Increasing Your MarkupBy Michael Stone
Like 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.
Should I Change My Markup If I’m Not Making Sales?By Michael Stone
Should 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.
Taxes and Profit and MarkupBy Michael Stone
Michael addresses a few different questions we’ve heard recently, primarily dealing with taxes and profit and calculating your markup.
How to Calculate MarkupBy Michael Stone
When I teach a class or webinar, sometimes I wonder if my listeners understand what I’m trying to say. After reading some of the questions that came in during a recent webinar, I realized I missed the mark.
Profit and Loss and MarkupBy Michael Stone
When your books are set up properly, it’s easy to calculate your markup, and it’s also easy to compare your actual results to your estimates.
Markup WorriesBy Michael Stone
Remember, you’re in business to provide a service and make a profit doing it.
Your Labor Rate and Your MarkupBy Michael Stone
Using the wrong labor rate, or using someone else’s markup when you don’t know their assumptions, is one of the biggest mistakes we see and the difference can be thousands of dollars.
Adjusting Your MarkupBy Michael Stone
In Markup & Profit Revisited, we explain how to calculate your markup. We’re often asked if you can adjust your markup based on the length of the job.
Bookkeeping, Markup, Taxes, AdvertisingBy Michael Stone
This week I want to catch up on a few things that have been bothering me.
Markup Materials Only?By Michael Stone
In a perfect world, estimated costs will match actual job costs. At the end of a perfect year, total job costs will equal projected job costs. It’s not a perfect world.
Adjusting Your Markup Based on the JobBy Michael Stone
Many contractors use a variable markup or margin to price jobs. They believe that in the construction industry you have to reduce the price to get the job.
Pricing Jobs RightBy Michael Stone
Not charging enough for your work is the major reason construction companies fail. Here are some of the mistakes contractors make when pricing their jobs.
Recover Overhead and Profit in your Labor RateBy Michael Stone
There are four basic ways to charge for construction services. These are fixed fee or lump sum pricing, Time & Material pricing, Cost Plus, and using an hourly rate.
Labor Rate for ConstructionBy Michael Stone
I’m frequently asked for the “industry standard” rate per hour for various types of work. There isn’t an industry standard markup, and there isn’t an industry standard hourly labor rate.