Marketing is just like planting seeds
By Michael StoneFor those who don’t understand the need for an ongoing marketing and advertising program for your business, let me try this analogy:
Transparency
By Michael StoneTransparency, as I understand it, is opening your books to your potential clients and showing them all the numbers pertaining to a job you are quoting.
Paying a Bonus to Employees
By Michael StoneWe are approaching the time of year when the subject of bonuses comes up. Your employees might be saying, “Do you suppose they will pay us a Christmas Bonus this year?”
Your Clients and Your Subs
By Michael StoneNow, if you are a subcontractor, it doesn't matter what trade, if a general contractor has hired you to work on a job your obligation is to that general contractor only.
Watch Your Overhead
By Michael StoneIt's important to set goals for your business. It's also important to track, on a month by month basis, how close your actual finances are to those goals.
Use the Right Payment Schedule
By Michael StoneIf you want positive cash flow in your construction business, make sure you're using the right payment schedule on your contracts.
A Bait and Switch Scam?
By Michael StoneLast weekend I passed a billboard on the side of the road. It loudly declared, "We will build your new home for $32 a square foot."
Pass those savings along?
By Michael StoneI read an article where the author talked about passing savings on to clients. This sounds well and good, but place it low on your priorities when putting a job together.
Do You Pay Bonuses for Work Done?
By Michael StoneIf you’ve raised kids in the past 20-30 years, you know the new rules – no one loses, everyone gets a prize. Don’t keep score because it hurts their feelings.
Sending Invoices for Construction or Handyman Work
By Michael StoneInvoicing is one way clients delay paying. "Thanks for doing that work, send me an invoice, okay?" Why do contractors agree? Maybe they believe everyone does it.
Asking for a Lien Release Prior to Payment
By Michael StoneA specialty contractor said, "A general contractor called and asked me to send a lien release. If I do that, he will send a check for what he owes me."
Who Pays Your Salary?
By Michael StoneThe next time anyone, including yourself, wants to complain about how much money you make, think about this quote from Henry Ford.
Recover Overhead and Profit in your Labor Rate
By Michael StoneThere are four basic ways to charge for construction services. These are fixed fee or lump sum pricing, Time & Material pricing, Cost Plus, and using an hourly rate.
Should Salespeople Have to Generate Leads?
By Michael StoneSomeone asked me recently if I thought a salesperson for a construction-related company should help provide leads, and how many. Yes, they should help provide leads.
What Would You Do? Getting Cut Out of a Sale
By Michael StoneI was working as a salesperson for a fairly well run remodeling company. I went on a sales call to the home of a CPA that I’d know for some years.
What Goes On a Business Card?
By Michael StoneOne of the topics was business cards, we spent several minutes reviewing the value of a business card and how it can help promote your company.
Relationship Between Sales and Owner’s Salary
By Michael StoneWe had a question come in this week from a contractor asking about how to calculate the volume of business a company needs to support the owner’s salary.
Do Construction Jobs Have a Life Expectancy?
By Michael StoneDoes a job have a “life expectancy”? I believe it does and you should be aware of the warning signs.
Construction Company Turnaround
By Michael StoneDo you wonder if the book, Markup & Profit; A Contractor’s Guide can help your business, even in today’s economy? Check out a note we received earlier this month.
Do You Have Business Interruption Insurance?
By Michael StoneBusiness Interruption Insurance is among the least understood and often most poorly written coverage.
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