PROFESSIONAL BUILDER SECRETS PODCAST

Episode 3: The One Figure That Could Destroy Your Building Company with Russ, Sky & Andy

The biggest problem is builders confuse the bank balance with profitability... there is no direct connection in most cases between the amount of money in the bank and the profitability.

In this episode of the Professional Builders Secrets podcast, our host, Bosco Anthony is joined by Co-founders of the Association of Professional Builders Russ and Sky Stephens, along with head coach at APB, Andy Skarda. Throughout this episode, the trio reveal the one figure that could destroy your building company.

key moments

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  • 1:00 The biggest financial problem facing builders.
  • 4:00 The role of accountants.
  • 6:10 Why do accountants miscalculate the work in progress (WIP) figure?
  • 9:20 Builder’s reactions after learning about WIP.
  • 14:00 The Work In Progress Accounting Adjustment (WIPAA) figure explained.
  • 15:20 Why most building companies go bust.
  • 21:00 Where did the knowledge gap originate from?
  • 28:20 Key areas of focus in implementation of WIPAA as a head coach.
  • 31:00 The difference between WIP and WIPAA.
  • 34:00 The biggest single change in a builder’s life.
  • 44:00 The industry benchmarks for markup vs margin.

Heading

key moments

  • 1:00 The biggest financial problem facing builders.
  • 4:00 The role of accountants.
  • 6:10 Why do accountants miscalculate the work in progress (WIP) figure?
  • 9:20 Builder’s reactions after learning about WIP.
  • 14:00 The Work In Progress Accounting Adjustment (WIPAA) figure explained.
  • 15:20 Why most building companies go bust.
  • 21:00 Where did the knowledge gap originate from?
  • 28:20 Key areas of focus in implementation of WIPAA as a head coach.
  • 31:00 The difference between WIP and WIPAA.
  • 34:00 The biggest single change in a builder’s life.
  • 44:00 The industry benchmarks for markup vs margin.

Heading

Russ Stephens is a Co-founder of the Association of Professional Builders, a business coaching company dedicated to improving the residential construction industry for both builders and consumers. Russ is a data analysis expert who has introduced data-driven decision making to the residential construction industry. Russ is also a proud member of the Forbes Business Development Council.

Sky Kolade is a Co-founder of the Association of Professional Builders, a business coaching company dedicated to improving the residential construction industry for both builders and consumers. Sky is a proud member of The National Association of Women in Construction and she was also recognised as one of 2023’s Top 100 Women.

Andy Skarda has owned and led businesses in South Africa, the United States, South-East Asia, and for the last decade, Australia. With 30+ years of business experience, Andy heads up the coaching team at the Association of Professional Builders (APB), helping business owners in the building industry identify and implement the skills and systems they need to be successful, without needing to go back to school or more importantly, without going bust.

“A specialised podcast made just for the owners of custom home building companies. Extraordinary guests, valuable content and  amazing stories from other builders.”

Cheri K

5-star review on Apple Podcasts

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