I often hear contractors talk about the nice profit they made on a job. I understand what they are getting at, but what they really mean is they made a nice margin on a job. Margins are not profit. Your ability to earn a consistent profit depends on understanding the difference between the two.
As a coach, I’ve witnessed a lot of suffering in business. Some of it is normal and transient, but a lot is persistent.
Why does having a profit not always translate to available cash? Unveil the connection between profitability and cash flow challenges, exploring the factors that can leave you questioning the absence of funds despite a profitable outcome.
The willingness to discount prices and the reluctance to raise them are based at least in part on the lack of good information.
Many years ago, a good friend in the industry told me something I will never forget: “Never abandon what got you to where you are.” That statement can mean lots of things, but when it comes to being successful within the trades industry, the meaning is pretty clear. At some point in building your trades…