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Finance & Succession Planning

Avoiding The “Mercedes-Benz Syndrome”

Make sure that you are earning enough on your jobs and service work to generate reasonable profits, and that you save some of the money you generate.

Originally published Published: 09.01.07 Author By Ruth King

Cash Management Especially Important In Busy Season

Paying strict attention to cash in busy and slow times keeps honest people honest. When you get lax, honest people get tempted and can start a pattern of theft.

Originally published Published: 06.01.07 Author By Ruth King

Reduce Service Callbacks With Tracking, Training

Callbacks are a serious problem that needs to be corrected. Ron Smith defines callback situations and offers solutions.

Originally published Published: 06.01.07 Author By Ron Smith

Analyzing Financial Statements, Part 2

If you are generating accurate, timely financial statements, and the ratios are in line, you know that your company probably is healthy.

Originally published Published: 05.01.07 Author By Ruth King

Where Outsourcing Works

It’s important that companies of all sizes understand and implement outsourcing, so they can achieve the benefits of the practice. Another company may have the set of skills that you …

Originally published Published: 04.01.07 Author By Pat Panchak

Formulas For Success: Commercial Contractors

Based on his business experience, business model (commercial; no residential), and outlooks and opinions, Skip Snyder discusses highlights of what he's learned over the years as a teacher and commercial …

Originally published Published: 04.01.07 Author By Skip Snyder

Analyzing Financial Statements, Part 1

Unfortunately, many contractors pay more attention to blueprints than financial statements. To make good business decisions in your company, you must analyze your financial statements each month.

Originally published Published: 04.01.07 Author By Ruth King

Know Your Liabilities Before Borrowing

Commercial lenders have a great deal more latitude in designing their loan agreements. Likewise, borrowers have the opportunity to negotiate for terms that will fit their business needs.

Originally published Published: 03.01.07 Author By Mike Coyne

Financial Basics For Contractors

Why it's important to be able to analyze your own financials and five crucial measures of a financially sound company.

Originally published Published: 03.01.07 Author By Skip Snyder

How to Plan Your Marketing Budget

Marketing drives sales. So plan now to boost sales with a spring marketing plan. Be advised, however: As you ramp up for the busy spring and summer months, you’ll spend …

Originally published Published: 02.01.07 Author By Ruth King

How to Achieve Your 2007 Goals

To make the changes easier, break down your major goals into monthly, weekly, and daily activities.

Originally published Published: 01.01.07 Author By Ruth King

Business Planning, Part 2

When you track your results, you’ll have a better chance of making corrections as events unfold.

Originally published Published: 12.01.06 Author By Ruth King

Business Planning, Part 1

The most successful companies in our industry — and no doubt in most industries — plan, execute, and measure. That means they create, execute and track a business plan.

Originally published Published: 11.01.06 Author By Ruth King

Set Your Profitable Price

To calculate your hourly rate consider the direct wages of the technician, the associated labor expenses, a truck, the associated truck expenses, non-productive time, and overhead.

Originally published Published: 10.01.06 Author By Ruth King

Maintenance Programs Protect Profitability

Creating a profitable program requires planning and persistence. You must get your staff on board, develop and deliver direct mail and advertising pieces, and train the office and field personnel …

Originally published Published: 09.01.06 Author By Ruth King

Inventory is a Bet

Ruth King reveals what happens when you don't manage your inventory and how to do it so you don't get hit with a surprise loss.

Originally published Published: 08.01.06 Author By Ruth King

Calculate Your Sales Price, part 2

Clear cut examples illustrate the best ways to calculate sales price.

Originally published Published: 07.01.06 Author By Ruth King

Calculate Your Sales Price, part 1

Dual overhead recognizes that there are different costs associated with materials and labor, and it is more accurate than gross margin.

Originally published Published: 06.01.06 Author By Ruth King