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December 2020 Te Contractor’s Advantage
HarrisonLawGroup.com (410) 832-0000 jwyatt@harrisonlawgroup.com
The Best Gift I Ever Received
The holidays are traditionally filled with gifts. Kids eagerly await every wrapped gift with anticipation, and even the adults get in on the fun, both in giving gifts and watching others unwrap theirs. I very much remember the day I received the best gift I had ever been given. It wasn’t on Christmas though. It was on Valentine’s Day. For many years, my wife and I had a contest with one another. The goal was to give the other the gaudiest Valentine’s gift we could possibly find. It was nearly seven years ago when my wife won our contest, though she may have cheated. I can’t remember what I got her, but I do know I had done a lot of research to find something over-the-top and gaudy to the extreme. But I’ll never forget what she handed me. It was a small, wrapped gift. Very simple. I unwrapped it to find a pregnancy test, complete with a “positive” test result. I was stunned and overjoyed. Sure, she had completely broken the rules of the contest, but she had won, hands down. She had given me the best gift I could have ever asked for. After that day, the contest was over. There was no way we could top that spectacular win by my wife. Seven years later, we have two kids, and we’re all trying to decide what we want to do this year. It’s going to be an interesting holiday season; families all around the world are trying to figure out how to safely navigate this time of year.
In the past, we got together with family for holiday parties. We spent time with my wife’s family, my family, and our friends. Then on Christmas Day, we hosted a bunch of family members, and it was always wonderful time. This year, however, we’ll probably do things differently. We’ve thought about getting together with my sister and her family. They have two kids too, so it works out well. We might rent a cabin to spend the holidays together. That way, everyone can get tested ahead of time, and we can go in knowing we’re all safe. I imagine it will work out one way or another. Just as we’ve done throughout 2020, we’ll find ways to make it work. And regardless of what happens, we’ll be sure to set aside time for rest and relaxation before we set our sights on the new year.
And speaking of the new year, in my business, we function on a calendar-year model, so we’re already starting to think
about 2021. Despite the pandemic, it’s been a strong year, and we’re looking forward to doing it all again. As this year comes to an end, we wish you the best. Don’t forget to seek out a little rest and relaxation of your own.
It’s going to be an interesting holiday season; families all around the world are trying to figure out how to safely navigate this time of year."
-Jeremy Wyatt
jwyatt@harrisonlawgroup.com | HarrisonLawGroup.com | 1
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To Target the Right Leads the First Time! Optimize Your List
Your business is nothing without its list. The files upon files of customer data that you have stashed away can give you more insight and direction than most metrics, yet many business leaders know very little about their list — much less how to utilize it. A great list has a few components. It’s usually more than just an Excel spreadsheet with names, addresses, email addresses, preferences, and phone numbers. But if you don’t even have that , then you need to do some serious updating before you go any further! Start by scrubbing your list. Remove any names that are no longer prudent. Then, call the remaining people on the list and verify contact information or ask for additional details. Make this an impossible offer to turn down by providing a reward or something of value to those who opt to share more details with you. As more people offer their information, you have multiple tools to market directly to them. (This will come in handy later.)
break it down . Your list has to be segmented into multiple components to provide a scope of your business’s well- being and to pinpoint target areas. Start with three “buckets”:
rather than casting a wide net and only catching a few leads.
One of the easiest ways to target each group is through relationship marketing. Increase your content production, and keep hitting your customers with your message, using the information from your list to guide you. Start with an email blast, and then pepper in a few postcards. Next, host a Facebook Live event with that very same information and invite a specialty group of people from your list (i.e., your hot leads or loyal customers). Each time you curate a message specifically for a segmented population, you are creating a message that will land right where they need it the most. But don’t let off the gas. Most readers only remember about 10% of what they consume, so keep communicating! With a targeted list, you should have no problem finding a new tactic, a new device, or a new platform to get your message out to the people who need to hear it most. It all starts with perfecting — and updating! — your list.
