Bankruptcy court has the right to request return of payments made to vendors.
No one thinks to put the numbers you see on your profit and loss statement into an Excel spread sheet to ensure the numbers match. Until now.
Theft is heart wrenching. You work hard and you never expect people to steal from you. When they do, your first reaction is disbelief, then sadness.
It’s what you do with that sale once it comes in the door that is more important.
Starting to build your wealth early will prepare you for large purchases or business expansion.
What if first quarter was profitable — or at least break even? Imagine the year you could have! You can do it.
Contest are a great way to build your bottom line as well as give employees something to reach for — and they can build positive morale.
Are you staffing for the busy times or the slower times? If you hire office personnel to cover all of the busy times, they will not be productive in the …
Inventory is a bet. You’re betting your hard earned dollars that you will be able to sell parts and equipment that you buy and store in a warehouse or on …
When it comes to investments, most people seem content to just “let it be” and not think about it. The problem with this approach is that the fees you pay …
If you want to waste marketing dollars, then just burn the leads that marketing generates. You invest thousands of marketing dollars to produce those leads. Keep them productive. Keep them …
Selling profitably, riding with your salespeople and tracking results will improve your company’s sales profitability.
At the end of the day or the job, these are the wasted materials that get left on job sites or damaged, rolling around in trucks. Returning materials at the …
If you want to sell your business, or have a strong company, you must have a growing, thriving maintenance base.
Know your overhead cost per hour and net profit per hour for every job. When you include overhead in job costing, then you really know what net profit each job …
Your dispatcher can make or break the profitability of your service department and potentially your company. Here are five ways to increase dispatcher productivity and, therefore, profitability.
Implementing new procedures and ideas is change. Most employees hate change. As the leader, you must give them reasons for the changes, ask for their input and remind them of …
Calculating pricing using net profit per hour ensures your overhead costs are covered in each job.
At the end of this stage the owner is likely to have a sales manager, an office manager, a service manager and several field supervisors each with a responsibility for …
True profit is determined by net profit per hour, calculations which take both direct and overhead costs into consideration. Labor burden is included, whether you put it in direct or …
Although cash is king and is used to pay all of your bills, cash flow is important, but profitable sales turned into positive cash flow is critical.
Business profitability doesn’t mean business survival. By running out of cash and not having the ability to borrow or get it in an equity investment, you can be profitable and …
Overhead is any expense the company incurs to stay in business. It doesn’t generate revenue; it sucks up the revenue the field labor produces. But it’s critical for company survival.
Gross margin should not vary more than a few points each month. If it does, then you must find out why the margin is varying.
Whether you're looking to sell your company, or buy a competitor, it's important to know how to conduct an accurate business valuation.
While gross profit can vary widely from month to month depending on how busy your company is, gross margin should not vary more than a few points each month.
However you decide to categorize expenses in your P&L, it's important to be consistent.
Sales are critical to survival — when revenue is actually generated is even more critical.
For a realistic goal, include owners’ compensation in the net profit equation.
Enact a profit sharing program, rather than a bonus entitlement.
Most contractors don’t think about how much time is stolen by employees doing personal activities on company time.
If you ignore locking your warehouse and limiting access to it, don’t use material sheets and don’t make your technicians responsible for the inventory on their trucks, you’re inviting theft.
Keeping your hard earned money safe is your responsibility. Put the procedures in place to keep the honest people honest and protect yourself from employee embezzlement.
