Errors and omissions insurance protects companies from claims if a client holds it responsible for errors or the failure of the work to perform as promised in the contract. Independent insurance consultant Scott Simmonds compares it to malpractice insurance for physicians.
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Are you looking for a better billing method? Billing against a schedule of values (SOV) is standard procedure for large, commercial contractors, but is often misunderstood and infrequently used by residential remodelers. Many small businesses fail, often from a lack of cash flow. Implementing an...
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The best way to handle project selections — and the price you charge for them — is to have all the products chosen prior to the start of the job.
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Sales are the fuel of your company. Benchmarking your sales process can help you fine-tune your fuel efficiency. Sales process metrics are especially helpful for full-service remodeling companies because they have a unique sales process.
From the plumber whose work is always on time and under budget, to the electrician who goes above and beyond the scope of every contract, the ideal trade contractor is a partner worth nurturing.
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Unfortunately, at some point in your career, you may face an issue with a client, vendor, or trade partner that won't be resolved by rational discussion, and before you know it you'll be looking for your lawyer's phone number. To save yourself a lot of time and money, it's best if your contracts...
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There's no sure way to disaster-proof a remodeling business, but it's usually instructive to look back and identify any mistakes, shortcuts, omissions, or denials that might have allowed little problems to snowball into big ones, and big problems to turn calamitous.
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Working efficiently with trade partners means identifying companies that have values and goals that mirror your own.
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Big50 professionals answer a question about managing client expectations on project delays.
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Melinda Booth of Booth Construction and Doug Reymore weigh in on their contract preferences.