Selling to high-end clients is arguably one of the quickest ways to increase revenue and improve your profitability. In today’s episode of PowerTipsTv, I’ll give you some tips and tactics to attract the strong purchasing power of this coveted market segment. Special thanks goes out to @LeoLantz for requesting today’s topic! Have a question you
Last week, I spoke with two different remodeling company owners about various business challenges. In the course of the conversations I asked (as I always do) about their targeted gross profit margin. Their answers were astonishing! So much so that I’ve dedicated this week’s episode to answering the one question every remodeler should be asking themselves,
Do you know what what kinds of projects deliver the most profit to your company . . . and do so on a consistent basis . . . and do so with the least amount of headaches? You should, because this is exactly the kind of project you want to repeat over and over and over again. This project takes full advantage of your
If you’re a baseball fan than you know that the all-star break is right around the corner. You also know that this game serves as a performance milestone, with most looking at a team’s season in terms of “before the break” and “after the break.” Well, it’s your all-star break, too. How are you performing at
This week’s episode of PTTV was inspired by a remodeler who was so successful he almost lost his business. Sound crazy? It happens more often than you think! The fact is, if you grow too quickly you could outgrow your cash position. Once you start down that road things can quickly spiral out of control.
On this week’s episode of PTTV we discuss the one tool that all successful remodeling companies use to drive profits up and chaos down. It’s the single most important tool available for you to 1) establish the goals you must set for success and 2) determine what you must do to achieve them.
Sometimes remodeling companies put all of their efforts into building the product. However, to be successful in the remodeling industry, your focus should be on offering top-quality service to your customers. When you begin a remodeling business, you have entered a service industry that depends on referrals and repeat business. The amount of business, and
Every remodeler battles job cost overruns. They are universal to this business and are the single most common reason remodelers are not profitable. Ninety percent of overruns will be in the labor category. That’s not surprising since estimating labor is an act of judgment and the actual job performance is subject to so many variables.
One of the most important elements determining a company’s success is the quality of the employees. In my 25+ years in the renovation industry, I’ve seen this business principle played out again and again. Those companies who place significant importance on the hiring, training and retention of great employees have happier clients, more loyal trade
Savvy remodelers monitor ongoing design contracts for a clue to future work. But monitoring backlog—a sure thing—is also crucial. Backlog is simply work under contract but not yet done. It may be the as-yet-not-produced fraction of a job in construction or it may be a job you haven’t started yet. Don’t count a job as
