Each month your P&L tells you whether you earned a profit or had a loss. It does not tell you how much cash you have! You must turn your profits …
Once implemented and used correctly, you’ll be making much better inventory bets, saving time and — as a result — increasing profitability with barcoding.
A good financial system is based on both the monthly financial data and weekly information you gather. These five activities will help you discover whether your company is moving in …
The reality is that debt usage is an emotional decision. Some company owners are comfortable with a lot of debt. Others can't sleep at night if they owe anybody anything. …
ESOP may be for profitable companies with high cash flow and skilled, engaged employees.
Calculating prices based on gross margin may do you a disservice. The key to successful pricing is to know your company’s overhead-cost-per-hour.
Unpredictable fuel prices and increasing insurance costs for fleet vehicles continue to be challenges for HVACR contractors. Investing in technology can help.
A P&L, or income statement, is a vital document for good fiscal management.
Liabilities are debts that your business owes. Like assets, liabilities are divided into two segments: current liabilities and long-term liabilities.
By using three key tools, contractors can protect themselves against wasted time and money, costly repairs that could have been prevented, and one of the biggest wildcards in operating company …
Convertibility to cash determines "current" or "fixed."
Properly formatted financial statements — along with accurate information in those statements — is critical to making good financial decisions for your business.
Many contractors I know did very well in 2010 despite the economy and despite all of the bad news in the media. What made the difference for those who did …
You need enough maintenance agreement customers to cover the entire overhead of your company so that you won’t have to worry about a flailing economy causing your company to go …
Customer-service training must be continuous and thorough. If you just tell your technicians what you want, they will only think about what they are going to say and never say …
Invest additional time and resources to inform customers and prospects about the expiring replacement tax credit.
7 ways to fix financial statements that are wrong.
Your financial statements are your scorecards. If they are not accurate, you might make the wrong business decision based on incorrect information. Here are seven things that clearly tell you …
Your credit score can be the key to home ownership, an auto loan, consumer credit, and even employment. How much do you know about this three-digit number that holds so …
Making calls to past-due customers, former customers, and happy customers helps to keep the cash flowing.
Businesses can improve profitability in many ways. Some require making substantial investments, such as buying new equipment or expanding marketing efforts. But there are inexpensive ways as well. Here are …
Take a tip from farmers. Plant seeds in the spring t decrease your dependence on the weather and increase customer loyalty.
One of the toughest things owners and managers have to do is to productively manage a labor force. But companies that manage their labor and their inventory effectively are among …
I observed five trends in 2009 that helped contractors not only survive in a bad economy-but thrive in a bad economy.
Everyone knows that 2009 was not a great year economically. Some contractors did well. Perhaps they were not as profitable as they were in 2008, but they still were profitable. …
Your ability to use financing to close sales can be a key differentiator from your competitors because offering payment options makes it less likely your customers will take their business …
If you want to improve your business, skip resolutions and change what you are doing.
In many cases, a new heating and/or AC unit amy be an unplanned expense. A consumer credit program is a powerful sales tool that also helps customers.
Sharing this information will open their eyes to waste and the true value of benefits.
This article will summarize the business, tax, and other financial considerations associated with the lease-versus-purchase decision. Ultimately, only you can decide which approach is best for your business.
Fall is the time to be proactive and make sure your customers understand that heating and air conditioning are necessities, not luxuries. Make sure they call you for the repairs …
Most employees are honest. However, when faced with stressful situations, even honest people can do things that are wrong, most notably stealing
