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Managing Commercial vs. Residential Payment Schedules

16:19
24:37
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Keynote Speech-Your mouth makes you your money part 4 4 k video

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Genadek discusses payment schedules for commercial versus residential work. For residential projects, he advises getting 50% upfront when equipment arrives and the balance due before equipment leaves the site. Commercial work, however, operates differently; payment is not immediate. An invoice submitted on June 5th for work completed on June 1st might not be processed until June 30th, with payment then potentially taking an additional 60-90 days. He warns that this delayed payment schedule can lead to financial strain, making it crucial for commercial contractors to meticulously balance payment inflows and outflows. He points out that contractors must be prepared to float the costs for up to several months, making proper cash flow management essential.

Goal: Differentiate and manage payment schedules for residential and commercial projects.

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you become a partner on their project and you here's something I want you to do over-delivered easy thing to do little things the best the easiest way to over-deliver I had a I had a guy he's actually my business partner knocked him the GT loans he worked for for me for 20-some years I'm just like mom I'm just making you a partner he's like well what do I got to do to pay and I'm like you're just my partner 50% you're just my partner but I'm not gonna run the business anymore you run everything so I can do YouTube stuff that's how I was able to start to do YouTube stuff as I literally gave 50 percent of my business away but he worked the reason I was able to make that decision confidently is because he worked for 20-some years was never a complaint the only complaint I got was him from one contractor who said this kid doesn't stop calling me Emily what are you talking about this kid that's running your job site he calls me five times a day why I'm like does he want to do a good job you think he's like yeah is he doing a good job yeah but he just keeps calling me and so over deliver on your communication one of the things I actually tell my guys to do is to stop for about 20 minutes a day and just talk to the customer all why you just talk to the customer spent well pay you to stop and just talk to the car I don't care what you talk about fishing I don't care don't you want to talk about the job don't you don't have to talk about just talk to the customer because what happens is these certain like you and anybody here got a kid okay do you forgive your kid when they do something wrong because you like them you like them a little bit you forgive them your parents ever forgive you for something you did wrong you thought you should be in trouble you think a customer that really likes you will forgive you if you maybe don't do everything absolutely right I mean I can do we don't do bad work but I can do average work which I consider to be bad work so we can do bad work or average work and the customers love it I'm just going okay glad you like it because they love the guys and I challenge one of my customers this is we're gonna be it was a big job I said we're gonna be here for

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