Business Education

The 3 Construction Rules Every Business Owner Should Know Before Remodeling or Expanding Their Properties

Your business is brimming with sales and so many solid leads, you can hardly keep up. So you start thinking about the future and imagining a bigger, better place. The idea of remodeling or expanding excites you to the point you’re ready to draw up construction plans on the spot.

But before you pull the trigger on planning, you’ve got to decide which way to go, establish a budget, and be prepared for the curves you’re about to be thrown. Because you will be thrown some crazy stuff, you should do everything you can to know what to expect. Now, let’s get into what’s on the horizon.

Three Principles for Navigating Unforeseen Delays and Budget Overruns in Commercial Property Expansion

Entrepreneurs thrive on vision and momentum, transforming ideas into tangible assets that propel their ventures forward. Yet when it comes to remodeling or expanding physical properties—whether upgrading a retail space, enlarging a warehouse, or revamping an office—the process often unfolds with unforeseen complexities.

Delays and overruns can drain resources and disrupt operations, turning ambition into aggravation. However, armed with three fundamental construction rules, business owners can navigate these challenges more effectively. These principles, drawn from decades of industry patterns, and articulated by Dave Ramsey, underscore the inevitability of setbacks; the key lies in preparation rather than denial. By internalizing them, you safeguard your enterprise’s stability and emerge stronger.

Rule One, It Will Take Longer Than You Estimate

Time is the silent adversary in any construction endeavor. Initial timelines, often optimistic projections from contractors or your own assessments, rarely account for the cascade of variables—permit approvals that drag on, supply chain disruptions, or inclement weather that halts progress. A simple remodel projected for three months might extend to five, idling revenue streams and straining cash flow.

To mitigate this, adopt a proactive stance from the outset. When planning, inflate your estimated timeline by at least 20 to 30 percent. For instance, if bids suggest a four-month completion, schedule contingencies for six. Communicate transparently with stakeholders—employees, suppliers, and clients—about potential delays to maintain trust.

Moreover, stagger the project phases; begin with non-disruptive elements, such as design approvals, while securing materials early. This layered approach minimizes downtime. Remember, haste invites errors; patience preserves profitability.

Rule Two, It Will Cost More Than You Calculate

Construction expenses have an almost gravitational pull toward escalation. Hidden structural issues unearthed during demolition, fluctuating material prices, or change orders driven by evolving needs—all conspire to inflate budgets. What begins as a $200,000 expansion can balloon to $250,000 or more, eroding margins and forcing tough financial decisions.

Addressing this requires rigorous financial discipline. Start by setting a realistic budget grounded in multiple bids and historical data from similar projects; avoid lowball estimates that ignore inflation or regional labor costs. Then, establish a contingency fund of at least 15 percent—ideally 20 percent for larger undertakings—to absorb shocks without derailing the project. Allocate this reserve judiciously, perhaps dividing it into categories for materials, labor, and unforeseen permits.

Track expenditures weekly with detailed ledgers or software tools, adjusting as variances emerge. In other words, view the budget not as a fixed ceiling but as a flexible framework; this mindset transforms potential crises into manageable adjustments.

Rule Three, You Are Not the Exception

Entrepreneurs often harbor a belief in their unique acumen, assuming their project will defy the odds through superior planning or sheer willpower. Yet construction adheres to universal laws—unpredictable human elements, regulatory hurdles, and material imperfections apply equally to all. Denying this fosters overconfidence, leading to inadequate buffers and amplified frustrations.

Embrace humility as your ally. Conduct thorough due diligence. Vet contractors with references and past performance reviews, and consult legal experts on contracts to embed protective clauses. Build a support network—advisors, peers in your industry, or professional project managers—who can offer objective insights. Finally, document everything meticulously, from initial agreements to daily logs, ensuring accountability.

Want to Accomplish More?

Do you want your company to grow faster and earn more while spending more time with your family doing everything you started your business to do?

We can make that dream a reality. Give us 30 minutes, and we will show you how to get your life back. Skeptical? Good! Put us to the test.

You can call us for your free appointment at 480-636-1720, or, if you prefer, Waters Business Consulting Group to learn more about us and the services we offer.

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Signs an Employee is Quite Quitting

