Have you noticed that when you have a solid, well thought out payment schedule included in your contract, and you insist your customers abide by that schedule, you have fewer problems?
A good payment schedule keeps your customer focused on their part of the job and helps you by establishing a good cash flow.
If you have [...]
Continue reading: Customer Relationships, Payment Schedules for Construction
At a recent class, I was covering the basics of how to get paid for additional work orders. I followed up with an example hoping to emphasize the necessity of getting paid for your work.
A young fellow said, “I would not do that.” He told me he would not ask the customer for money upfront [...]
Continue reading: Business Education and Construction – Willing to Learn
I cringe when I hear of contractors leaving money on the table by adding overhead and profit to their job costs. Don’t do it. Let’s take a look.
As an example, you know that your overhead costs average 32% of your total revenue, and you want a 10% profit. That means your average job costs are [...]
Continue reading: Overhead, Profit in Construction – Using the Figures Wrong Hurts Your Business
I was talking to several contractors at lunch during a recent trip to Minneapolis. One of the guys said he noticed that since he tightened up the payment schedule on his contracts and started getting paid at the start of a function on a job, that he seemed to have much happier customers.
Prior to [...]
General and specialty contractors promoting their businesses on a regular basis can keep busy, and ignore what anyone might be saying about the economy
