If the phrase ‘finding more profit’ sounds like a fantasy to you right now, don’t fret. Finding more profit isn’t as hard as you may assume.
Here are my Top 5 most Simple Strategies toward Finding More Profit:
1. Types of Work
What types of work does your company currently do— residential, commercial, and industrial? Determining which type of work produces the highest profit will enable you to better direct your marketing so that you land more of the types of jobs that make you the most money!
2. Crews
It is important to test and measure which of your crews are being the most productive. Remember that sometimes more is not more… if you know you have some team members who don’t pull their weight, why keep them around? Unfortunately, the ‘bad apples can ruin the other apples in the bunch’, and wind up losing you money.
3. Customers
Your accounts receivables reports will allow you to know whom your Grade A and Grade F customers are. Sure, you might think a customer is Grade A because they give you recurring work, but if they’re not paying you, then are they really a Grade A customer? Don’t allow the Grade D customers to affect your cash flow and ability to make more profits!
4. Suppliers
Negotiating pricing with your suppliers can be a quick way to make more money off of your material. Be sure to re-evaluate your pricing on material every quarter, because your material should be making you money!
5. Seasons
You should be able to identify the trends of your past seasons in order to predict the upcoming seasons. When your company is in peak season, you should not be focusing on marketing, but instead looking at increasing your prices. During the slow season, you should consider your marketing and doing employee evaluations, considering which are a waste of resources and time, and which are beneficial.
On June 26, 2018 10am EST, I’m hosting a FREE webinar, called The Contractor’s Profit Plan.
Registrants will receive our Profit Funnel Focus Sheet™ and get access to an toolkit of business tool downloads.
“The practical tools are helping us get control of our profits and allowed us to bring in $200k in receivables. We would highly recommend Andrew.” — Brian Scheele, B-Safe Electric.
“Within a month we have been able to identify a handful of leaks in profit that were right in front of us that we didn’t see. Profit For Contractors has given us the tools to stop the leaks and improve profits dramatically.” — Vickie Brunet, Day-View Electric
Join me for this exclusive, highly interactive online training, to create your very own Profit Plan. I’ll be sharing years worth of Contractor insights based upon real client examples that are proven to win more jobs, make more money, and get time back as business owner.
We’ll be working together real-time on creating individual Plans to not only make more profit, but to create the Contracting company of our dreams.
My goal for the webinar is to help Contractors bring their business to the next level. I know from owning my own contracting company back in the day, that all I wanted was more freedom, money, and control.
Spots are limited as I try to engage personally with each and every attendee on the training. Grab yours today by clicking here .
