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    Unique Successful Contractors Operate In Reverse To Poor Contractors

    Posted by Randal DeHart on Fri, Oct 09, 2015

    Successful Contractors Do The Exact Opposite Of Poor Contractors

    The First Place to start is to understand how the 80/20 Rule applies to your construction company. It simply states that the top 20% of your clients generate 80% of your profit and the bottom 80% of your customers generate only 20% of your construction company profits.

    It Stands To Reason if you want to more cash flow and profits and more freedom in your life you would copy the operations of highly successful and very profitable contractors. They outsource as much as possible especially their Contractor Bookkeeping Services Needs so they can focus on finding and satisfying the needs of high-value, high-profit clients and leave the price shoppers, tire kickers, carpet pilots and web-surfers to poor contractors who prefer to work hard rather than smart, do everything themselves and end up wasting their lives in pain and misery.


    How The 80/20 Rule Applies To Your Construction Company

    Successful Contractors - Have a comprehensive demographic and psychographic profile of their high profit prime client. They focus on acquiring more high profit prime clients and finding new and better ways to satisfy their high profit prime clients wants wishes, desires and needs and dismiss the price shoppers.

    Poor Contractors - Take whatever comes their way because they don't have a profile of their clients let alone a marketing budget so they get trapped with the leftovers and price shopper customers.

    Successful Contractors - Focus 80% of their time and effort on increasing revenue and 20% on cutting costs. They outsource whatever is not in their core competencies or those things only they can do that provided value to their clients and generates more cash flow and profits. They hire $25 an hour people to do $25 an hour work in their construction company and focus their time and efforts by earning $250 an hour working on their construction company developing strategy and marketing to find more high-profit clients.

    Successful Contractors Outsource:

    • Oil change services on their vehicles
    • Changing tires, batteries and other vehicle repairs and maintenance
    • Office machines repairs and maintenance
    • Bottled water deliveries rather than sending someone to the store
    • Cell phone service rather than relying on public pay phones
    • Contractor Bookkeeping Services rather than rely on in-house bookkeepers or worse yet their spouse

    Poor Contractors - Focus 80% of their time and effort on cutting costs and getting "deals" and 20% on growing revenues and doing as much as possible themselves. They try to save money by doing $10 an hour work in their construction company rather than earning $250 an hour working on their construction company.

    Poor Contractors Do Not Outsource:

    • Oil change services on their vehicles
    • Changing tires, batteries and other vehicle repairs and maintenance
    • Office machines repairs and maintenance
    • Bottled water deliveries because they would rather go to the store
    • Contractor Bookkeeping Services rather they rely on cheap bookkeepers or worse yet their spouse

    Successful Contractors - Know from reviewing their performance reports and consulting with their Construction Accountant exactly their staff members from the laborers to the Project Managers add more value than they cost. They know what Ten Minutes Waste Cost Their Contracting Company which is why they provide the right tools, equipment, processes and procedures to get every project done in the most efficient and effective way and at the least cost while maintaining high standards to avoid costly re-work and warranty work. And they always get paid for all change orders!

    Poor Contractors - Feel that all staff members from the laborers to the Project Managers need to hustle and run everywhere and if they are giving less than 110% to the job they are not doing enough are costing more than they are worth. The root cause is their staff does not have the right tools, equipment, processes and procedures and in fact are always operating in a disorganized, chaotic, neurotic work environment where the commonly heard phrase is "WE NEED TO GET ORGANIZED!" And they get paid for all change orders!

    Successful Contractors - Make sure everybody knows they are appreciated and each individual is an important, integral part of a team. They are recognized as people with special skills and talents which makes everyone comfortable and less likely to search for another job elsewhere. They always make it clear that "Kindness is not Weakness"

    Poor Contractors - Like to make sure everybody knows they can be replaced at any time day or night which makes people uncomfortable and likely to search for another job elsewhere. If someone wastes just ten minutes a day on your payroll click here to see what it could be costing you!

    Successful Contractors - Treat their tax preparer, banker, construction accountant, suppliers, construction attorney, financial planner, Board of Advisors, vendors, bookkeeper and everyone they come in contact with respect and kindness which causes them to get good service, special breaks and favors which results in more cash flow and profit.

    Poor Contractors - Treat their tax preparer, banker, construction accountant, suppliers, construction attorney, financial planner (what should have been his Board of Advisors) vendors, bookkeeper and everyone they come in contact with like an enemy they are likely to lose money due to bookkeeping errors, slow service and general lost time.

    If Your Construction Company Profits - Averaged less than 10% each year over the past five years you may want to fill out the form and for a no-charge consultation. In addition you may want to look at the Business Strategy Program.

    We Have Hundreds - Of fast, easy and safe ways that can increase your company profits and put more money in the bank to operate and grow your business. It is all about having a Strategy That Works!


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    This Is One More Example of how Fast Easy Accounting is helping construction company owners all across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that and a lot more valuable to people like you so stop missing out! Call Sharie 206-361-3950 or sharie@fasteasyaccounting.com and schedule your no charge one-hour consultation. 

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    About The Author:

    Randal DeHart, PMP, QPA The Construction Accountant 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, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Accounting Specialist. This combination of experience and skill sets 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 Xero 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.

    Our Co-Founder Randal DeHart - Is a Certified PMP (Project Management Professional) with several years of construction project management experience. His expertise is construction accounting systems engineering and process development. His exhaustive study of several leading experts including the work of Dr. W. Edward Deming, Michael Gerber, Walter A. Shewhart, James Lewis and dozens of others was the foundation upon which our Construction Bookkeeping System is based and continues to evolve and improve. Check out our Contractor Success Map Podcast on iTunes and Follow Randal on Google+


     

    Topics: Increase Profits Now, Uniquely Successful Contractors

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