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In the past 10 years, the lead carpenter system has gained acceptance and dramatically changed the way many contractors work in the field. Most people agree the lead carpenter system, with its one-man crew, significantly increases productivity.
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By relating owner compensation to total revenue, the Risk Quotient (see Benchmark, January 2003) helps a remodeling company owner balance risk with reward. Making a bad situation worse, a single major change order can easily add 20%, 30%, or more to the original cost.
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In the March 2001 issue, we set the benchmark for owner salary at 10% of gross revenue. Fortunately there are lots of other perfectly legal ways for company owners to compensate themselves.
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Back in the June 2000 issue, we set the REMODELING benchmark for net profit at 10%. According to financial data collected twice annually by Business Networks from each of its 100-plus remodeling company clients, the average net profit actually reported is just over half of the benchmark.
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Membership in REMODELING's Big 50 now numbers more than 1,000 individuals. That's a large enough number to make for some interesting statistics.
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BOWA Builders began using a system the company calls "critical numbers."
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More than three years ago, REMODELING set the benchmark for produced gross profit margin (GP) at 40% (November 1998). A look at current remodeling baseline numbers indicates that a more representative GP is 35%.Baseline companies with annual sales under $250,000 average a respectable 28% GP. Size...
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The REMODELING Benchmark for marketing expenditures is 3% of annual revenues, less for large companies, more for specialty remodelers.