Trucks, Phones and LanguageBy Michael Stone
Keeping 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 MoneyBy Michael Stone
Paying income tax means you’re running your business well.
Educating on QualityBy Michael Stone
Home and building owners need to know that hiring the least expensive contractor often means compromising on quality.
Renegotiating the PriceBy Michael Stone
How should you respond when a client wants to change the price AFTER the job has started?
Resolve Estimate Details Before QuotingBy Michael Stone
His salesperson sold a kitchen remodel without resolving some details. The homeowner insisted it wouldn’t be a big deal. It was a big deal.
Growing a Construction BusinessBy Michael Stone
Growth 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.
Doing Work Without a PermitBy Michael Stone
Doing 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.
Construction Cash Flow and Business SuccessBy Michael Stone
Construction cash flow is like every other business; there must be more cash flowing in than flowing out or the business won’t survive.
Rapidly Increasing Material CostsBy Michael Stone
Quoting a firm fixed price is riskier when material costs are increasing rapidly, which is why your contract needs to address unexpected material cost increases.
Financial Plan for Success and SurvivalBy Michael Stone
If you thought you were the captain of your ship, 2020 taught otherwise.
Charging a Fair PriceBy Michael Stone
You can be the most ethical person in the world and if you aren’t charging enough for your work, you stand a good chance of cheating someone else.
When Business Dries UpBy Michael Stone
If sales have dropped off significantly or you’re under a stay-at-home order, here are 3 things that you need to do now for both your business and your family.
It’s Not For UsBy Michael Stone
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.
Borrowing JacksBy Michael Stone
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.
Protect Your Business – Change Work OrdersBy Michael Stone
Michael discusses a ploy some building owners use to not pay for all of their change work orders. It happens in both residential and commercial projects.
Family FightsBy Michael Stone
The topic is uncomfortable but if you’re involved in residential sales, you’ll see family disagreements. It helps to know what to do.
Client OutrageBy Michael Stone
Real or fake outrage can be a client’s attempt to elicit an emotional response from you to get what they want. It often puts you in the position of questioning yourself and your company, not dealing with the subject at hand.
When Clients Do an End RunBy Michael Stone
Stay ahead of your clients. Write a detailed contract that protects you from as many unpleasant scenarios as possible, and work from written agreements with both your subcontractors and your employees.
Contract CancellationsBy Michael Stone
Cancellations happen, even with the best of salespeople. Clients have all kinds of reasons to cancel an agreement, and you need to be prepared.
Paying a Bonus to EmployeesBy Michael Stone
We are approaching the time of year when the subject of bonuses comes up. Your employees might be saying, “Do you suppose they will pay us a Christmas Bonus this year?”
Your Clients and Your SubsBy Michael Stone
Now, if you are a subcontractor, it doesn't matter what trade, if a general contractor has hired you to work on a job your obligation is to that general contractor only.
Plus Overhead Plus ProfitBy Michael Stone
A reader recently sent in a note asking for my input on this statement that a government agency attached to a "bid package" for work they want done.
Cleaning Up After a Low Bid ContractorBy Michael Stone
This potential client had a house built using the “lowest bid” contractor. The builder cut corners, leaving out little details like collar ties on the roof rafters.
Your Price Isn’t NegotiableBy Michael Stone
I heard about a scam a local building owner is pulling on his subs. He has several properties and is apparently worth a considerable sum.
Who Asks the Questions?By Michael Stone
Most contractors I talk to believe their neck of the woods is different. They believe their clients are more difficult to sell to than anywhere else in the country.
Audits Happen. Be Prepared.By Michael Stone
A contractor friend just went through an IRS audit. After going through all his records and asking a ton of questions, they said, "In my opinion, you owe us $22,000."
Owning a Residential Remodeling Business isn’t EasyBy Michael Stone
He expected to make "millions". He wanted me to teach him how to do estimating "easily". That, he claimed was the only thing that he didn't know about this business.
Relationship Between Sales and Owner’s SalaryBy Michael Stone
We had a question come in this week from a contractor asking about how to calculate the volume of business a company needs to support the owner’s salary.
Do You Have Business Interruption Insurance?By Michael Stone
Business Interruption Insurance is among the least understood and often most poorly written coverage.
Every day, in every way, I’m getting better and betterBy Michael Stone
The housing economy leaves a little to be desired. Don't count on the government to solve that problem. We have to take responsibility for and solve it ourselves.
Time and Material (T & M) ContractsBy Michael Stone
I have read several posts on forums late …
Time and Material (T & M) Contracts Read More »
Choosing a Contractor – Dealing with a Bad OneBy Michael Stone
There is no way on God’s green earth I could pretend there aren’t unethical contractors.
Is it a Construction Business, or a Hobby?By Michael Stone
Question came from a friend the other day. He said, "Michael, how do you determine whether someone in construction has a business or a hobby?"
Cost-Plus, Cost+, Time and Materials, T & MBy Michael Stone
A coaching client was working with a potential customer who wanted a remodeling job on a cost-plus basis instead of a fixed fee contract.
Salary and MarkupBy Michael Stone
One of our clients called with cash flow problems. Leads were coming in, sales and production was good, correct number of employees for the volume of work, but no money.
Be Fair to your Customers – and YourselfBy Michael Stone
I talked with a young guy the other day who called about our coaching service. His company was upside down and I could tell he was hurting.
Underbidding a JobBy Michael Stone
“I’m a contractor and underbid a house. I’m almost done and just figured that out. I can’t afford this loss. What can I do besides bankruptcy?”