Jun 17, 2016
Why do some Handyman Contractors make a good living and have a solid income while the majority are struggling with cash flow, profit, and dealing with the same daily tasks until they retire or die of old age and a worn out body? Here are ten secrets you can use to make more money.
1. Vision For Where Your
Handyman Company Is Going
Your inner world shows you exactly where your outer world is heading. Daydream and ask yourself "What if.." It’s fun and easy and very profitable.
Interview yourself about where your Handyman Company is going. Have a conversation with yourself and record it on paper, computer, audio recorder or whatever works for you.
To begin with go wild and wooly, no judging, no censoring, just let your thoughts flow and record it all. The first step to deep analytical thinking and decision making is letting loose then sifting through to find the nuggets of wisdom.
Sleep on it, review it the next morning for a few minutes before
you get involved in your daily routine, make notes, take stuff out
and put new stuff in and repeat this process every day until you
have settled on your truth about what you want. It will take time
because The Truth Is Four Levels Deep and there is no short
2. Vision For Leadership
Lead, follow or get out of the way and go work for somebody else. You went into business for yourself because you have the heart of a leader, you want to control your destiny, and you decide how much you are worth, not somebody else!
Employees crave leaders with confidence and passion. "The Goal Is In Stone; The Plan Is In Sand." You will be wrong most of the time; however, your inner strength and grit will make you respond to changing circumstances rather than react to them. You will develop and implement as many plans as it takes to accomplish your goals.
Suppliers, vendors, and service providers respect leaders who have a vision and power through every obstacle to achieve victory because they need high-profit successful Handyman Companies to buy their products and services. They will support you in ways you cannot even imagine because it is in their best interest.
Decide how you want to lead, how you want to be respected and the work culture you want to create and refuse to put up with anyone who does not support you! See my chat on "Leveling Up Makes Contractors Wealthy."
3. Training And Education
Make training and education as important as breathing. Every Monday morning has a safety meeting and 5-minute training session on a new tool, process or procedure. Most tool and material suppliers will send someone to your shop meeting, bring snacks and present their latest tool, product, and service and answer questions about how it used and they do it for FREE!
If you want to step it up and grow, your cash flow and profits assign everyone a to prepare a 5-minute presentation about something new they learned recently. Some employees will be reluctant at first to participate because they will be stepping out of their comfort zone, too bad!
Everyone is either "Green and Growing or Ripe and Rotting". Like attracts like, so if you want a high performing team replace weak people with strong people and watch your bank balance go up!
Sounds harsh doesn't it? You know what's harsh? Having an adult day care center where you pay people to show up and be entertained, babysat, and coddled while they drain your energy, resources, and most important your money. The #1 cause of business failure is running out of money. Do you think weak people will help you rebuild? Not likely!
4. Cross-Train Builds "Bench Strength."
Every employee has strengths and weaknesses. Find out who has what and let the people who are strong in certain areas train everyone else to have enough skill to step in and help when needed because a more diverse workforce means easier scheduling.
Having and having more than one worker who can patch a hole in the drywall, replace a door, do some minor plumbing, electrical and HVAC work the better chance your productivity will stay strong and profitable.
5. Project Status Reports And Goals
Put a white dry erase board where everyone can see it. Assign someone to write the name of each project, budgeted time, and material to complete it and record the results and remove finished projects over ten days old. Whatever makes the most sense for your Handyman Company and workers because setting targets inspires winners.
6. Laughter Is The Best Medicine
Sound crazy? Trust me, the most successful contractors, of any size, that I’ve witnessed up close and personal enjoyed people, celebrated successes and laughed a lot. The people at these organizations, from the owner to the lowest-paid laborer, are just plain fun to hang out with. You can keep people a long time if they enjoy you, the company culture, and are allowed to laugh a little.
7. Urgency Not Emergency
If everything inside your Handyman Company is disorganized and chaotic, you will wear out and lose good employees.
Having a sense of urgency inspires and energizes workers. Creating a sense of urgency begins with you communicating with everyone exactly what you expect of them. Providing the best quality tools, equipment, and materials to do their job will show you mean business.
Consider Performance Bonuses for finishing a project under budget and tie it to a multiplier based on customer or client satisfaction survey.
Labor Savings = $10 Per Hour Bonus | Material Savings = 25%
Project #00109 Labor Budget = 50 Hours | Material Budget =
Project #00109 was finished using 40 hours labor and $1600 material
(Labor Savings = 10 hours X $10 = $100) + (Material Savings = $400 X 25% = $100) Total Bonus = $200
9. Snacks And
Get a large cooler and assign someone to stop by the grocery store or convenience store and pick up two bags of crushed or cubed ice and a selection of single serving ice teas, bottled water, juices and other beverages and possibly some energy bars and related snacks. Investment per construction worker will be rough $5.00 +/-
Whenever someone does something noteworthy, thank them and let them know you appreciate them. At least once a month tells every employee how much you appreciate having them on your team and single out one thing they do well as proof of what you are saying.
Most people never get any recognition so your honest, sincere, heartfelt and brief recognition will be like a rainstorm in the desert and just as important.
I trust this podcast helps you understand that outsourcing your contractors bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking holistic approach to your entire construction company and helping support you as a contractor and as a person.
We understand the good, bad and the ugly about owning and operating construction companies because we have had several of them and we sincerely care about you and your construction company!
That is all I have for now and if you have listened this far please do me the honor of commenting and rating podcast www.FastEasyAccounting.com/podcast Tell me what you liked, did not like, tell it as you see it because your feedback is crucial and I thank you in advance.
I trust this will be of value to you and your feedback is always welcome at www.FastEasyAccounting.com/podcast
This is one more example of how Fast Easy Accounting is helping construction company owners across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email email@example.com
Thinking About Outsourcing Your Contractors Bookkeeping Services?
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This guide will help you learn what to look for in outsourced construction accounting.
Need Help Now?
Call Sharie 206-361-3950
Thank you very much and I hope you understand we really do care about you and all contractors regardless of whether or not you ever hire our services.
Bye for now until our next episode here on the Contractors Success MAP Podcast.
Randal DeHart | Contractors Accountant