A Place For Contractors And Those Who Support Contractors To Share Valuable Insights, Experiences, Challenges, Successes And Best Practices From Their Experience In The Wide Wonderful World Of Construction.
How To Setup Your Board Of Advisors
If your construction business is making enough money to stay afloat and you can take enough money out to pay your bills then you are the person I want to talk too because what I have to say will make sense to you.
If your construction business needs to make more money in order to stay in business and you are willing to hear what I have to say, then you are the person I want to talk too also, because what I have to say will make sense to you as well.
Large profitable construction firms have a Board of Directors to develop and oversee the Strategic Objectives of the company. They provide business insights from a very high level top down view because the board members are already skilled in running similar firms which means they know how to navigate the treacherous waters of the ups and downs in the construction industry.
This one thing can dramatically improve their quality of life and everyone around them because it begins the transformation of working IN the business to working ON the business.
I have been blessed with opportunities to work with people who own and operate construction businesses.
How To Make More Money In Construction Faster!
Category One Business Owners:
Have or are developing their Strategic Business Process they use to guide the day-to-day business operations and the long term vision of where their construction company is headed. They operate their business like a police officer calmly directing traffic.
Focus on MAP (Marketing Accounting and Production) and since they understand The 80/20 Rule the are always building quality relationships with the top 20% of your employees, suppliers and customers and demonstrate your commitment to loyalty to everyone.
Review their 5 Key Reports every day
Develop a Marketing Plan to focus on customers that want what they offer.
Outsource QuickBooks setup, bookkeeping, payroll and Quarterly Tax Reporting to a Construction Bookkeeping and Accounting service that understands the Construction Industry and charges a Flat Rate Monthly Fee.
It is important to know what your costs are going to be, no surprises!
Setup your Business Systems to produce the results the promised their customers.
Gives their customers what they want no matter what the contractor thinks is best. As long as what the customer wants is safe, sound and meets or exceeds code requirements, they let the customer have what they want, quickly!
Pay a fair living wage to their employees.
Pick suppliers who deliver quality goods and services at a fair price and show loyalty by not price shopping them.
Take advantage mentoring opportunities provided by all sources to get better results faster.
Knowing what Ten minutes time wasted each day costs their company they use MR vs. MC calculations to know when, where and how to upgrade tools and equipment in order to optimize their construction company profits each and every year regardless of the economy.
Category Two Business Owners
Have no Strategic Business Process because they are conditioned to operate like firefighters, everything is an emergency.
Focus on PAM (Production, Accounting and Marketing) and become the lowest-price contractor, hire the cheapest construction workers and suppliers you can find, continually search for cheaper alternatives and do not show loyalty to anyone. Start work on first job that comes along…Ready, Fire Aim because planning is a waste of time and if you lose money on one job you can make it up on the next one. And if you lose money on every job you can make up for it on volume…(Hmmm, you may want to re-think that one).
Get most or all construction projects by word of mouth instead of using a Marketing Plan. The idea is to rely on other people to promote their construction business because they work so very cheap; almost like Wal-Mart, continually rolling back prices.
Avoid getting to organized because in the short run nobody pays for it. Keep the collection of junk tools and equipment because it is cheaper than buying something reliable. They most likely charge by the hour anyway.
If customers do not get what they want to bad…you never said you were good…just the cheapest price in town!
Pays the lowest wage you can get away with to your employees and don’t pay them regularly if they can get away with it!
Keep all information secret including daily work schedules and pay the price in lost profits due to poor communication
Picks suppliers based on lowest price and only pays them when they refuse to deliver goods and services. And always looking for cheaper alternatives.
Never looks at any Key Performance Reports of any kind if at all possible
They attend the nightly meeting of Poor Contractor's Business Round Table also known as the "Round Table with a Pitcher of Beer and Four Poor Contractors Giving Each Other Advice on How to Go Broke Running a Construction Business. The meeting begins when the clock shows the time as Beer-Thirty!
We have mentored many construction business owners to better lifestyles with a process we call "Leveling" and can do the same for you when you are ready!
