Early To Bed Early To Rise, Know Your Numbers And Advertise!
Strategy #1 - Get Plenty Of Rest
Almost sounds corny and yet when you are well rested you make better decisions which lead to better outcomes and yet I know a lot of contractors lie awake at night and worry about what is going to happen and all too often they attract more of what they don't want rather than the success and financial freedom they deserve.
When the economy is growing they lie awake and worry about finding enough good labor, material and subcontractors and when the economy is lean they worry about finding paying clients.
Apply Strategy #1 - Bread For The Head
Nothing is ever as good or as bad as we expect. Nurture that spark of faith inside you by feeding your mind with "bread for the head". Start by reading the Desiderata and if you agree with it, memorize it. When you are ready for more click here and after you are finished with everything there simply attune your mind to that which is good, right and just knowing that you alone stand guard at the portals of your mind.
Strategy #2 - Target Market
There are two ways to make a million dollars owning a restaurant:
Start with $2,000,000 and quit when you get to $1,000,000
Get in front of a starving crowd
Domino's Pizza got in front of a starving crowd. As I understand it, their target market is folks who develop a craving for food shortly after smoking marijuana. So Domino's developed a system to deliver fresh hot pizza in thirty minutes or less. They got in front of a starving crowd.
Domino's knew their target market had four primary needs, fresh+hot+fast+cheap. Not delicious, tasty, lots of toppings, a gourmet delight or any of those things.
People need shelter regardless of the economy. In boom times the demand is for new homes, extensions and additions and during lean times the demand is for maintenance and repairs.
Apply Strategy #2 - List your answers to the following:
Who do you enjoy working with?
What type of construction do you enjoy doing?
Where are the people located that are on both lists?
Strategy #3 - Business Plan
Contractors who make money any economy understand the need for a clear business strategy with contingencies for the boom and bust business cycle. They invest the time, money, effort, aggravation, sweat and tears to define and document their target market as part of a comprehensive Business Plan that is easy to adjust as conditions warrant it.
A good business plan is updated regularly from QuickBooks reports which make it like a willow tree, flexible and flowing and able to bend without breaking. A bad business plan is never updated and is like an oak tree, it will break your construction company when conditions change.
Construction companies do not break the principles of planning and strategy; they simply break themselves against the principles of planning and strategy.
Anyone who says business plans are a waste of time is flat broke or trying to sell their garbage idea. Harsh words need to be used sometimes to make a point and this one of those times. Cause and effect are the Universal Law, which means there is no lasting result (effect) without doing the work (cause). Whatever is easy is easily lost, whatever is hard is seldom lost and if it is the pathway has been traveled once and is easier the next time.
Financial success in any business venture requires putting together a strategy and having done hundreds of them I can tell you it is not fun! In fact it is the hardest and most financially rewarding work you will ever do!
Apply Strategy #3 - List your answers to the following:
Does QuickBooks provide you with useful and accurate financial and job costing reports? If not get help. If you don't have a construction accountant start by contacting Sharie@FastEasyAccounting.com or phone 206-361-3950 or find out who we help by clicking on the button below:
Strategy #4 - Board of Advisors
Mountain climbers hire guides to keep them out of danger and show them the safest, quickest way to reach the peak and back.
Smart contractors have a Board of Advisors,which in some cases you are paying for anyway so most of it is FREE! Get to know these people so that you have a group of trustworthy people to rely on when you need them.
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.