https://youtu.be/ED_XDdbTYJk N THIS VIDEO, COREY PHILIP SHARES: How nitpicking expenses to boost the bottom line can be futile and Why you should look into labor efficiency instead FULL TRANSCRIPTION: Run you labor efficiently and you will find profit. This came up earlier today when I was talking to another service business owner. We were talking about just how much labor costs and how it drives the costs behind your business, and the profitability that comes with it. Most contractors don’t realize the impact that labor, inefficient labor, in particular, has on the bottom line. So,

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https://youtu.be/_mGsL2mMCqU IN THIS VIDEO, YOU WILL LEARN: How a 20% increase in price can boost your sales for up to 200% How you will still be able to achieve the same results even if you lose some of your customers in the process Full Transcription: Let’s talk about “How a 20% increase in price leads to a 200% increase in profit”. And then we’ll even see after you consider the fact that you might lose some customer with your price increase. Pricing always comes up and always makes for a hot topic. I generally suggest

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As much as I love covering marketing & sales topics, cashflow seems to be a popular trend.  My post from several months back, Staying In The Black As A Contractor is by far the most read on here.Keeping the momentum going, we’ve got 17 service and contracting business experts (at least – some were late to the party), with their quick tips for ‘Staying In The Black’.By the end of this, you’ll realize a few common trends.Greg WittstockAquascapeKnow your break even. It’s great to job cost but at the very least understanding your yearly overhead and setting a

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When the operating account is low, cash flow is tight, and profits are barely in the black, I know what you do.  Every business has owner does it at the end of a rough month or quarter.  You run an income statement report, and go line by line, expanding each account to see further detail of where your cash went looking for places to save money. Your eyes are usually drawn to a few places.  The places where you constantly ‘believe’ that there’s an opportunity for savings.  The phone bill. After all it does seem

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As a business owner, the most important thing for you is getting paid. Unfortunately, it isn’t always easy.  Often times however, some customers want to get everything for nothing, they don’t pay on time, or they have all kinds of excuses about why they can’t pay right now. In fact, according to a recent study by the Urban Institute, around one in three Americans has debt in collections. This means that they have been reported for not paying a bill. As a business owner, it gets old really fast. However, it isn’t all the customer’s

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Being a successful contractor (or any business owner)  is difficult.Not only do you have to be a master of your trade, you are also responsible for every other aspect of your business – including your employees . Whether it’s marketing, budgeting, accounting, or managing clients, there’s always something that has to be done.Unfortunately, all of these responsibilities often lead to contractors mismanaging their money.While it’s great to joke about this kind of thing with accountants at a bar over some drinks, it’s a major concern both for contractors and for their clients.  We’ve all heard

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