September 23, 2022 No Comments

Quite quitting is currently making all the rounds on social media and in corporate environments. And, it’s generating a whole lot of attention. Quite quitting isn’t just the latest buzz phrase, either. (Although, it is a bit misleading, given that it doesn’t mean preparing to turn in a resignation letter. Instead, it means doing as little as possible while still collecting a paycheck. Or, what was previously known as “coasting.”) However, this differs because employees who “coast” usually depart in the near future. Quite quitting is about staying onboard, but performing just enough to get by without being noticed. Quite Quitting Explained The term quiet quitting has only recently emerged and it’s gained quite a bit of traction in a very short time. The phenomenon is thought to arise from the aftereffects of the pandemic and shutdowns, which gave people a lot of time to reflect and reprioritize. The theory goes that employees realized that they can have a more fulfilling life experience by doing less at work and putting emphasis on their personal lives. Not taking your job too seriously has a new name: quiet quitting. The phrase is generating millions of views on TikTok as some young professionals reject the idea of going above and beyond in their careers, labeling their lesser enthusiasm a form of ‘quitting.’ It isn’t about getting off the company payroll, these employees say. In fact, the idea is to stay on it—but focus your time on the things you do outside of the office. —Wall Street Journal Obviously, this has a number of profound effects – not least of which is the fact that businesses are still paying them the same, though their production steadily declines and quality of work will likewise suffer. That’s just an unfortunate reality, but there are also other deleterious effects. Rather than make the person engaging in this practice happier, it will likely have the opposite effect, since numerous studies have clearly shown that work adds value and purpose to people’s lives. So, it is imperative to know the signs of quiet quitting in order to spot it when it starts to manifest, and before it becomes a problem. Top Signs an Employee is Quite Quitting The good news about this new phenomenon is that it’s actually a kind of reincarnation of an age-old problem. As stated above, it was previously known as coasting, something employees did when they were about to leave their position. But, this new version is far more concerning, because the employee who is quiet quitting has no intention of actually leaving their job. So, here are the top warning signs an employee is quietly quitting: They disengage. An employee who previously stayed in the mix and was eagerly part of the day-to-day operations and activity will start to disengage. At first, it might not be obvious. But, over time, managers and business owners will probably notice it. They stop keeping up. Similarly, an employee who is quietly quitting will no longer keep up with the latest that’s going on inside the company. Instead, he or she will fall out of the loop or just remain on the margins in order to appear that he or she is keeping up with what’s happening – even though that’s not what’s really transpiring. They no longer take initiative. This should come as no surprise. By its very definition, quiet quitting means doing as little as possible in order to remain employed but definitely not contributing any more than necessary. Fortunately, this is a fairly easy sign to spot, especially with people who were previously go-getters who now just seem to show up and do the bare minimum. They keep their ideas and opinions private. This sign isn’t overtly obvious, but it does point to the distinct possibility an employee is quietly quitting. However, if it is someone who previously contributed good ideas and shared their thoughts and opinions and now doesn’t, then such a change might be a red flag. What other telltale signs would you say are indicative of quite quitting? Please take a moment to share your thoughts and opinions – and/or experiences – so others can benefit from your suggestions! Interested in learning more about business? Then just visit Waters Business Consulting Group.

8 Things Employees Need to Unlearn When They Become Entrepreneurs

August 22, 2024 No Comments

8 Things Employees Need to Unlearn When They Become Entrepreneurs Making the leap from employee to entrepreneur is thrilling but also daunting. You’re not just changing your job; you’re transforming your entire mindset. To thrive as an entrepreneur, you’ll need to unlearn certain habits and thought processes. Below, we’ll take a look at the most common obstacles and break them down. Everyone knows transitioning from being an employee to becoming an entrepreneur involves a significant shift in mindset, behavior, and expectations. But, what usually comes as a surprise is that employees moving into entrepreneurial roles often need to unlearn certain habits and beliefs that were helpful in an employee context but can be limiting or counterproductive in the world of entrepreneurship. So, here are key things employees need to unlearn: Letting Go of a Fixed Routine As an employee, structure is your best friend. You have set hours, defined roles, and a clear chain of command. But in entrepreneurship, that routine can act like a chain, holding you back. The world of business is like a wild river; it’s always changing, and you need to be ready to navigate the rapids. Embrace flexibility instead of sticking to a rigid schedule. Can you imagine a fish trying to swim upstream while stuck in a net? You don’t want to be that fish. Shifting from Safety to Risk In a traditional job, you might have felt safe with steady paychecks and benefits. Entrepreneurship, however, is a different story. It’s a leap into the unknown where financial security is not guaranteed. You must unlearn the fear of risk. Think of it like jumping off a diving board: the thrill comes when you embrace the plunge, even if the water feels cold at first. Start viewing risks as opportunities for growth instead of threats to stability. Ditching the Need for Approval Employees often look for feedback and approval from bosses. This can be a comforting validation but can stifle creativity. As an entrepreneur, you won’t always have someone to give you the thumbs up. Learning to trust your gut is vital. Picture an artist creating a masterpiece without a critic standing over their shoulder. Sometimes, you’ve got to paint outside the lines to find your true colors. Rethinking Work-Life Balance In traditional jobs, the idea of work-life balance is often a checklist item. But as an entrepreneur, this concept shifts dramatically. Work can seep into personal time, and that’s okay. Unlearn the idea that you have to clock out at a specific time. Instead, think of it as a dance. Sometimes you’ll lead, and sometimes you’ll follow, but the music keeps playing. Finding your rhythm is key to thriving in this new environment. Breaking Free from Hierarchical Thinking Employees usually navigate through a company hierarchy, following orders and protocols. Entrepreneurship flips this script; it’s about collaboration and community. Unlearn the mindset that someone always needs to be in charge. Picture a team of explorers planning a journey—everyone shares ideas, and every voice holds value. This teamwork spirit opens the door to innovation and creativity. Shedding the Idea of Job Security In a job, many seek security and comfort. But entrepreneurs must accept that uncertainty is part of the game. You can compare it to a tightrope walker. Balancing on that line takes courage and focus, knowing that every step is a risk but also a chance to soar. This mindset shift allows you to take calculated risks that can lead to great rewards. Focusing on a Narrow Scope of Work Employees often specialize in a particular area, focusing on a specific set of tasks within their job description. They may rely on other departments or team members to handle different aspects of the business. Conversely, entrepreneurs wear many hats and must manage various aspects of the business, from product development and marketing to finance and operations. They need a broader skill set and the ability to juggle multiple responsibilities. So, entrepreneurs must embrace a generalist mindset, learning to understand and manage multiple aspects of the business. Embracing Continuous Learning In employee roles, growth often comes from annual reviews or courses mandated by the company. As an entrepreneur, learning becomes a constant journey. Unlearn the idea that education has limits. Seek knowledge from every corner—books, podcasts, networking. Think of yourself as a sponge, ready to soak up every bit of wisdom. This drive will keep you ahead of the curve in a fast-paced world. The Journey of Unlearning Going from employee to entrepreneur involves unlearning old habits and embracing new ways of thinking. By embracing a new mindset, you empower yourself for this exciting journey. Remember, the path might get rocky, but with each step, you’ll carve out your own unique path in the entrepreneurial world. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at (602) 541-1760, or, if you prefer,