Who Is Invited To Become A Client?
Business owners in Category One and those in Category Two ready to turn their construction business around.
We strive to be easy to do business with and since our time, energy and resources are limited we limit our client base to working with people we can help to achieve their definition of success.
If you have tax issues, demand letters, unpaid or unfiled Washington State Department of Revenue Reports, Washington State Department of Labor and Industries, L&I, Reports, Washington State Employment Security, SUI, Reports, Federal 940, 941 Quarterly Tax Returns welcome to the club.
It seems most construction companies have these issues at one time or another and if you are ready to turn your business around we can help you.
For us to help it must be understood the overdue reports will be filed and all of the back taxes need to be paid, no exceptions, no passes, no way, no how!
The good news is we work well with all of the state, local and Federal tax authorities and have found in most cases when we get involved they are willing to help. In a lot of cases they will propose payment arrangements that you can live with to help you get caught up and stay current.
It is in everybody’s best interest to help Construction Company owners become successful and stay that way because the “Rising Tide Raises All Ships”
QuickBooks Expert Specializing In Construction Bookkeeping Services
About The Author:
Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional and Construction Accountant and Intuit ProAdvisor. This combination of experience and skillsets provides a unique perspective which allows him to see the world through the eyes of a contractor, Project Manager, Accountant and construction accountant. This quadruple understanding is what sets him apart from other Intuit ProAdvisors and accountants to the benefit of all of the construction contractors he serves across the USA. Visit http://www.fasteasyaccounting.com/randal-dehart/ to learn more.
We Show You How To Get Paid The Easy Way
How To Get Your Construction Business Started Right – TIPS
T = Taxes
The last thing we want to think about is TAXES when in reality it the First thing we should be thinking about. Our office is in Lynnwood, Washington so this blog is directed to Washington State residents.
I Just Started My Brand New Construction Business! I Am A Contractor! This Is Easy!
Outsourced Contractor Bookkeeping Services Fixed Price Or Hourly?
The First Thing You Need To Know Is Bad Bookkeepers Have A Code Of Misconduct:
Topics: Bad Bookkeepers, Cheap Bookkeepers, Professional Bookkeepers, Seattle, Bookkeeping, Bookkeeping Services, QuickBooks For Contractors, Construction Accounting, Construction Bookkeeping And Accounting, QuickBooks, contractors bookkeeping and accounting, Accounting, Bookkeeper, QuickBooks Setup
Topics: Professional Bookkeepers, Bookkeeping Services, QuickBooks For Contractors, Strategic Planning, QuickBooks, QuickBooks Backup, Outsourced bookkeeping, Desktop QuickBooks Online, contractors bookkeeping and accounting seattle
We Are Easy To Do Business With
When a Construction business owner is searching for the right bookkeeping service they learn to walk on egg shells and try not to offend the “Great And Powerful PooBah Accountant”
Which QuickBooks Is Best For My Construction Company?
This question comes up a lot when a contractor asks us about our Outsourced Contractors Bookkeeping Services Program. In most cases we only invite construction companies with annual sales up to $10M and no more than 20 employees to become clients. The reason has to do with a principle from the study of economics known as expansion isoquants which describes the hidden dangers of growing any company to higher and lower production levels. Click here for more about this concept of Optimize Vs. Maximize.
What Will It Cost To Fix My QuickBooks?
And Take Over The Bookkeeping?
Difference #1 We Understand Construction
Topics: Bookkeeping, Bookkeeping Services, QuickBooks For Contractors, Construction Bookkeeping, Strategic Planning, Construction Accounting, Professional bookkeeping, Construction Bookkeeping And Accounting
As someone who has been around since the early days of information technology...beginning with chiseling on stone tablets, moving on to using charcoal to write on the back of tree bark and then progressing to IBM punch-cards, it is good to finally get close to using current technology in an era where we can have QuickBooks desktop version online and have it appear as if it were on our local computer.
Summer has been a break for many, extra challenges for others. For a small business owner – summer provides extra challenges with children out of school.