In episode 98 of The Subcontractors Blueprint podcast, host Jacob Austin is talking all things final accounts. He outlines how to properly prepare and present the final account—including variations, provisional sums, and claims—to maximise profitability and avoid missed payments. Jacob highlights common pitfalls, such as missing deadlines and relying on verbal instructions, and stresses the importance of clear documentation and understanding legal frameworks. The episode offers practical advice to help subcontractors secure all entitlements, strengthen client relationships, and improve their contract management practices.

KEY TAKEAWAYS:

• Importance of managing the final account process in subcontracting within the construction industry.
• Key components to include in a well-structured final account, such as original contract sum, variations, provisional sums, and acceleration costs.
• Common pitfalls subcontractors face, including missing deadlines, relying on verbal instructions, and unclear variation pricing.
• Strategies for effective final account preparation, including maintaining a variation log and keeping adequate records.
• Strategies for effective final account preparation, including maintaining a variation log and keeping adequate records.

To listen to the episodes on Variations mentioned in this show, please see the following links:

Episode 3: Navigating the Challenges of Changes in Construction

Episode 18 - Valuing Changes

Episode 30 - 5 Steps to Change Success

BEST MOMENTS:

"The final account is your last opportunity to protect your profit."

"If you mess it up or miss things, you could be leaving thousands of pounds on the table that you've earned with your own blood, sweat and tears on site."

"It's harder to negotiate up than it is to negotiate down in this situation. So you need to mark the dates. It pays to be earlier than the deadline, and it's a disaster to be after it."

"Treat the final account with the same energy you treated getting the job. Proactively follow up your submission."

"A well-managed final account can actually strengthen your relationship with a main contractor and even the client. It shows you’re professional and you're on top of things."

Jacob is on a mission to help the 1 million SME contractors working within the construction industry. If you've taken something of value from this episode, please share the podcast with someone you know, and pass the value on.

HOST BIO: Meet Jacob Austin, a Chartered Quantity Surveyor with a rich background at construction industry giants Balfour Beatty, Kier, and Vistry Group. With extensive involvement in education, health, and residential projects spanning various scales, from £1000s to £100M in concurrent developments, Jacob brings a unique perspective. Having collaborated with numerous small businesses, he's now committed to sharing his expertise to drive their success. Join Jacob on his podcast, where he blends his profound insights and personable approach to offer guidance, industry secrets, and inspirational stories.

LinkedIn - www.linkedin.com/in/jacob-austin/

Instagram - www.instagram.com/qs.zone/

www.qs.zone/all-links

In episode 97 of The Subcontractors Blueprint podcast, host Jacob Austin highlights the importance of cost reporting and monitoring for subcontractors. He explains how tracking project expenses against budgets is crucial for maintaining profitability and cash flow, especially given the tight margins in construction. Jacob shares practical, straightforward steps for implementing cost reporting without excessive paperwork, making it accessible for businesses of all sizes. Listeners gain actionable advice on improving financial management, protecting profits, and building more resilient operations. The episode serves as a valuable guide for subcontractors aiming to strengthen their business through better cost control.

KEY TAKEAWAYS:

• Financial challenges faced by subcontractors, particularly in the UK
• Systematic tracking of project expenses against budgets
• Early detection of cost overruns and proactive adjustments
• Management of cash flow through regular cost monitoring
• Identification and justification of additional work claims
• Transformation of raw data into actionable insights for decision-making

BEST MOMENTS:

"If you can't measure it, you can't manage it. And that holds very true for your project costs."

"Regular cost monitoring helps you manage cash flow by aligning your project expenditures with your income."

"Good cost reports turn raw data into actionable insights. They let you and your team make informed decisions on the project."

"The goal of all this reporting is to protect that profit when margins are already slim, as we discussed."

"By regularly keeping tabs on your costs, you ensure that profitability isn't left to luck. You gain control over your project's financial outcomes rather than being at their mercy."

Jacob is on a mission to help the 1 million SME contractors working within the construction industry. If you've taken something of value from this episode, please share the podcast with someone you know, and pass the value on.

HOST BIO: Meet Jacob Austin, a Chartered Quantity Surveyor with a rich background at construction industry giants Balfour Beatty, Kier, and Vistry Group. With extensive involvement in education, health, and residential projects spanning various scales, from £1000s to £100M in concurrent developments, Jacob brings a unique perspective. Having collaborated with numerous small businesses, he's now committed to sharing his expertise to drive their success. Join Jacob on his podcast, where he blends his profound insights and personable approach to offer guidance, industry secrets, and inspirational stories.

LinkedIn - www.linkedin.com/in/jacob-austin/

Instagram - www.instagram.com/qs.zone/

www.qs.zone/all-links

In episode 96 of The Subcontractors Blueprint podcast, host Jacob Austin discusses the common issue of disputes between subcontractors and main contractors in construction projects. He explores the root causes—pressure, conflicting incentives, and poor communication—and offers practical strategies to foster collaboration, set clear expectations, and build trust. Jacob emphasises the importance of a solution-focused mindset, proactive communication, and learning from conflicts. His insights provide actionable advice for subcontractors to improve profitability, cash flow, and business growth by creating stronger, more productive relationships with main contractors.

KEY TAKEAWAYS:

• Strategies for subcontractors to enhance relationships with main contractors
• Setting clear expectations and defining scope of work
• Prioritizing effective and transparent communication
• Building trust through reliability and professionalism
• Proactive problem-solving and maintaining transparency
• Focusing on solutions rather than assigning blame during challenges

BEST MOMENTS:

"There’s a simple truth to remember here: you can’t meet an expectation you don’t know about. And the main contractor can’t read your mind about what you need either."

"Surprises are for birthday parties, not for construction projects. Halfway through a project, surprises usually equal disputes."

"Being solution focused means prioritising problem solving over finger pointing. It’s about keeping a cool head and working collaboratively to fix the issue."

"It’s hard to fight with the person who’s actively helping to solve your problems."

"People will work with people they like and trust. If you focus on being the kind of subcontractor who communicates well, delivers on their promises, and works with the main contractor to solve problems, you’ll transform the dynamic from us versus them to we’re all in this together."

Jacob is on a mission to help the 1 million SME contractors working within the construction industry. If you've taken something of value from this episode, please share the podcast with someone you know, and pass the value on.

HOST BIO: Meet Jacob Austin, a Chartered Quantity Surveyor with a rich background at construction industry giants Balfour Beatty, Kier, and Vistry Group. With extensive involvement in education, health, and residential projects spanning various scales, from £1000s to £100M in concurrent developments, Jacob brings a unique perspective. Having collaborated with numerous small businesses, he's now committed to sharing his expertise to drive their success. Join Jacob on his podcast, where he blends his profound insights and personable approach to offer guidance, industry secrets, and inspirational stories.

LinkedIn - www.linkedin.com/in/jacob-austin/

Instagram - www.instagram.com/qs.zone/

www.qs.zone/all-links