For many contractors, business is good, or at least far better than it was several years ago. When things are good, it’s smart to ask yourself a critical question: Are you prepared for the next downturn? It’s a given that we have up and down cycles in this industry and in the economy in general. […]
Read MoreIt’s a basic principle: Cash flows into your pond business when you sell a job. Cash flows out when you pay the costs of the job and your overhead expenses. If you sell jobs for less than what it costs to build the job and pay your overhead expenses, you’ll get behind. You won’t have […]
Read MoreIf a client cancels a contract with you, how do you handle it? Cancellations happen even to the best of salespeople. Clients have all kinds of reasons to cancel an agreement, and you need to be prepared for that eventuality. Hopefully you’re using the Notice of Cancellation (Right of Rescission) required with every consumer contract […]
Read MoreIf a client cancels a contract with you, how do you handle it? Cancellations happen even to the best of salespeople. Clients have all kinds of reasons to cancel an agreement, and you need to be prepared for that eventuality. Hopefully you’re using the Notice of Cancellation (Right of Rescission) required with every consumer contract […]
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When your clients are upset, two things can happen: you don’t make the sale, and you don’t get paid. And while there are plenty of ways to upset your client, these seven are among the most common. Avoid these disastrous mistakes to ensure that your business enjoys many happy (and paying) clients! 1) Not Returning […]
Read MoreYou know those safety announcements the flight attendants give? The ones where they tell you that if the oxygen masks drop, you should put on your own mask before helping someone else? Well, I just got back from a visit with family in Texas, and hearing that announcement once again made me think about business. […]
Read MoreOffering a low price is a reliable way to gain customers. But some pond
professionals are so eager to land jobs that they lower their prices beyond
what is needed to sustain business. You can’t have cash flow without cash, and
taking on more jobs for less money is a sure recipe for bankruptcy. Michael
Stone, author of “Markup & Profit; A Contractor’s Guide Revisited,” offers a
strong argument for why you should stop undercutting yourself.