Drive Down Construction Costs by 50%, Mike Kaeding

Never Been Promoted

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Never Been Promoted Podcast with Thomas Helfrich

Mike Kaeding, CEO of Norhart, joins the podcast to discuss his journey from inheriting his family’s small construction business to growing it into a $200 million company. With a focus on driving down construction costs, Mike shares the ups and downs of leading a large team and his mission to solve the housing affordability crisis.
About Mike Kaeding:

Mike Kaeding is the CEO of Norhart, a construction company based in Minnesota, dedicated to making housing more affordable by innovating in construction efficiency. When Mike unexpectedly became CEO at 25 after his father's passing, he had to quickly learn how to lead and grow the business. His goal is to cut construction costs by up to 50%—a bold move that could drastically impact housing affordability.
In this episode, Thomas and Mike discuss:

• Overcoming Doubt and Proving Himself
  Mike shares his early challenges, including dealing with city council members who doubted his ability to lead. Despite being shut down multiple times, he persisted, learned from setbacks, and ultimately earned their respect through hard work and resilience.
• Driving Down Construction Costs
  Through strategies inspired by manufacturing, such as in-house labor and assembly-line techniques, Mike has been able to reduce costs by 20% and aims to reach a 50% reduction. His approach includes breaking down complex projects into 200 steps and focusing on identifying and fixing small, recurring issues.
• The Importance of Hiring Top Talent
  Mike highlights the value of hiring the very best talent, noting that top performers can be 2 to 10 times more productive. He discusses the long-term benefits of investing in high-caliber employees and how it has fueled Norhart’s growth.

Key Takeaways:

• Building a Resilient Culture
  Mike emphasizes the importance of creating a supportive work environment where employees feel valued. He regularly engages with his team to ensure alignment with Norhart’s mission and values, fostering a culture that empowers employees to contribute and innovate.
• The Power of Micro-Improvements
  Rather than searching for one big solution, Mike focuses on solving thousands of small problems to drive efficiency. He encourages business leaders to regularly step back, evaluate processes, and make incremental changes that add up over time.
• Balancing Business with Family
  As a father of young children, Mike acknowledges the challenge of balancing his 80-hour work weeks with family time. He emphasizes the importance of setting boundaries and making time for loved ones, recognizing that family moments are fleeting and irreplaceable.

"The secret to success isn’t one big solution—it’s about making thousands of small improvements every day." — Mike Kaeding

CONNECT WITH MIKE KAEDING:
Website: https://www.norhart.com/
LinkedIn: https://www.linkedin.com/in/mikekaeding/
CONNECT WITH THOMAS:
X (Twitter): https://twitter.com/thelfrich | https://twitter.com/nevbeenpromoted Facebook: https://www.facebook.com/hovienko |

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2. Marketing Leadership Agency (00:06:11)

3. Evolution of an Agency Owner (00:16:40)

4. Marketing Strategy Differentiation and Growth (00:24:13)

5. Sales and Marketing Middle Ground (00:29:12)

6. Maximizing Business Value Through Customer Analysis (00:34:37)

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