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    Reasons Why Contractor Startups Fail And How To Avoid Them

    Posted by Sharie DeHart on Fri, Jul 08, 2022

    Many surveys and reports show that nearly half of all new construction companies close their doors within the first five years of opening them. When we speak with contractors who failed, most say it was due to a lack of cash flow. It was pretty obvious, yet when questioned, all of them said they were "Blind-Sided" and were not aware they were running out of cash until it was too late.
     
    There is a point when a contracting company starts to fail, and nothing short of a massive cash infusion can stop it, and a domino effect begins, which is when a series of similar or related events occur as a direct and inevitable result of one initial event.
     
    Planning is essential to give your business the best chances for success. Planning means anticipating challenges and developing ways to successfully address them, so they don't upset your startup. 
     
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    Topics: New Contractors, Start Construction Company, Profit and Growth Strategies For Contractors, New Business Startup, New Business, Contractor Guidance, Construction Business Goals

    How High-Profit Jobs Can Make Or Break Your Construction Company

    Posted by Sharie DeHart on Fri, Jun 17, 2022

    Knowing which jobs have the highest probability of success and profit before getting involved moves your construction company from an unpredictable roller coaster to a peaceful merry-go-round.
     
    You have what appears to be a high-profit job, and now you think you have it made, and I hope you are right!
     
    The problem is that high-profit jobs can turn into low or no-profit jobs. In some cases, they can bankrupt your construction company because you bid on the project using whatever model you are accustomed to using, and in the end, you wind up with cash flow problems.
     
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    Topics: High Profit Construction Projects, Profit and Growth Strategies For Contractors, Contractor Guidance, Construction Business Goals

    Unconventional Ways To Market Your Construction Business

    Posted by Sharie DeHart on Fri, May 20, 2022

    One of your greatest fears is wasting money on a less than good lead.
     
    They may or may not have any genuine desire for services. Sometimes a person is committed to collecting three bids when they already have someone picked out to do the work. They may be looking for a "temporary friend" to do them a favor, or by the time you have completed the form, they have changed their mind and no longer want service. This is often the case when one spouse or partner wants the work done, and the other doesn't.
     
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    Topics: Profit and Growth Strategies For Contractors, Construction Marketing, offline marketing for contractors, Contractor Guidance

    Five Effective Ways To Find New Construction Clients

    Posted by Sharie DeHart on Fri, Apr 29, 2022

    If you want your business to continue growing and thriving, you'll need to find ways to bring in new clients.
     
    Before the internet was commercially available, there were just as many experts advising contractors about the layout and design of yellow page ads and which books to spend money on. I say spend money because that is what it was and is now.
     
    Many of us who owned and operated construction companies spent thousands of dollars on these experts and, based on their recommendations, spent tens of thousands of dollars annually in full-page yellow page ads as close to the first position as possible.
     
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    Topics: Profit and Growth Strategies For Contractors, Construction Marketing, offline marketing for contractors, Contractor Guidance

    How To Win Your Clients Back And The Secrets To Getting The Best Projects

    Posted by Sharie DeHart on Fri, Mar 11, 2022

    Construction company owners - predominantly service-based businesses with monthly or yearly client subscriptions, likely deal with some level of customer churn, especially given the COVID-19 pandemic. Even customers who love your business and services may have lapsed for various reasons. 
     
    Whatever their reasons for leaving, it's still a great idea to win them back. Why? This is mainly because winning back a lost client still has a higher success rate than converting a prospect into a customer. After all, they've already hired your service once, so you don't have to convince them of the need. And you don't need to build brand awareness; they already know you exist. 
     
    Even if you can't win everyone back, those yo u can bring back to your business will affect your bottom line–and will do so at less expensive overall. 
     
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    Topics: QuickBooks For Contractors Financial Reports, Profit and Growth Strategies For Contractors, Contractor Guidance, contractor delegation

    Seven Deadly Construction Accounting Mistakes Kill Profit And Growth

    Posted by Randal DeHart on Fri, Apr 27, 2018

    "Early To Bed, Early To Rise, Know Your Numbers And Advertise"

     Unfortunately, with everything contractors like you need to do every day including weekend and holidays it’s too easy to let crisp, timely Financial Reports go unread and in some cases, you may not fully understand what they are telling you when you do read them.

     

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    Topics: Profit and Growth Strategies For Contractors

    Construction Company Field Vs Office Profit Growth Strategy

    Posted by Randal DeHart on Fri, Mar 02, 2018

    Field Vs. Office Battle

    Where did the insurrection between office and field start? Do you wonder why some Construction Contractors have ongoing rebellions between the two subgroups and other Contractors don't? Better yet what can you as a Contractor do about it and why should you care?

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    Topics: Construction workers costs, Profit and Growth Strategies For Contractors, construction company strategy

    Contractor Vs. Tax Accountant View Of Financials

    Posted by Sharie DeHart on Fri, Mar 10, 2017


    Contractors View Of The Numbers And Tax Accountants View Are Totally Different
    When Tax Accountants Review The Financial Statements The Year Has Ended

    The Tax Accountant’s Role Is To Review The Previous Year Financial History based on the information provided create and file the Annual Federal Tax Return, Annual State Tax Return, and other Local or Payroll Returns. Washington State is a sales tax driven state. Other states have a State Income Tax, and others yet have a blend of both.

    The Contractors Role Is To Review What Is Happening Now and make Strategic Decisions about what to know in order to have a brighter financial future. The best way to do that is to have QuickBooks Setup to deliver your 5 Key Performance Indicators (KPI) in 5 minutes a day at 5 pm or whatever time is best for you. We call them the 5 At 5 For 5, and we can set them up in your QuickBooks for you! Click here to learn more.

     

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    Topics: Profit and Growth Strategies For Contractors, Annual Tax Return, construction company strategy

    Construction Strategy Increases Profitability Not Field Operations

    Posted by Randal DeHart on Sat, Jul 21, 2012

    Strategic Construction QuickBooks Reports Optimize Profit And Growth

    Strategy Comes From The Office - QuickBooks Reports and The 80-20 Rule For Construction is one of the tools you use to develop strategy for which markets and customers to focus your time on. The foundation of useful QuickBooks reports comes from having QuickBooks Setup and Professional Bookkeeping.

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    Topics: Profit and Growth Strategies For Contractors

    QuickBooks Setup And Chart of Accounts For DIY Contractors
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