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Take some pain out of the yearly exercise of creating your jobs budget
Here's an effective way to organize and categorize expenses and job-cost data and compare the results with your forecasts.
Knowing how many jobs you need to complete and collect for on a monthly and quarterly basis is critical to meeting the financial goals you set for the period. But how do you know on a week-by-week — or even day-by-day — basis whether your jobs are moving you toward the goal line?
Unlearning bad habits picked up during the boom years is the first step to recovery.
Take a look at your “break-even volume,” which is the bare-minimum volume of work that you need to complete (and get paid for) in order to keep your doors open.
Managing by the numbers
Do you really need a “blog” for every house you start or a “Twitter feed” telling your prospects what you had for lunch? You just got your Web site up and running last year — isn’t that good enough?
In recent years I’ve spent a lot of time speaking to and consulting with builders and remodelers, big and small, and I’ve noted that there’s often confusion about what types of costs go where on a financial statement.
Uncertainty abounds as lead-safe remodeling deadline nears; Haiti says no thanks to formaldehyde trailers; U.S. glassmakers lose out to Chinese company; more
Has it ever occurred to you that dropping your prices to stay in business could put you out of business? Many contractors tell me they’ve had to drop their prices to remain competitive in today’s market. They just know they’re losing jobs because the “other guy” is cheaper.
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