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192: How To Mark Up Your Jobs The Right Way with Michael Stone

1:15:35
 
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Manage episode 273486599 series 1381228
Контент предоставлен Dave Sullivan. Весь контент подкастов, включая выпуски, графику и описания подкастов, загружается и предоставляется непосредственно Dave Sullivan или его партнером по платформе подкастов. Если вы считаете, что кто-то использует вашу работу, защищенную авторским правом, без вашего разрешения, вы можете выполнить процедуру, описанную здесь https://ru.player.fm/legal.

There are so many mistakes to be made in the area of markup and profit, and there are plenty of contractors out there making those mistakes--and those are the ones who can’t keep their businesses afloat. If your business isn’t as profitable as it needs to be, then you need to hear what Michael Stone has to say. He’s been with us in Episode 14 and Episode 66, and now he’s here to talk about the specifics that can keep you profitable.

What you’ll hear in this episode:

  • Michael’s background: almost 58 years in construction; wrote a book in 1997, and started doing seminars
  • Michael’s premise has always been to help contractors help take care of their families
  • Out of 1300 contractors who have attended Michael’s 2-day seminar since 2014, only 4 have gone out of business
  • Michael’s book, Markup & Profit, originally published in 1999
  • The 6 most common reasons a contractor’s business fails (from Episode 14):
    • Not charging enough for your work
    • Failure to use proper change work orders
    • Failure to use good, legal contracts
    • Having too many employees for the volume of work
    • Having an improper payment schedule
    • Having a lack of profitable sales
  • Why you shouldn’t give bids for jobs
  • 90% of contractors go out of business because of not charging enough
  • The cold, hard facts: 32% of contracting businesses fail the first year, 57% don’t make it 2 years, and 74% fail by the end of their 3rd year
  • The difference in market-based and cost-based pricing
  • How to pay your employees top dollar because you charge top dollar
  • How to determine whether you’re using market-based pricing
  • Cost-based pricing means you don’t worry about competition, never adjust a price downward, never use the word “free” in advertising, maintain the highest pay scale for ALL employees, work only on a fixed fee contract, and know when to say NO.
  • Profit and overhead
  • The biggest myth in construction is that as your sales go up, you can cut your markup
  • Fixed overhead vs. variable overhead
  • How to calculate markup: Total sales divided by job costs equals markup
  • Markups that roofing contractors SHOULD be using
  • Why contractors feel guilty for charging more
  • Payment schedules and cash flow
  • The ratio of employees to dollar volume

Connect with Michael!

Find out about Michael’s courses, visit www.markupandprofit.com or call Michael at (360) 335-1100.

Markup & Profit by Michael C. Stone

Resources:

Download My FREE 1-Page Business Plan

Text Me @ (510) 612-1450 - Say Hi!

I would love to hear your feedback, pros & cons!

Get Diane’s Free Download A Tale Of 4 Companies

**Please leave me a review on iTunes!**

~Please Share My Podcast With Other Contractors~

THE ROOFER SHOW SPONSOR INFO:

Need Help Answering the Phone Or Online Chat?

Use Ruby Receptionists!!

Find Out How They Can Help Bring In Leads!!

Click here and use the code Roofer50 for a special $50 discount!

https://www.callruby.com/roofershow

Or Call Ruby at (844) 326-7829

Check out the app!!

My Listeners Get a 21-Day Money-Back Guarantee!

  continue reading

388 эпизодов

Artwork
iconПоделиться
 
Manage episode 273486599 series 1381228
Контент предоставлен Dave Sullivan. Весь контент подкастов, включая выпуски, графику и описания подкастов, загружается и предоставляется непосредственно Dave Sullivan или его партнером по платформе подкастов. Если вы считаете, что кто-то использует вашу работу, защищенную авторским правом, без вашего разрешения, вы можете выполнить процедуру, описанную здесь https://ru.player.fm/legal.

There are so many mistakes to be made in the area of markup and profit, and there are plenty of contractors out there making those mistakes--and those are the ones who can’t keep their businesses afloat. If your business isn’t as profitable as it needs to be, then you need to hear what Michael Stone has to say. He’s been with us in Episode 14 and Episode 66, and now he’s here to talk about the specifics that can keep you profitable.

What you’ll hear in this episode:

  • Michael’s background: almost 58 years in construction; wrote a book in 1997, and started doing seminars
  • Michael’s premise has always been to help contractors help take care of their families
  • Out of 1300 contractors who have attended Michael’s 2-day seminar since 2014, only 4 have gone out of business
  • Michael’s book, Markup & Profit, originally published in 1999
  • The 6 most common reasons a contractor’s business fails (from Episode 14):
    • Not charging enough for your work
    • Failure to use proper change work orders
    • Failure to use good, legal contracts
    • Having too many employees for the volume of work
    • Having an improper payment schedule
    • Having a lack of profitable sales
  • Why you shouldn’t give bids for jobs
  • 90% of contractors go out of business because of not charging enough
  • The cold, hard facts: 32% of contracting businesses fail the first year, 57% don’t make it 2 years, and 74% fail by the end of their 3rd year
  • The difference in market-based and cost-based pricing
  • How to pay your employees top dollar because you charge top dollar
  • How to determine whether you’re using market-based pricing
  • Cost-based pricing means you don’t worry about competition, never adjust a price downward, never use the word “free” in advertising, maintain the highest pay scale for ALL employees, work only on a fixed fee contract, and know when to say NO.
  • Profit and overhead
  • The biggest myth in construction is that as your sales go up, you can cut your markup
  • Fixed overhead vs. variable overhead
  • How to calculate markup: Total sales divided by job costs equals markup
  • Markups that roofing contractors SHOULD be using
  • Why contractors feel guilty for charging more
  • Payment schedules and cash flow
  • The ratio of employees to dollar volume

Connect with Michael!

Find out about Michael’s courses, visit www.markupandprofit.com or call Michael at (360) 335-1100.

Markup & Profit by Michael C. Stone

Resources:

Download My FREE 1-Page Business Plan

Text Me @ (510) 612-1450 - Say Hi!

I would love to hear your feedback, pros & cons!

Get Diane’s Free Download A Tale Of 4 Companies

**Please leave me a review on iTunes!**

~Please Share My Podcast With Other Contractors~

THE ROOFER SHOW SPONSOR INFO:

Need Help Answering the Phone Or Online Chat?

Use Ruby Receptionists!!

Find Out How They Can Help Bring In Leads!!

Click here and use the code Roofer50 for a special $50 discount!

https://www.callruby.com/roofershow

Or Call Ruby at (844) 326-7829

Check out the app!!

My Listeners Get a 21-Day Money-Back Guarantee!

  continue reading

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