Trade partners from across the nation joined Hensel Phelps’ recent seven-part educational webinar series, Managing the Profitable Business. Led by Victor Tyler, president and principal engineer of Tyler Construction Engineers and author, the series offered actionable insights designed to help small contractors streamline their business operations and thrive in today’s competitive market.
This initiative reflects Hensel Phelps’ core values and ongoing efforts to empower trade partners through resources that encourage growth, professional development and operational excellence. Attendees who participated in at least six the seven sessions have been provided a complimentary copy of Victor’s new release, The Art of the Bid.
Building Strong Foundations for Construction Trade Partners
The Managing the Profitable Business series explored what Victor calls the “5-Bs” of Project-Based Business. These five critical functions determine success for construction companies: business development, bidding, building, billing and banking.
Each session unpacked a key aspect of how small business trade partners can gain clearer visibility and control over their operations.
- The 5-Bs of Project-Based Business — The opening session previewed the five critical functional business areas for running a construction business with clear visibility and control.
- Business Development: Crafting a One-Page Strategic Action Plan — Thoughts, ideas, and concepts only become real when these elements are put to paper. Attendees learned how to use these elements to craft a powerful one-page marketing plan.
- Bidding: Fundamentals of Construction Estimating & Bidding — This session demonstrated the workflow of estimating, and how best to organize and build your estimating templates to accurately capture labor, materials, equipment and other direct costs.
- Building: Pre & Post Award and Contract Close-Out Recordkeeping — Post award contract management involves the optimization and monitoring of contract performance to ensure that contractual obligations are met by both parties within the agreed timeframe and budget.
- Billing: Introduction to Basic Job Cost Accounting & Recordkeeping — Job Cost Accounting allows you to track financial details to see what is going on within your jobs. If you can track and measure what is happening, you can better control the profitability of every project.
- Banking: Building (Financial) Capacity — Tyler discussed how to read basic financial statements, the purpose of each component and understanding the importance of maintaining complete and accurate financial records.
- Human Capital: The Common Thread In The 5bs — The final session focused on how a small business can build and maintain compliance through organizational structure, workforce development, key performance management and ethical compliance throughout the organization.
Insights from Hensel Phelps’ Trade Partners
Attendee feedback highlighted the practical value of the sessions, sharing their appreciation for the opportunity to gain insight from an experienced architecture, engineering and construction (AEC) industry leader and to connect with peers facing similar challenges.
“One of the best business classes for construction I’ve ever had the privilege to participate in and learn from! Pragmatic, implement today ideas and strategic vision casting for what’s ahead!”
– Stephanie Teetes | Underground Support Services, LLC
“Victor Tyler is fantastic. Big fan.”
– Terrell Richards | W&T Contracting Corporation
“Learned so much in this series – especially the job costing chart of accounts. Very, very helpful!”
– Elizabeth Downie | Terry Henderson Landscaping
Testimonials like these reaffirm Hensel Phelps’ commitment to supporting small business trade partners. By connecting construction trade partners with educational resources such as this complimentary webinar series, the company aims to remove barriers to knowledge and create greater access to tools that help businesses grow. This approach supports stronger, more capable partners who are better equipped to deliver exceptional results on every project they serve.
