Run Your Labor Efficiently and You Will Find Profit

By: Corey Philip | Updated: July 17, 2018

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,

How A 20% Price Increase Can Lead To A 200% Profit Boost

By: Corey Philip | Updated: June 22, 2018

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

17 Experts On ‘Staying In The Black’

By: Corey Philip | Updated: March 13, 2018

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

Boosting Profits: Here’s Where You Can Really Save Some Money

By: Corey Philip | Updated: January 30, 2018

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

Is One Number Throwing Off Your #1 Key Performance Indicator?

By: Corey Philip | Updated: December 9, 2017

KPI (Key Performance Indicator) Your key performance indicator should measure how effectively and efficiently your company is reaching the goals that you set. Do you know your most important KPI? In my home services company, where the largest expense is often payroll, and a few poor decisions can result in a few wasted days, the most important KPI I’ve found is the labor efficiency rate. If that number isn’t right, it can throw off my entire business. So, let’s take a look at what your labor efficiency rate is, how to calculate it, where it

5 Mistakes You Might be Making With Your Accounts Receivable

By: Corey Philip | Updated: November 14, 2017

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

Staying In The Black As A Contractor

By: Corey Philip | Updated: September 24, 2017

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