Give me all your money!

This is a stick up.

No body moves, no body gets hurt.

Some times I would rather get robbed by a mask wearing bandit in a top hat than some of the ways I have lost money over these past 8 years.

Remaining calm was never my default.

But I learned it was the only way I was going to make it.

Losing money sucks, Loss Aversion is a real thing, it messes with your head, it can ruin a good day in a hurry.

This week was a typical week for me, up a few g's, spend a few g's, invoice and wait.

Cash flow management in the construction industry.

That was until I got a call from one of my subs, we missed a 600amp electrical panel when we walked a recent job.

Not a small sub panel, The MAIN F'ing one coming from the pole.

This mistake from my subcontractor sent me in a tailspin.

This is a $30,000 panel, and HE MISSED IT.

I have to replace it as per the contract.

No wonder the client was so quick to accept my proposal.

I initially reacted with some choice words in a no nonsense tone to my subcontractor.

How in the F--K do you miss a six foot F-----G panel when you walked the F-----G project?

Basic Instinct say's: React Fast, assign blame, look for verbiage in the contract to turn this back to the owner.

Stop for a moment and think about what we learn about emergencies on planes.

Rule #1 - Put on your oxygen mask first.

Because if you can't breathe, you can't help anyone.

The typical reaction owners / bosses have when we lose money is:
- Get angry and blame the team
- Make a rushed decision out of fear
- Let emotions cloud our thinking

My sub cannot take this financial hit, technically neither can I, but it is my client.

So with my oxygen mask now fully seated, I go to work.

- Deep breaths. Accept what happened, the solution is simple, I will carry the cost.
- Use this loss as a learning opportunity to improve my clarification and qualification documents.
- Lead with calm. Everyone is watching to see how I react.

What about the money?
The money I lost will be earned back on the next job.
The subcontractor is now in my pocket and he knows it.
The client will be delighted not to be hit with a change order.

If I would have handled this any other way, I would have lost the trust of both my subcontractor and the client.

As I climb, the stakes become greater, and so are the losses.

Eight years is a long time to be in the wilderness.

I am playing the long game, and tomorrow is yet to be written.

PS: What is the biggest lesson you have learned from losing money.