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Retirement: What Plan Is Best?
If you have a profitable business, a qualified retirement plan is a great way to reward yourself, and key employees, for that success. Several scenarios will help you choose the right plan for you and your company.
Up For Bid
Should I raise my prices? The real question should be: What’s going on in my company? To find the answer, look to your financial statements.
When you go through your financial statements and see that your company is ear...
Lease vs. Buy Conundrum
The next time you need computer hardware and software, a copier, or vehicles you’re likely to ask yourself this question: “Should I lease or buy it?”
Some contractors have made the de...
Celebrating Success
There’s nothing less motivating than achieving a goal and no one seems to care. Whether it is a personal goal or a business goal, recognition for a job well done is crucial to ensure that a work-hard attitude c...
Get Ready For Summer
The signs of summer are here and in some areas it’s already hot. The phone is starting to ring because it’s getting warmer and people are thinking about their air conditioners. You’re starting to...
Drip Marketing Critical To Cash Flow
Consistent cash flow is critical to your business. There are many ways to ensure that you have consistent cash flow. One is putting service-agreement dollars in an interest-bearing account.
A...
Tax Man Cometh
The Super Bowl is behind us and the ground hog has seen his shadow. What’s next? For busine...
Spring Cash Mistakes
You can’t begin to plan for spring too early. Start preparing for the busier months ahead while you still are experiencing the slow, late winter months. This slower period gives you enough time to think and pla...
Passing The Torch
Business owners must address succession planning before it’s too late. Grooming leaders and ensuring all assets are valued properly will help when it’s time to retire.
Open Up To Open Book
Sharing financial information helps employees clearly see the target your company is aiming for. Once the target is in sight, success will follow.
Maneuvering Holiday Cash Mistakes
In terms of finances, holiday planning doesn’t automatically come to mind — but it should.
I’ve seen contractors make two major financial mistakes at holiday time and I want to ...
Is Your Company Ready For A CFO?
Everything starts with the sale. No sales, no need for people, no need for inventory, no need for accounting, no need for you. If you’re in business or trying to achieve a higher level of business, your main foc...
Analyzing Financial Statements, Part 1 of 2
During my first visit to a contractor, he proudly showed me his financial statements. Being young and not as tactful as I hope I am now, I said, “You call those financial statements?” Quite ...
Getting Ready To Sell Your Business
Those of us who don’t intend to work forever and who don’t have family members to take over our business will, at some point, want to think about selling. A successful sale of any business...
Financial Basics For Contractors
Do you believe that growing your company will result in greater profits, a higher selling price, and an easier lifestyle? The reality is, these things won’t happen despite growth if you don’t understand and ...
Know Your Liabilities Before Borrowing
Many of you have had the experience of borrowing money, either to purchase an automobile, a house, or some other pricey item. From your perspective, the financing process may seem relatively straight...
How to Achieve Your 2007 Goals
One of my favorite quotes is from Jack Welch, former CEO of General Electric. He says, “Reality is seeing things the way they are, rather than the way that you want them to be.”
This qu...
How to Protect Your Business Secrets
In the large, high-tech business world, news about corporate espionage and theft of trade secrets sounds like the stuff of spy novels and movies. But even those of us with small businesses have busines...
Putting Your Plan to Work
Once you’ve finalized your easy three-page business plan, which I described in last month’s column (see Bu...
Business Planning Made Easy Part 1 of 2
This is the time of year that we start thinking about what happened in the year 2006 and what we want to do in 2007. We are all creating business plans in our heads. Unless we write down our thoug...
Set Your Profitable Price
What should my hourly rate be? Contractors often answer this question using the “dart board” method. The contractor has no idea what t...
Maintenance Agreements Protect Profits
Maintenance agreements are one of the best ways to even out the seasonality of your business. Sometimes, such as during cool summers, they literally can save the profitability of your company. During such summers, I’ve heard repeatedly: “If it weren’t ...
Inventory is a Bet
You are betting your hard earned dollars that when you purchase a part, a piece of equipment, or a pre-season stocking order, that you will be able to sell it. You don’t have a customer for that part yet. You’ve made a bet.
PART 1 - Gross Mistakes
Over the past few years I’ve seen contractors make huge mistakes that cost them thousands of dollars because they didn’t estimate the cost of their jobs properly. I’ve also seen many contractors stake their pricing on the “Gros...
Welcome to our 25th Anniversary Celebration!
And thanks for coming to the party. We’ve got a lot of new and exciting things planned to take us through the next 25 years. And I’d like to share some of them with you. As you look through yo...
Apples to Apples
You can’t make good decisions for your business without accurate financial statements. If someone is
Be Proactive – Sell IAQ Products
Successful contractors have proactive sales people and execute proactive marketing plans. In slower times of the year when the telephone is not ringing much, salespeople in successful companies make telephone ...
