Is Cost-Plus the Solution to Underpriced Jobs?
By Michael StoneBoth fixed-price and cost-plus contracts carry risk. Is cost-plus the solution?
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.
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 Profitably
By Michael StoneEstimating Construction Profitably is a guide to estimating; or more accurately, a guide to creating your own estimating system.
Changing the Terms of the Contract
By Michael StoneWhy do clients enter a contract and then think they can unilaterally change the terms?
Motivate Your Construction Employees
By Michael StoneIn construction, employees are motivated and engaged when they know the reason behind their work. They need to know their jobs matter.
After the Sale; Pre-Job Layout
By Michael StoneThe pre-job conference or pre-job layout is when all the details get ironed out that can easily be forgotten. It’s when the job is handed from sales to production. After this meeting the production manager is in charge.
In Construction, Communicate the Details
By Michael StoneAre you giving your clients the information they need to be confident you’re building the job they want?
Employee Retention Strategies
By Devon StoneA recording of a presentation on employee and subcontractor retention strategies.
Sales Issues: Leaving Your Paperwork
By Michael StoneWhen a prospective client “wants to think about it,” should you leave your paperwork? What can you do to close the sale?
Business Skills and Your Construction Business
By Michael StoneIt’s easy to think we already know all we need to know. If you want to be successful, continually improve your business skills.
Should You Join a Trade Association?
By Michael StoneDuring a recent “Sharing Ideas” online discussion, the subject of trade associations came up: Is joining a trade association worthwhile?
Residential Construction Quality Standards
By Michael StoneIn residential construction, it’s not unusual for your client to have an unrealistic quality standard. That’s why you need to establish the standard ahead of time.
Growing a Construction Business
By Michael StoneGrowth is inevitable when you successfully market your business and have solid business practices but growing a construction business brings a few challenges along with the blessings.
Managing Jobs: This is Where it Went Bad
By Michael StoneMichael shares a story from a contractor who delegated to the wrong person, and that’s where the job went bad.
Sales: Are You There to Help?
By Michael StoneWhen selling, are youhere to find out how much money you can make, or to provide a service and help?
Calculate Your Cost Per Lead
By Michael StoneWhen you calculate your cost per lead, you’ll know what you need to spend on marketing to meet your sales goals.
Getting Between the Owner and a Sub
By Michael StoneA subcontractor causes a problem on a construction job, the general contractor needs to make it right. It happens a lot, this time with a twist.
Doing Things Right
By Michael StoneMichael shares a valuable tool that will improve both your sales and your relationships.
Doing Things Wrong
By Michael StoneIt’s painful to see people who don’t know better get taken advantage of by those who do or should know better.
Year-End Planning, Part 2
By Michael StoneThis is part two of our year-end planning paper. We’re going to pick this up by continuing an indepth look at your overhead budget for the coming year.
Year-End Planning, Part 1
By Michael StoneBusiness planning isn’t exciting. But the effort you put into it has much to do with the results you’ll see next year and in years to come.
Doing Work Without a Permit
By Michael StoneDoing work without a permit is a mistake. Pulling permits protects the homeowner; when a contractor doesn’t want to pull a permit, there’s always a reason.
Should I Change My Markup If I’m Not Making Sales?
By Michael StoneShould you change your markup method if you aren’t making sales? Don’t spend hours fiddling with numbers; invest the time in your sales skills.
It’s All About Sales: Gaining a Commitment
By Michael StoneCan delayed job starts impact material prices and profitability? Not if you gain a commitment first. It’s all about the sales process.
Finding and Hiring Construction Employees
By Devon StoneThis one-hour presentation by Contractor Staffing Source explains how to find and hire employees for your construction business.
Liquidated Damages in Construction
By Michael StoneWhen customers start talking about liquidated damages in construction, it’s time to ask why.
Contracts Matter; Collecting Final Payment
By Michael StoneWhen you provide a dishonest client a cost breakdown of their job, things can go wrong.
Make Time by Delegating
By Michael StoneIt’s easy to fool yourself into believing it’s better to do it yourself, until you realize the things you’re supposed to do aren’t getting done.
Character Matters
By Michael StoneYou can’t always determine if the person you are about to do business with is ethical, but you do know your own behavior. Choosing to operate your business with integrity is within your control.
Make Construction Work for You
By Michael StoneConstruction can be a tough business, dealing with clients who don’t realize what we’re worth, while our bodies take a beating to make their homes better.
Beliefs That Limit Your Profit
By Michael StoneOwning and operating a construction business requires a strong will and self-direction, but those qualities can also lead you to hold on to beliefs that limit your profit.
Definition of Terms
By Michael StoneWhat does a general contractor do? What is a specialty contractor? How do remodeling and new construction differ?
How Do You Measure Success in Construction?
By Michael StoneOur goal is to help contractors build more profitable businesses, but how do you measure success? How do you know your pricing will result in a profit?
Paying a Salesperson: Commission on Sales, not Profit
By Michael StoneIf you employ a salesperson to help you sell something, you need to pay them for their services. I am a firm believer in paying sales people by commission
Purchasing Commercial Insurance
By Michael StonePurchasing commercial insurance can be a frustrating experience for many construction businesses.
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.
Handling Customer Complaints
By Michael StoneNo matter how careful you are, you, your crew, or one of your subcontractors will upset a client. How you handle customer complaints says a lot about your business and your character.
Price Proposal Deadlines
By Michael StoneAll price proposals need a deadline because you never know when material and labor costs will increase rapidly.
Construction Sales: Make Time Count
By Michael StoneConstruction sales take time and your time is valuable. Avoid these common time-wasters when selling construction services.
Construction Cash Flow and Business Success
By Michael StoneConstruction cash flow is like every other business; there must be more cash flowing in than flowing out or the business won’t survive.
Rapidly Increasing Material Costs
By Michael StoneQuoting a firm fixed price is riskier when material costs are increasing rapidly, which is why your contract needs to address unexpected material cost increases.
Design Agreements and the Budget
By Michael StoneThe purpose of a design agreement is to get a commitment from your client to design the project so you don’t have to do the design for free. How do you keep the design within the budget?
The Cost of Callbacks
By Michael StoneHaving to return to a previous job and fix something that’s wrong costs money. Knowing the cost of a callback helps you or your crew to be more diligent to avoid them in the future.
Wrapping Up a Difficult Project
By Michael StoneIt can a challenge to finish a project, especially when it was priced too low for a difficult client and with a weak contract.
Habits for Success
By Michael StoneAre your habits helping your company grow, or are they holding you back?
Financial Plan for Success and Survival
By Michael StoneIf you thought you were the captain of your ship, 2020 taught otherwise.
Construction Websites that Generate Leads
By Michael StoneA construction website should be a lead generating asset. It doesn’t have to be expensive, but if it doesn’t generate leads it’s a waste of time and effort.
Why Do You Need a Written Construction Contract?
By Michael StoneAlmost all conflicts contractors face could be avoided or quickly resolved if there is a clear, detailed construction contract between the parties.
Charging a Fair Price
By Michael StoneYou can be the most ethical person in the world and if you aren’t charging enough for your work, you stand a good chance of cheating someone else.