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.
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.
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.
Business 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.
This 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.
Insurance work can be good business, but it can also waste your time if the insurance company is playing the three bids game.
It’s the last Wednesday of the summer, which is a great time to look back and see how your business fared.
If you own a business, your illness or death will create business problems for your families and your employees.
Don’t confuse profit with salary or hourly wages. Your business needs a profit to survive.
A construction company building both new homes and remodeling needs to calculate a separate markup for each type of work.
There are always at least two sides to any scenario, but if you want to stay in business, consider this a lesson on how not to treat a subcontractor.