EP 67: 2022 State of the Industry

Our guest on this episode is Russ Stephens, the co-founder of the Association of Professional Builders (APB) which is a leading business coaching company dedicated to improving the residential construction industry for both builders and consumers. Join us as he discusses the 2022 State of the Residential Construction Industry. 

Show highlights include:

• Do you get shoddy leads from your marketing? Here’s a simple way to fix it (without touching your ads) (2:57) 
• Investing more in marketing actually increases your profit according to a multi-country survey from 720 builders (7:12) 
• How turning off your marketing to save cash is like turning off your watch to save time (7:38) 
• What percentage of your revenue should you dedicate to marketing to maximize your returns (12:49) 
• The insidious “Curse of Knowledge” trap which prevents you from attracting new clients and teammates (15:30) 
• How this simple, yet profound calculator helps you calculate your fixed costs and get higher margins from every project you take on (17:13) 
• How waking up at 3 am can take your construction business from $3 million to $60 million in 4 years (or less) (24:34) 
• Growing too fast can bankrupt your business and leave your family on the streets (25:50) 
• The “Core Value” secret which enables rapid growth in your construction company (even as business-threatening problems arise) (30:28) 
• Setting your business up for exit (and how this helps you achieve personal and financial freedom) (36:40) 

If you'd like to check out Russ’s company, the Association of Professional Builders, you can find their website here: https://associationofprofessionalbuilders.com/. And you can download The State of Residential Construction Industry report mentioned on the show here: https://associationofprofessionalbuilders.com/sorci/ 

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