On this episode of Ask The Expert, we’re joined by Mike Allred, the COO at Helixco. Mike is no stranger to podcasts as he hosts his own Restoration Minutes. Kayla has had the opportunity to appear as a guest twice. The roles are reversed as Mike and Kayla discuss Time and Material (T&M) Billing, Rough Order of Magnitude (ROM), Large Loss, CAT events, and so much more. Mike has served our industry for nearly two decades and has served our industry in almost every capacity possible. He has years of experience in large loss and CAT events, and he is widely recognized as an expert in T&M Billing. Mike has also taught contractors nationwide and helped them build profitable and defensible businesses. His goal is to bridge the gap between contractors and clients through education and training. 

Key topics of discussion on this episode include:

• The importance of year-round preparation for CAT events, not just focusing on hurricane season. CAT events are up all-around fires, floods, tornadoes — we see them all year long.
• Thorough training for staff on documentation, software, and industry best practices, even if it’s 2–3 hours per month, is extremely valuable for your team and your business.
• There are benefits of creating a detailed ROM to scope the project and manage costs, rather than relying on "not-to-exceed" estimates.
• The evolving role of T&M billing, even in residential work, can help provide transparency and flexibility opposed to using fixed pricing models.
• A critical need for strong financial planning and relationships with vendors/partners to successfully execute large loss/CAT projects, which can take 1-2 years to get fully paid.