Most business owners receive plenty of well-intentioned advice and 'helpful opinion' from family and friends. However, good business advice spoken from commercial experience is another matter entirely.
That's not to say it's hard to find, but finding a reputable source in the Internet age is sometimes less than straightforward – especially if you have a specific problem to solve and limited time.
This is why, for good times or bad, developing a network of peers or seeking out a business mentor can be a great idea.
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Topics:
High Profit Repeat Construction Clients,
Construction Accountant Who Listens,
Clients or Customers,
Contractor Tips
Raising prices can be a sore subject. Many construction business owners like you assume doing so will spell the end of your competitiveness. But by not raising prices, you're simply letting inflation and your suppliers' maintenance of your margins quietly eat away at profitability. The bottom line is that costs will always rise long-term - at least with inflation.
That means you have to pass on the costs to your customers or consume those costs yourself to the point where one day, you'll have to either suddenly raise prices or accept the eventual failure of your business.
The worst thing you can do is avoid measuring your costs by sticking your head in the sand. Cost rises will catch up with you eventually, so take action to maintain your margins.
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Topics:
Marketing Tracking,
Construction Marketing,
Construction Accountant Who Listens,
Contractor Marketing,
Contractor Tips,
Pricing Jobs,
How To Raise Prices
A USP (Unique Selling Proposition) is a compelling reason for your target market to choose your construction business over your competitor's. Examples range from cutting-edge service and product features to simply being more convenient and easier to find for the target market.
But it all boils down to meeting your local market's needs in a more accurate and improved way than the competition and being able to market these points more effectively.
By doing this, your business can stand out in the marketplace with a strong reputation attracting more clients.
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Topics:
High Profit Repeat Construction Clients,
Construction Accountant Who Listens,
Clients or Customers,
Contractor Tips
When you go into business as a tradesperson, you often focus on performing your trade to the best of your ability – as it should be. With time, the quality of your work will speak for itself, which is the most valuable testimonial of all.
Before the internet was commercially available, just as many experts advised contractors about the layout and design of yellow page ads and which books to spend money on, I say you spend money because that is what it was - Marketing.
Many of us who owned and operated construction companies spent thousands of dollars on these experts. Based on their recommendations, we spent tens of thousands of dollars annually in full-page yellow page ads as close to the first position.
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Topics:
Marketing Ideas For Contractors That Work,
Marketing Tracking,
Construction Marketing,
Construction Accountant Who Listens,
Contractor Marketing,
Contractor Tips,
Inbound Marketing For Contractors
How often have you hired someone with the expectation that they know how construction works, and then you found out they did not know about it? You are a master in the construction industry, so you recognize what to look for in your particular field and quickly observe if someone has the skillsets, and you proceed accordingly.
You know what happens when you send your best Rough Carpenter that you pay piece work for framing spec from the ground up in all kinds of weather and working conditions to install some custom-made cherry wood cabinets with gold plated pulls and knobs in the home of your best client (who happens to be in the wealthiest neighborhood in your town). It is not a pretty sight.
Have you pictured a crew with muddy work gear and boots stepping onto your client's pristine floors? The dirty secret is that Tax Accountants operate like Rough Carpenters because they work fast and furious, and they are paid piece work. The main difference is that they earn the bulk of their annual income in three and a half months. This means they do not waste any time going through your receipts to ensure you get all the deductions you are entitled to.
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Topics:
CPA Vs Construction Accountant,
When Contractors Need A CPA,
Construction Bookkeeping,
Construction Bookkeeping And Accounting,
Construction Accountant Who Listens,
CPA,
Contractor Tips
As the year ends and another page is turning, it is important to learn and listen from trusted people who have come to assist you and guide you in your personal and professional endeavors. Your construction business's financial board, mainly your accountant, is one of them.
Ideally, you and your accountant are more than just an "adviser" and a "client" to each other.
With your combined skills, expertise, and a shared mission to support a thriving business, you're more like strategic partners.
The key to achieving success in any partnership is, of course, healthy communication. Before the year ends or at your next meeting, be sure to ask your construction accountant these four important questions:
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Topics:
Construction Business Consulting,
Construction Accountant Who Listens,
Business Consultants,
Contractor Mentoring,
Contractor,
Contractor Tips
Contractors Need Help Understanding Role of Accountants
Contractors should have two primary accountants. One is the Tax Accountant the other is your Construction Accountant. Tax Accountant who does the Annual tax return for your business and your personal tax return.
These are two of the Five Board Of Advisors Successful Highly Profitable Contractors Use To Operate And Grow Their Contracting Company Cash Flow And Profits.
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Topics:
Construction Accountant Who Listens,
Tax Accountants
A Contractor With - Severe financial, personal and health issues contacted me recently in need of someone to talk too who understood the construction industry and could offer some sage advice.
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Topics:
Free Initial Consultation,
Business Process Management For Contractors,
Success In Owning A Construction Business,
Construction Accountant Who Listens
