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Good management depends on the ability to quickly spot problem areas and make necessary corrections. That's true on the jobsite and in the office.
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A year-end tally form measures performance and spurs friendly competition.
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Making or losing money doesn't happen by accident. Results depend on how well you plan.
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Setting fees is relatively straightforward. Knowing how and when to raise them, however, can be a bit tricky. Costs such as labor, insurance, and equipment tend to rise steadily with occasional sudden spikes; materials are more volatile. If your fees don't account for that fluctuation, your profits...
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What follows are some insights regarding the P&L, also called the income statement, and the balance sheet.
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His colleagues say he's crazy, but his prospects say, “Where do I sign?” Darius Baker, co-owner of D&J Kitchens and Baths, Sacramento, Calif., is referring to his new policy of disclosing his markups to clients and prospects. “Contractors try to hide these figures, and it becomes uncomfortable,” he...
Preparing a remodeling company for sale is not a quick, straightforward process. It requires several years of focused attention.
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To measure one company against others, you must compare apples to apples. One obstacle to that comparison is owner's compensation, because each remodeling company tends to account for it differently.
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How do you respond when prospects or clients ask what your markup is?
Wasted time accounts for 2% to 3% of annual sales at most remodeling companies. Do the math, and you'll see how poor time management can erode your net profit.