Markup & Profit Articles - Page 1
A business owner in the UK asked a question that illustrates that remodeling sales challenges are the same regardless of your location.
A compendium on change work orders on a new home, remodeling or renovation project; why they matter, how to price them, what to include, and more.
I take many calls from contractors whose business is more like a low-paying job than a successful construction business. Some ask, “Is it even possible in today’s economic climate? Can my business make money?”
Our goal is to help construction-related business owners build a better business. We receive many phone calls and notes from our clients, and most of the time we hear good things. Sometimes we hear another side of the story.
Getting 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.
One of the concerns a homeowner has when they’ve hired a contractor is whether they’ll do what they said they’ll do. It is a legitimate concern. They don’t know what’s going on in your head, only what’s happening with their job.
Training in construction is important, especially with a shortage of employees. A general contractor asked about a subcontractor who is training an apprentice.
Budget doesn’t need to be a major worry during the design and build of a project if you handle it properly during the sales call.
If you’re doing residential construction, you’ve met all kinds of people. There are also all kinds of contractors, and some of them don’t operate ethically.
Our last newsletter triggered a question on estimating labor.
Estimating the cost of a remodeling, renovation or specialty project accurately is critical if you want to be profitable.
At some point this health crisis will slow down and go away. When it does, there’s a good chance we’ll be doing some things differently. But some things won’t change.
If sales have dropped off significantly or you’re under a stay-at-home order, here are 3 things that you need to do now for both your business and your family.
Sales is about communicating and interacting positively with others. Those skills make life easier in any delicate conversation.
Michael Stone offers suggestions on how to keep your construction business strong during this Coronavirus emergency.
Michael Stone shares about a note from a contractor who initially found the Markup & Profit Revisited book “too extreme” and “not for us” – but now realizes it makes sense.
Pricing changes for a change work order isn’t easy when the scope of work isn’t clear.
Time and Material contracts are full of risk, especially on larger jobs.
Constant input from others is necessary if you want to stay on top of both your business and your personal life.
If you’re a business owner and you take on a project out of the goodness of your heart, recognize that you might not get paid and you’ll be the one funding the project.
I recently had to face what I thought would be an uncomfortable personal conversation. I fussed all morning, then went to visit the person involved.
I don’t think writing a check is old fashioned, but there are so many advantages to using a credit or debit card that it’s become the preferred payment method for many.
If you were a mouse in my pocket, you’d hear the complaints I hear about both general and specialty contractors who don’t answer the phone or return phone calls.
Some people are used to snapping their fingers and having others jump. It’s irritating, but you have to remember that they’re writing the checks.
I want to share a recent phone conversation with a contractor concerning a problem they were having with a client.
I’m a firm believer in treating salespeople well. When they’re treated well, they’ll sell. When they sell, you win.
This note is a painfully perfect example of why you shouldn’t provide details on your pricing.
From a contractor: “I am definitely going to do a better job in pre-selecting my clients after this one.”
We want to see contractors build stronger businesses and in the process improve the reputation of our industry.
A contractor sent us an online article written by a real estate investor with the purpose of educating you on “how to develop a fair relationship with your contractor.”