

My Preconstruction Process: Part 1

Becoming Proficient in Multiple Trades

Transcript

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0:00.0

Welcome back to another midweek modern craftsman. We are going to hop right into it this week,

0:06.4

coming in extremely hot. But this podcast is going to be on transparency as a foundation for business success.

0:15.8

I use full transparency, all aspects of my business, budgeting, invoicing, costing, scheduling,

0:22.2

I find that it builds trust and it is essential for maintaining a good and successful

0:28.1

client relationship. We will touch on the fair compensation mindset that I have. I want to get

0:35.4

compensated for my time, my resources, all of my subcontractors and my

0:41.0

vendors, but I'm not looking to seek excessive profit or compensation from my clients.

0:48.8

I will touch on detail project management, how a well-defined scope schedule budget, transparent billing,

0:55.9

typically biweekly keeps my clients informed, eliminates ambiguity about project progress,

1:01.7

and associated cost. Adaptability through clarity. So my transparent practices, the model that I use for my business allows for immediate adjustments

1:16.5

to scope, adapting scope, budget, schedule when issues arise so that we can discuss that with

1:23.6

the client. It enhances my profitability and reduces my stress because essentially I'm

1:30.5

getting paid for whatever work we're putting in place as long as it's not a huge screw up on my

1:37.7

behalf. Again, I'm not looking to get compensated more than the work we're putting in place. So it

1:42.3

ensures that I'm meeting my numbers.

1:45.2

It also promotes trust and collaboration between my partners, my clients, if we're value engineering,

1:54.2

if we're determining how to address something that comes up as far as scope,

1:59.8

schedule budget, so we can bring all people

2:01.5

on board for that and work through it and value engineer it it helps continue the

2:10.2

improvement and confidence within my business within my numbers within my sales pitch

2:15.2

because I'm not hiding anything. I'm not loading numbers.

2:21.6

So when I go to pitch something, when I go to sell something, I'm fully transparent. I'm not

...

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