11 Steps To Contractor Success - A progam designed by The Contractors Accountant for contractors to make more money faster
Auditor -Person who goes in after the war is lost and bayonets the wounded
Assets of Company - Cash / Receivables – Payables / Trucks / Tools / Equipment / Material
Assets of Firm - Cash / Business Process / Sales Process / Client List / Predictable Cash Flow
Bad Bookkeeping - Saving money on crap that don’t matter and making decisions on gut instinct
Bad Bookkeeper - Someone who leaves construction business owners standing alongside the remains of their business which has been run off the road, flipped upside down into the ditch, exploded, in flames with smoke and fire belching from every window, door, crack and crevice leaving the business owner staring in utter disbelief, wide eyed, mouth open, flat broke and remembering the article about in Fast Easy Accounting about Bad Bookkeepers
Bankruptcy - Result of saving money on crap that don’t matter and making crappy decisions
Double Billing -Suppliers, Vendors who have bad bookkeepers or a terrible accounting system will sometimes issue the same bill several times. In most cases it was not intentional.
Bid - A wild guess carried out to two decimal places
Bid Collector - Customer looking for cheap contractor
Bid Opening - A poker game in which the losing hand wins
Business Life Cycle - Start small / grow big / lose shirt / shrink back to small business
Business Plan - A plan to have accurate financial reports to base long and short term decisions on
Business Process - Documented system for how work gets done at the Firm
Business Roundtable - Little round table in tavern with pitcher of beer and contractors strategizing
Caveman Contractor - Someone skilled in building new houses, commercial buildings and other structures
Cheap - Not enough time or money to do it right first time; but plenty of time and money to do it over
Comfort Zone - Success you have now since that is what you feel you deserve no more / no less
Company Bookkeeper - Wealth prevention tool that makes certain the owner does not earn more than the bookkeepers
Completion Date - The point at which liquidated damages begin
Construction Train Wreck - Getting multiple bids and choosing the low bidder
Contractor Gambling - One project away from making it big or going broke
Contractor Chaos - Contractor netting <$100K doing everything his way; especially the bookkeeping!
Contractor Cheap - Amateur with customers from Hell and host of the game show “Low Price Leader”
Contractor Income - The average of their Client’s income / Birds of a feather flock together
Contractor Rich - BCA Client earning $100K-$200K by building a Client base to sell and service
Contractor Student - BCA Client net <$100K learning how to get Rich then Wealthy
Contractor Successful - Contractor using timely accurate financial reports to base their decisions upon
Contractor Volume - Loses money on every sale and tries to make it up on volume of new work
Contractor Wealthy - BCA Client earning $200K + Investing 50K with 100 clients to service
Cowboy Contractor - Someone skilled in residential remodel or commercial tenant improvement work
Critical Path Method - A management technique for losing your shirt under perfect control
Delayed Payment - A tourniquet applied at the pockets
Delusional - Contractor going to learn QuickBooks in a few months
Developer - Company looking for a few, good, low priced, high volume contractors
Displaced Aggression - Being angry at someone due to events/circumstances from elsewhere
Engineer's Estimate - The cost of construction in heaven.
Expensive - Goods or services that no matter how cheap they are; do not work
Experience - What you get, when you get, what you don’t want
Failure - A few errors in judgment repeated everyday
Fast Easy Accounting Coach - Someone who helps you raise your level of thinking
Fast Easy Accounting Staff Member - Cheerful, well paid, thinking, responsible adult, Mastermind Team member
Fear - What initiates change or stops progress
Fifteen Minutes Too Late - If you think you should fire somebody you’re already 15 minutes too late
Four Dreaded Words - "Since it is open anyway..." and "It would be easy..." and "While we are here..." and "I have another idea..." and "How about if we..."
Fully Burdened Rate - Overhead divide by number of Admin Staff (Owner salary not in Overhead)
Hard Work - Expressway to Retiriment