How to Build Trust, Efficiency and Profit in Construction | Ep. 192

Many activities in the construction industry keep your team doing growth-restricting busy work.

And you know what? There’s a simple solution: 

Most busy work and inefficiency are caused by a lack of trust within companies. With the rise in labor prices and materials, this “busy work” can eat up your profits quickly.  

But technological improvements like blockchain increases the visibility of transactions and trust. If implemented correctly, this can increase productivity and fast-track your growth (even if you are not tech-savvy).  

In this episode, Robert Salvador, CEO of Digibuild joins me to reveal how software can be implemented successfully. And how blockchain will revolutionize the construction industry. 

Listen now:

Show Highlights:

  • Why construction companies lose 26% of productivity annually (and how to stop this from happening) (4:20)
  • The “Old School” mindset that keeps companies growing at a turtleneck speed (2:50)  
  • The simple “supply chain solution” to manage the 20% increase in material prices due to the pandemic (6:00)  
  • Two things to consider when implementing new software (even if you don’t have buy in from C-suites) (8:15) 
  • How to identify “low hanging fruits” within your business that can increase efficiency via software today.  (17:35)
  • The two intangibles which can morph overwhelm into bankruptcy (and how to avoid them) (22:25) 
  • The best way to ensure contractors get paid on time (without the hassles) (25:40)
  • How to leverage blockchain with your vendors and increase “digital trust” (29:30)  

 

Connect with Robert Salvador from Digibuild here:  https://digibuild.com/

Power Quotes: 

  1. “Old school mindset keeps companies from implementing new technology” (2:55) 
  2. “The labor crunch isn’t in the field, it’s also in the office”  (3:35) 
  3. “Companies are losing 26% of productivity by doing things manually” (4:20)
  4. “Busy work is a brain and time drain that can be avoided using software” (5:35)
  5. “Using blockchain creates “digital trust” that will have a huge impact in the construction industry” (29:20) 
  6. “Lack of trust creates inefficiencies and wasting time” (35:00)