Are you charging enough? Do you understand your P&L statement? Are you overwhelmed by your financials?
here are tools to help you understand your financials and build a solid business strategy!
How to Make (More) Money in You Remodeling Business
This 6-session course will cover a wide-range of topics to help you gain clarity and understanding of your budget, your markup, your profit and loss statement, and more so that you can start making more money in your business.
FINANCIALS / BUSINESS STRATEGY:
- Review the way you currently have QuickBooks set-up. I’m not an accountant, but I’ve reviewed a lot of contractor Profit & Loss Statements
- Review your Profit & Loss Statement in detail – Review percentages/margin results – compare/contrast them to what I’m seeing as best practices in the industry
- Offer suggestions on any reorganizing of the Profit & Loss Statement
- Highlight areas that we can improve or that we need to look into further
- Review your mark-up and update/adjust
- Ensure that we have clear Job Cost Reports set-up in QuickBooks. Discuss/plan for improvements that need to be made in order to get these in place for every job that we complete
- Goal here is to make sure we are seeing how profitable each project is (quoted hours vs. actual hours, etc.)
- Discuss/get clear on 1-year business goals and longer-term (5+ year) business goals. Along with other questions:
- Do you want to grow/stay-the-same?
- More employees or not?
- Goal for what you’d like to earn from the business, etc.
- We’ll talk through all of these topics and as we are doing so, will create a document that will be your clear 2019 Business Plan that you’ll make decisions, track progress, and take actions based on.
- Prepare (In QuickBooks) an annual Business Budget – dig into each line item and discuss. Deliverable is an organized, realistic, and clearly understandable budget that you can plan/work from