“Transparency” or Proprietary Information?
By Michael StoneSomeone once said, “No man’s business is safe while the legislature is in session.” Here is another example.
Definition of Terms – Construction Accounting
By Michael StoneTime for a quick review of some terms: gross profit, net profit, owner’s salary, owner’s wages. Owner’s salary is overhead, owner’s wages are a job cost.
Price Your Construction Jobs Correctly
By Michael StoneIf you are tired of starving because you have enough work but don’t have the money to pay your bills, heed these words.
What Makes the Most Money?
By Michael StoneI’ve talked about focusing your attention on the 1, 2, or maybe 3 things you do well and make the most profit on. Doing a good job of advertising and promoting those.
Bigger doesn’t always mean more profitable
By Michael StoneOften when I talk with contractors, I hear, "I want to grow my company so I can make more money." Consider this, if size mattered, dinosaurs would still be here.
Pass those savings along?
By Michael StoneI read an article where the author talked about passing savings on to clients. This sounds well and good, but place it low on your priorities when putting a job together.
How Much Should a Contractor Charge?
By Michael StoneMany of our website visitors aren’t contractors, they’re clients looking for help with a Cost Plus project gone wrong, or wondering if their contractor is overcharging.
It’s Time to Stop Being Superman
By Michael StoneIn every business, some things we do eat into our profitability. Do you run your business or does your business run you?
Low-Value Jobs
By Michael StoneI read many articles on the construction industry looking for, among other things, information on how the construction industry is doing and what we can expect in the immediate and near future. One statistic that always interests me is the size of the average remodeling job.
Pricing Too Low
By Michael StoneIt is a fact of life that when you sell construction-related services, you’ll have clients tell you that your price is too high. Bless their hearts. They have no idea what would be a fair price for the work they want done, they just know that your price is too high.
Markup Worries
By Michael StoneRemember, you’re in business to provide a service and make a profit doing it.
Can You Be Both Competitive and Profitable?
By Michael StoneYou can be competitive, or you can be profitable. You can’t be both.
Why Do You Need To Make A Profit?
By Michael StoneDon’t confuse profit with salary or hourly wages. Making a profit isn’t optional: Your business needs profit to survive.
Paying Taxes Beats Losing Money
By Michael StonePaying income tax means you’re running your business well.
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.
Run a Profitable Construction Business
By Devon StoneMichael takes a minute to talk about the value of making a profit. (video)