Waiting for Perfection is a Perfect Recipe for Failure

May 16, 2017 No Comments

We see it all the time–especially in the technology sector–companies pushing out products that aren’t perfect. Bugs, hang-ups, you name it, they exist right inside, and it’s usually weeks, even months, before the fixes come. It happened when Disney first opened its parks, when Apple rolled-out a smartphone with a proprietary map, when this or that company introduced a product with this or that problem. With so much money at-stake, and, the sheer number of consumers waiting with baited breath to get their hands on the latest, it’s little wonder why companies push-out products that aren’t quite ready. The question is about these instances is just why that is a reality? Why is it that mega-corporations, with some of the best talent on the planet, putting out products with bugs? The answer might lie in the quality control, or, it could be just a matter of human limitation–that is, not knowing everything about the product and/or not being able to foresee the future. Waiting for Perfection is a Perfect Recipe for Failure Though large organizations do introduce products that have problems, these are usually minor. However annoying the faults might be, they are not typically too big a deal. It does boggle the mind how it happens, but, it gives us a very good lesson about business: waiting for perfection is a perfect recipe for failure. Chasing perfection can become an addiction that’s unlikely to help your peace of mind or your business. It seems counterintuitive to stop reaching for perfection, especially since we’re often told it’s the only way to achieve success. All the extra time and effort to ensure every aspect of your business is perfect won’t move your company forward, and it’s very likely to drive you crazy. —Forbes Like the nearby quote states, it can be downright unhealthy to chase perfection. The larger lesson, though, is that nothing is ever finished if it isn’t started. We’re talking about ideas, new products and/or services, a new take on something old. Whatever it might be, entrepreneurs can’t wait to get it perfect because the longer it stays inside as a secret, the more opportunity there is for someone else with a similar idea to launch and chase their dream. While you’re waiting to get it 100 percent right, it’s costing you time, effort, and a lot of frustration. Instead of striving for perfection, here’s what you ought to be doing: Place value in feedback. You can always make changes and when people see that you’re not only willing to make them, but also to make other improvements, will come to trust your brand. Understand that you have limitations. Sure, you might be able to get it to work without a hiccup, but that comes at the cost of lost time and revenue. What’s more, you’re putting way too much pressure on yourself and team to demand it be exactly right. Launch in stages, if possible. If you are able to do so, release it in stages and fix along the way. Chances are if you can do it incrementally, you’ll see things that can be changed or improved for the next increment release. While you can wait to make it great, you shouldn’t rush to completion. Sometimes, companies give into the temptation to rush something out, even if it’s completed, just to get it out to sell. When you hurry, you make mistakes and don’t have the time for consideration. Perfection is admirable, but, it means you’ll fail if you keep waiting and waiting to launch. This type of Start up practice; don’t wait for perfection … has been formulated recently into what is called Lean Startup Methodology. Several of my colleagues and I met on this subject and we are planning a work shop for Entrepreneurs in October. As written by Steve Blank in the Harvard Business Review, “…recently an important countervailing force has emerged, one that can make the process of starting a company less risky. It’s a methodology called the “lean start-up,” and it favors experimentation over elaborate planning, customer feedback over intuition, and iterative design over traditional “big design up front” development. Although the methodology is just a few years old, its concepts—such as “minimum viable product” and “pivoting”— have quickly taken root in the start-up world, and business schools have already begun adapting their curricula to teach them.” Take your idea to market and test what the buyer says about it … today! [shareaholic app=”follow_buttons” id=”26833294″]