It happened again. A few months ago you had your annual meeting with your CPA and he or she told you the same thing they have told you year after year. “John, you had a great year. Your net profit was $88,000 last year, which you will pay taxes on.” Wow, that made you feel…
If you have listened to Dave Ramsey, you know his initial step toward personal financial freedom is the creation of an emergency fund. The long-term objective is to have an emergency fund that will cover three to six months of income. The same principle applies to our businesses. We need an emergency fund as well….
For the past 29-plus years of working within the trades, I have noticed some pretty profound changes within companies in an effort to become more customer friendly. You will notice one item that is glaringly absent from the list. I have not listed the need, or desire, for top-quality work. The reason is simple: Today’s…
Remember Vince Lombardi, former head coach of the Green Bay Packers, for whom the Super Bowl trophy is named? He won many championships over the years, but he started every training camp the same way: teaching foundational principles. It didn’t matter if you were a 10-year All Star or in your rookie season. Everyone went…
If you’re running your pool service company without a service agreement between you and your customers, you’re flirting with danger and loss of revenue and growth. “Service agreements are the foundation stone for profitable growth,” says Tom Grandy of Grandy & Associates, which works to teach contractors how to run profitable businesses. “It’s what ties…
If you had been married 25 years and were having relationship problems, would you schedule an appointment with a 21-year-old college graduate? I have a hunch the advice provided wouldn’t help a lot. On the other hand, suggestions from an older couple probably would. Last year, I spent three days providing free coaching sessions for…
It’s an old topic but it needs to be revisited — again. Has your service department adopted flat-rate pricing yet? If not, it’s time to seriously consider the conversion. Most contractors have very strong opinions about flat-rate pricing, one way or the other. However, the reality is this: If you have actually sat down and…
We are all familiar with the definition of insanity: doing the same thing over and over again while expecting different results. So the question is, do you have 30 years of experience — or one year of experience repeated 30 times? Wise, profitable companies review past performance, make necessary changes, and move forward. 2016 is…
Nonbillable time is the single highest cost of doing business in your service department. On average, the typical service tech only bills out about half their time each day. How is this possible? Let’s look at some numbers: VacationLet’s assume the tech gets two weeks of paid vacation a year. Vacation totals 80 hours a…