How To Increase Your Construction Business Profit In Three Months
Posted by Sharie DeHart on Fri, May 19, 2023
Topics: Construction Cash Flow, Cash Flow, Construction Accountant Who Listens, Contractor Cash Flow Problems, Contractor Tips, Improve Construction Cash Flow
Unlocking The Secrets Of Small Construction Business Cash Flow
Posted by Sharie DeHart on Fri, Apr 28, 2023
Cash is king! Construction Company cash flow is the movement of money in and out of your Construction Company; these movements are known in accounting circles as inflow and outflow. Inflows for your Construction Company primarily come from selling goods or services to your customers, but keep in mind that inflow only occurs when you make a cash sale or collect on receivables. Other examples of cash inflows are borrowed funds, income derived from sales of assets, and investment income from interest.
Outflows for your Construction Company are generally the result of paying labor, material, other direct and indirect costs of goods sold, and overhead expenses.
Topics: Construction Cash Flow, Cash Flow, Construction Accountant Who Listens, Contractor Cash Flow Problems, Contractor Tips, Improve Construction Cash Flow
How To Protect Your Construction Company From Bankruptcy
Posted by Sharie DeHart on Fri, Apr 07, 2023
With good planning and strong business practices, you can avoid the pitfalls and drive your trade business to financial success. Learn the top reasons why small businesses end up in bankruptcy and what you can do to prevent that from happening to you.
1. Poor cash flow
Not bringing enough money in is the main reason why businesses fail. You must have more money coming in than is going out, or you're on the express train to bankruptcy. This might mean increasing your prices, decreasing costs, or combining the two. There might also be different service models you can offer (such as subscription services) or ways to branch out your income.
Topics: Construction Accountant Who Listens, Contractor Tips, Bankruptcy, Construction Company Bankruptcy
Construction Business Growth Through Networking And Having A Mentor
Posted by Sharie DeHart on Fri, Mar 24, 2023
That's not to say it's hard to find, but finding a reputable source in the Internet age is sometimes less than straightforward – especially if you have a specific problem to solve and limited time.
This is why, for good times or bad, developing a network of peers or seeking out a business mentor can be a great idea.
Topics: High Profit Repeat Construction Clients, Construction Accountant Who Listens, Clients or Customers, Contractor Tips
What Every Trade Business Owner Should Know About Raising Prices
Posted by Sharie DeHart on Fri, Mar 17, 2023
Raising prices can be a sore subject. Many construction business owners like you assume doing so will spell the end of your competitiveness. But by not raising prices, you're simply letting inflation and your suppliers' maintenance of your margins quietly eat away at profitability. The bottom line is that costs will always rise long-term - at least with inflation.
That means you have to pass on the costs to your customers or consume those costs yourself to the point where one day, you'll have to either suddenly raise prices or accept the eventual failure of your business.
The worst thing you can do is avoid measuring your costs by sticking your head in the sand. Cost rises will catch up with you eventually, so take action to maintain your margins.
Topics: Marketing Tracking, Construction Marketing, Construction Accountant Who Listens, Contractor Marketing, Contractor Tips, Pricing Jobs, How To Raise Prices
Topics: High Profit Repeat Construction Clients, Construction Accountant Who Listens, Clients or Customers, Contractor Tips
Seven Ways Your Construction Business Can Market Its Services
Posted by Sharie DeHart on Fri, Mar 03, 2023
Before the internet was commercially available, just as many experts advised contractors about the layout and design of yellow page ads and which books to spend money on, I say you spend money because that is what it was - Marketing.
Many of us who owned and operated construction companies spent thousands of dollars on these experts. Based on their recommendations, we spent tens of thousands of dollars annually in full-page yellow page ads as close to the first position.
Topics: Marketing Ideas For Contractors That Work, Marketing Tracking, Construction Marketing, Construction Accountant Who Listens, Contractor Marketing, Contractor Tips, Inbound Marketing For Contractors
The Difference Between A Construction Accountant And A Tax Accountant
Posted by Sharie DeHart on Fri, Feb 17, 2023
You know what happens when you send your best Rough Carpenter that you pay piece work for framing spec from the ground up in all kinds of weather and working conditions to install some custom-made cherry wood cabinets with gold plated pulls and knobs in the home of your best client (who happens to be in the wealthiest neighborhood in your town). It is not a pretty sight.
Have you pictured a crew with muddy work gear and boots stepping onto your client's pristine floors? The dirty secret is that Tax Accountants operate like Rough Carpenters because they work fast and furious, and they are paid piece work. The main difference is that they earn the bulk of their annual income in three and a half months. This means they do not waste any time going through your receipts to ensure you get all the deductions you are entitled to.
Topics: CPA Vs Construction Accountant, When Contractors Need A CPA, Construction Bookkeeping, Construction Bookkeeping And Accounting, Construction Accountant Who Listens, CPA, Contractor Tips
How To Achieve Business Success With A Construction Accounting Mentor
Posted by Sharie DeHart on Fri, Dec 27, 2019
Topics: Construction Business Consulting, Construction Accountant Who Listens, Business Consultants, Contractor Mentoring, Contractor, Contractor Tips
Secret To Highly Profitable Contractor Is The Construction Accountant
Posted by Sharie DeHart on Fri, Aug 11, 2017
Contractors Need Help Understanding Role of Accountants
Contractors should have two primary accountants. One is the Tax Accountant the other is your Construction Accountant. Tax Accountant who does the Annual tax return for your business and your personal tax return.
Read MoreTopics: Construction Accountant Who Listens, Tax Accountants