Transparency Has Risks
By Michael StoneIf you believe in transparency with your clients, this note is an example of what can go wrong.
Don’t Negotiate Your Price
By Michael StoneDon’t let your clients dictate or negotiate the price of your work.
Everyone Gets Paid
By Michael StoneOver the years I’ve heard from many wives or significant others who were tired of living with no money and essentially no future for the business.
Structuring Your Construction Company
By Michael StoneMany contractors start out building jobs on their own, but it doesn’t take long before you need to hire others to help with production.
Failing Expectations
By Michael StoneMichael shares a note from a contractor dealing with multiple mistakes he’s made in his business.
Planning for Next Year
By Michael StoneThe end of the year is a good time to look at how you’ve been doing business. What standards have you set, and are you keeping those standards?
How to Have a Profitable Construction Business
By Michael StoneYou can’t focus on being competitive if you want to be profitable. You have to focus on profitability.
Advice for a New Contractor
By Michael StoneMichael shares a note from a new remodeling firm, asking questions that are often asked by new business owners.
Hope is Not a Strategy
By Michael StoneMichael Stone shares thoughts on protecting your family and construction business from whatever the economy or government throws our way.
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.
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.
Expect the Best, Prepare for the Worst
By Michael StoneIf the worst happens, will those left behind be able to either carry on or close shop without your presence?
The Same Business Principles Apply to Every Trade
By Michael StoneMost of the training available for construction focuses on production. We talk about business, and business principles don’t vary no matter what type of work you produce.
Make Jobs More Profitable
By Michael StoneMaterials, change work orders, borrowing tools, punch lists, resolving issues.
Improve Jobsite Productivity
By Michael StoneAn efficient, productive construction project makes for more profitable jobs. It’s easier when you pay attention to these details.
Setting Priorities
By Michael StoneIf you’re a business owner, prioritizing how you spend your time is critical. There aren’t enough hours in a day to do everything that needs doing.
Trucks, Phones and Language
By Michael StoneKeeping your business sharp and profitable is an ongoing process, and it’s easy to get lax about little things that can cost big money.
Paying Taxes Beats Losing Money
By Michael StonePaying income tax means you’re running your business well.
Who You Listen To Matters
By Michael StoneAs I watch young people decide to become a coach or consultant in construction, I wonder how much they really know.
Get Ahead of Job Delays
By Michael StoneJob delays are often caused by the things we don’t see; you can’t stop all delays but you can get ahead of them.
Increasing Your Markup
By Michael StoneLike many of you, I read industry magazines to keep up on new ideas. Much of what I read is good, but a recent article titled “Strategies for Increasing Your Markup” requires a comment.
Business Survival
By Michael StoneI often start the year with a reminder to check your business practices, and this year I think it’s more important than ever to get on top of and make sure you have your business in order.
Value Your Work
By Michael StoneYour work is vital; rather than worrying about your price, recognize and sell the value you bring to a project.
Your Work Has Value
By Michael StoneI’m addicted to the creature comforts that my home provides. Those comforts are provided by skilled workers in the construction industry.
Profitable Planning
By Michael StoneAs the business owner you’re taking risks, so you deserve to be paid a fair salary and make a profit. This is how it gets done.
Invest In Your Business
By Michael StoneInvesting your time and effort in discovering how to run a successful construction business is a key to success.
The Advantage of Continuing Education
By Michael StoneIt doesn’t matter if you’ve been doing things the same way for 1 year or for 65 years, taking the time and initiative to find out if there’s a better way increases your odds of success.
Is Cost-Plus the Solution to Underpriced Jobs?
By Michael StoneBoth fixed-price and cost-plus contracts carry risk. Is cost-plus the solution?
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.
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.
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?
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.
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 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.
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.
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?
Purchasing Commercial Insurance
By Michael StonePurchasing commercial insurance can be a frustrating experience for many construction businesses.
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.
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.
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.
Habits for Success
By Michael StoneAre your habits helping your company grow, or are they holding you back?