Markup & Profit with Michael Stone part 1.
Michael Stone is the author of the book “Markup and Profit” He has been helping contractors with their businesses in a big way since he wrote his book in 1998, so I was delighted when he agreed to record an interview with me!
We had a great conversation on how to work up consistently profitable estimates.
One of the most important things you can do for your estimating process is to develop a system. I love how he brought out that you need to have an error factor built in so that your profit is not wiped out!
Stop worrying about what others are charging!
Figure out your own numbers!
- Figure out these 3 things;
- What is the Job Costing you?
- What are your Overhead expenses?
Your desired Profit must be built into the price.
Remember, you have a choice, do you want to be profitable or do you want to be competitive?
Industry News; Sponsored by the NTCA
Have you attended an Industry-wide event? I want to encourage you to attend one of these events. Attending these events should be a priority for contractors! It’s at these events that you will meet the people you want to be associating with! The key is to be Social! Make plans to meet up early in the event, you will meet people you need to meet inside the tile industry. In my introduction, I talked about the importance of hanging around the right people. These events are the best place to shake some hands and make some real-life connections.
Tile Money Tip; Sponsored by Laticrete
This is a clip from the business incubator Laticrete sponsored last Sept. --- I chose this clip because it’s very real, I love how Ron said “if you find the success you will find failure along the way”
Friends, we are all in a similar boat, we all fail at times! The difference between true failure and success is that the winners embrace their failures, they learn their lesson fast!
I truly hope you enjoyed today’s episode, I hope I’ve given you something to think about and some helpful advice you can apply in your business.
In next week's episode, you will hear more of my interview with Michael Stone and he will be talking about selling your work.
Stay Profitable Tile Friends!
Check out what I’m up to at www.tilemoney.com
Check out Michaels website https://www.markupandprofit.com/
This episode of Tile Money is sponsored by the National Tile Contractors Association, Laticrete and Crossville.
https://laticrete.com/ https://www.tile-assn.com/# https://www.crossvilleinc.com/Company
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