• Prospects
• Customers
• Bad Leads
From there, you can break the list down even further to include:
• Canceled customers
• Hot leads
• Customers with high spending
• New sales
As you categorize your list into various buckets, a plan will emerge. Your team can develop campaigns to upsell clients who may need more of the services you can offer while pinpointing those who could be resold on your company. This segmented data is then a powerful tool to help you specifically target your lists
Now that you have a brand new, scrubbed, beautiful list, it’s time to
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Level With
Me By JeremyWyatt
The Truth About Lien Releases
In order to keep the money flowing, the lender and the owner require the general contractor and the subcontractors to sign a monthly lien release. This is a document that promises that everyone who works on the project is going to be paid out from that month’s draw. On top of that, it states that a mechanic’s lien or claim on the project will not be filed . On paper, the lien release keeps things orderly and ensures the process of construction moves forward with a high level of certainty. In practice, lien releases are often drafted or utilized to take advantage of someone downstream , such as a general contractor or the subcontractors. Protection That Only Goes So Far As you work through a project, there is a high probability that something will go wrong. It might be a minor delay or a major disruption. Anything from the weather to a
Lien releases are a part of the fine print for every construction project. Virtually every construction project is expensive, and the companies or people who provide funding want to protect themselves. Lien releases contribute to those protections. In order for a project to begin, money needs to flow. There is a long pipeline of money that starts at the bank or lender. They issue a draw on a specific schedule. For instance, the funder of the project may draw money once a month. They will issue a check to the owner, the owner issues a check to the general contractor, and the general contractor issues checks to the subcontractors. In theory, everyone in the hierarchy gets the money they are owed for their work. A Level of Protection The bank and the owner, specifically, want to protect themselves. They want assurances that no one is going to file a claim in the project.
Continued on Back ...
jwyatt@harrisonlawgroup.com
www.HarrisonLawGroup.com
(410) 832-0000
... continued from Front
Protect Yourself
pandemic can bring construction to a temporary halt. When that delay occurs, you may be entitled to additional compensation. When you sign the lien release, you give up the right to that additional money for any changes that occur before the date you sign the release. You could end up cutting yourself off from valid claims. Another way it’s used unfairly is if the language of the release does not track with what is happening on the project. For example, the document often promises that everyone working for you on the project had been paid through the date on the lien release. The problem is that this scenario is practically impossible because you can’t pay your own workers, subs, and suppliers until the check has been issued from the top down, which may not happen until after the lien release for that month has been signed. Similarly, another issue arises if the dates on the lien release don’t properly track what you’ve been paid for or who’s getting paid. You may work for a couple months more than what the release states. You end up doing more work than what you’ve been paid for.
At a glance, you would think it’s easy to resolve these kinds of issues, but once the lien release has been signed, you may put yourself at a major disadvantage. Never sign a lien release until you are 100% sure it protects any claims you have on the project and it lines up with the dates you are actually getting paid for.
As always, if you have any questions or concerns about a lien release, you can email me at JWyatt@HarrisonLawGroup.com . We can also speak over the phone at (410) 842-0145 . We can make sure your rights — and ability to be properly compensated — remain intact.
-Jeremy Wyatt
jwyatt@harrisonlawgroup.com
www.HarrisonLawGroup.com
(410) 832-0000
Decisions, Decisions Tactics for Making the Best Business Choices
As a business leader, you’re likely well-versed in making decisions, but in the midst of a global health crisis, a political minefield, and environmental disasters, planning for the upcoming year is different territory for even the most seasoned business professionals. So, how do you make the right decisions for your 2021 plans? Start with these three steps.
world has transformed, and attempting to continue with what’s “normal” will only cause you to miss what could be . As you plan for 2021, consider the abnormal. Look at options you would have never considered doing and test their efficacy. If one fails, move on. But there’s a big chance that you may stumble into something that is totally unique and completely worth your time. NO. 3: EMBRACE CHANGE. You’ve set your course. You have your team in place. You’re excited to begin. Now, get ready to change everything. Sounds exhausting, right? But it can happen. Rather than being resistant to what isn’t working, admit defeat and move on. If there’s one benefit of the COVID-19 pandemic, it’s that we were all given a crash course on how to adapt quickly. Take those lessons and apply them to your 2021 plan. Be prepared to admit when your original plan isn’t working because staying on an ineffective course can do more harm than good.
