As we head into Memorial Day weekend, I want to share an upbeat note we received in April from a client.
We just paid our taxes for last year. This is noteworthy because this year was this first time in many years that we were ready to file and pay our income taxes before the April 15 deadline. When I say ready, I mean we had the cash on hand, and it had been put aside for that purpose.
One of the greatest aspects you helped me with was understanding and using the profit and loss statement. Our business has been streamlined, we have cut the labor force by 50%, and only slightly reduced our gross sales. The ideas we have developed are working less, making more. (Quality vs. quantity)
Since we do better work, we get paid better. Since we get paid better, we focus on customer service which is top notch. Since customer service is top notch, we get better customers. Better customers are willing to pay more for quality service and products.
The client is a cabinet maker in the Midwest. He became a coaching client two years ago and attended our two-day class last year.
Trust me when I say that he and his wife have done a lot of hard work to get their company turned around and out of debt. When he first called, he was depressed and ready to quit. But what I heard from him let me know he wasn’t a quitter. He was determined to get it right.
Since then, they’ve purchased a good used vehicle, new equipment for the shop, and taken a vacation with their family. They’ve been able to provide for their family in a manner they didn’t think possible just two years ago. They’re debt free and loving their business.
Are you taking care of your family like you want to? Are your bills paid? Do you feel comfortable planning a vacation? Are you focused on getting better customers and making sure you take care of them?
Running your business correctly and seeing the results brings a lot of satisfaction. It also won’t go unnoticed by your employees. They have the same wants and needs as you do, and if you provide a stable working environment, they’ll help you build your business. They win and you win.
Let us know if we can help.
The knowledge and experience Michael Stone gained in his 60+ years in construction has helped thousands of contractors improve their businesses and their lives. He is the author of the books Markup & Profit Revisited, Profitable Sales, and Estimating Construction Profitably, and is available for one-on-one consultations as needed.