The Job We Lost the Most Money On - The Untold Story

💸We bid on a project with a customer who we knew would cause us to lose money.

🤦‍♂️We repeated the same mistake in 2012 by bidding on another project for the same customer, resulting in even more financial losses.

💭We realized that staying busy at any cost is not a good strategy, and it's important to bid projects at a profitable rate.

🚧Working for Wyoming Department of Transportation proved to be challenging and came with strict regulations and inspection requirements.

💡The lessons learned from these experiences shaped our approach to bidding projects and prioritizing profitability over staying busy.

What led to the decision to bid on a project with a customer who had previously caused financial losses?

—The company was desperate to stay busy and believed they could turn things around with this customer.

How did working for Wyoming Department of Transportation contribute to the financial losses?

—The strict regulations and inspection requirements made the job more challenging and costly.

Did the company learn from these experiences?

—Yes, the losses from these projects served as a turning point and led to a focus on bidding projects at a profitable rate.

What lessons were learned from these experiences?

—It is important to prioritize profitability over staying busy and to be cautious when bidding on projects with customers who have caused previous losses.

How did these experiences shape the company's approach to bidding projects?

—The company now ensures that the cost of doing a job aligns with profitability and avoids bidding projects at a low cost just to stay busy.

00:00In 2008, the company bid on a project with Wyoming Department of Transportation, despite knowing the customer's history of causing financial losses. As a result, the company lost a significant amount of money on the project.

02:00In 2012, the company made the same mistake by bidding on another project for the same customer, leading to even more financial losses.

06:00The company realized that staying busy at any cost is not a good strategy and that it's important to bid projects at a profitable rate.

08:00Working for Wyoming Department of Transportation proved to be challenging due to strict regulations and inspection requirements.

10:00The losses from these projects served as a turning point for the company and led to a focus on bidding projects at a profitable rate.