Guidelines for Success
By Michael StoneGuidelines to a more successful construction-related business.
Construction Estimating: The Basics
By Michael StoneThe basics of construction estimating, so you can create more accurate estimates in a shorter time.
Estimating, Labor Burden, Cost of Goods Sold
By Michael StoneWhen you own a small business you wear a lot of hats. Understanding the numbers might not be your favorite hat, but numbers are important because they show where you stand financially.
You Have Better Things to Do than Estimate
By Michael StoneGetting a commitment from potential clients is critical if you want to save yourself a ton of time and work putting together an estimate that won’t go anywhere. You have better things to do with your time.
Unit Cost Estimating
By Michael StoneUnit cost estimating is breaking down a project to simple assemblies. It’s the best way to consistently acquire accurate estimates.
Estimating Construction Costs
By Michael StoneEstimating errors cost money, because the purpose of a construction estimate is to know how much to price a job.
Itemized Estimates
By Michael StoneWhy clients request itemized estimates, and how you should respond.
Charging for Estimates
By Michael StoneIf you’ve been in construction sales very long, you’ve met potential customers who ask for an estimate, but after a lot of work you learn they were just shopping.
Labor Rate for Construction
By Michael StoneI’m frequently asked for the “industry standard” rate per hour for various types of work. There isn’t an industry standard markup, and there isn’t an industry standard hourly labor rate.
Price Fixing in Construction
By Michael StoneDuring a recent survey, comments were made about price fixing. They referenced the Sherman Antitrust Act and association warnings about the appearance of price fixing.
How to Estimate Construction Costs
By Michael StoneEstimating errors cost money. Lower your error factor by considering these common mistakes.
Employees: Details that Cost You Money
By Michael StoneNothing is more frustrating than to work hard only to find out your business isn’t making money. Michael discusses three things that can make a big difference on the bottom line.
Estimating Construction
By Michael StoneEstimating construction isn’t easy. When profits are down, missing the estimate on jobs is almost always part of the reason.
Resolve Estimate Details Before Quoting
By Michael StoneHis salesperson sold a kitchen remodel without resolving some details. The homeowner insisted it wouldn’t be a big deal. It was a big deal.
Your Labor Rate and Your Markup
By Michael StoneUsing the wrong labor rate, or using someone else’s markup when you don’t know their assumptions, is one of the biggest mistakes we see and the difference can be thousands of dollars.
Preparing to Estimate
By Michael StoneEstimating is necessary, but it isn’t easy; it’s hard, tedious work. There are four basic things you need before you begin your estimate.
Estimating Incomplete or Conceptual Plans
By Michael StoneTo be blunt: projects like this are a waste of time. I’ve rarely if ever seen a request like this turn into a contract
An Opinion on Itemized Estimates
By Michael StoneA building owner challenges our statement that contractors shouldn’t itemize their estimates.
Pricing Mistakes
By Michael StoneEveryone, and I do mean everyone, who has ever compiled an estimate has made a math error that put knots in their stomach once it was realized.
When Success Looks Impossible
By Michael StoneAfter reading our books and trying to do things right, why is he still not making any money?
Business or Charity?
By Michael StoneIf you’re a business owner and take on a project out of the goodness of your heart, recognize you might not get paid and will be funding the project.
Estimating Errors Cost Money
By Michael StoneEstimating the cost of a remodeling, renovation or specialty project accurately is critical if you want to be profitable.
Estimating Labor in Construction
By Michael StoneOur last newsletter triggered a question on estimating labor.
Estimating Construction Profitably
By Michael StoneEstimating Construction Profitably is a guide to estimating; or more accurately, a guide to creating your own estimating system.
Building Inspectors and Your Estimate
By Michael StoneThe building inspector who shows up can increase the cost of your project. That’s why you need to add an inspector factor to your estimate.
Estimating Labor, Accounting for Trash
By Michael StoneEstimating a construction project requires working through the details. The better you cover those details, the more accurate your estimate.
Mistakes Cost Money
By Michael StoneI want to share a reminder of how little mistakes in your construction company can easily grow into big problems.