NO. 1: LOOK AT THE DATA. Data has never steered you wrong before, so don’t stop using it now. However, you have to use the right data and contextualize it with today’s lenses. For example, when choosing a new marketing campaign or direction, continue looking at the cost, revenue,
potential errors, and risk factors. Use those to make an informed decision about which step to take. For example, is the campaign empathetic to the needs of your clients, or will it come off as tone-deaf? ( Hint : Try split testing in 2020 before fully deploying a new campaign in 2021!) NO. 2: DON’T GO WITH THE STATUS QUO. “This is how we’ve always done it” will kill your business. Nothing is the same as it was just one year ago. The entire
Don’t avoid it. Planning for 2021 is necessary — even if you need to change course quickly.
HAVE A Laugh What Christmas Trees Look Like Worldwide
jwyatt@harrisonlawgroup.com | HarrisonLawGroup.com | 3 We hope you enjoyed discovering these international traditions as much as we did. Merry Christmas! In Rio de Janeiro, they have the world’s largest floating Christmas tree, which is over 85 meters tall and weighs 542 tons! It was revealed with a huge firework show and floated over the gorgeous Rodrigo de Freitas Lagoon. In Gubbio, Italy, they can see their city’s official “tree” from a hundred miles away — because it’s a massive light fixture along a mountainside. Every year, it’s switched on by a notable figure. In 2014, it was turned on by the Pope, and, last year, it was switched on from space! Whether it's floating on the canal or pictured in lights on a mountainside, the tradition of the Christmas tree is beloved worldwide, and its iterations might surprise you! For example, the Galeries Lafayette in Paris (not dissimilar to Macy’s in the U.S.) does a dazzling Christmas tree display in their main store. In 2019, they did an incredible upside-down Christmas tree that hung from the ceiling, and had a light show every hour.
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Jeremy Wyatt jwyatt@harrisonlawgroup.com HarrisonLawGroup.com (410) 832-0000
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Inside This Edition
1. 2. 3.
The Best Gift I Ever Received
Your List Is Your Greatest Weapon
Tactics for Making the Best Business Choices What Christmas Trees Look Like Worldwide
4.
Avoid These 2 Mistakes for 2021 Sales Success
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Level With Me: The Truth About Lien Releases
The 2 Biggest Mistakes You Can Make When Setting Sales Goals for 2021
Regardless of how 2020 treated your business, 2021 is fast approaching, and this past year is about to become a closed chapter. It’s time to examine both the bad and the good that happened in 2020 and set tangible sales goals for 2021. Just be sure you don’t fall into these two traps. Mistake No. 1: Making Your Goals Unrealistic Setting an unrealistic goal for each quarter is sure to lead to failure. The trick is to push the limits of what has been done without settling on a number that is completely unachievable. Remember, if your team begins to exceed expectations, you can adjust and increase your goal! It’s far better to overachieve than to underperform. Finding that perfect goal number means that sales leaders will have to sort through a lot of data. Rely on
both external and internal data to develop an understanding of the sales outlook for 2021. What do the 2020 numbers forecast for your business? What kinds of services or products are the most popular? What’s the forecast of the economy or your industry? These questions can guide you as you set your goals. Mistake No. 2: Failing to Plan Properly You will not accomplish the goals you’ve set for yourself and your team if you don’t provide the steps to get there. Pull information from industry leaders as well as your sales team, workers on the floor, and marketing managers. Your employees have valuable viewpoints on your business, while outside forces shift your view from internal to external. With this combined information, hash out a plan with your sales team. Don’t leave the Zoom meeting until you have tangible steps in place.
A plan is only as good as its execution, and when there’s no opportunity to prepare, it will undoubtedly fail. Your quarterly and yearly sales goals for 2021 should be set now so that your team has ample time to prepare. This will allow for additional training or discussions about proper tactics and strategies for marketing and selling your business to targeted customers. Before you know it, 2020 will be in the past. Don’t forget to make tangible sales goals and a plan for 2021 before it’s too late.
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