Podcast 337: How To Mark Up Your Jobs And Run Your Business By The Numbers with Michael Stone

Know your numbers! The numbers reveal everything about marketing, profitability, and the longevity of your business! Are you marking up your jobs in the best way? Do you understand the information in your P & L statement? Do you know why you should NEVER cut your prices or price yourself according to your competitors? Join us to learn more in today’s show!

Michael Stone has over six decades of experience in our business, having coached thousands of contractors of all kinds to build stronger, more profitable businesses. He teaches hundreds of classes and seminars each year and is the author of Markup & Profit: A Contractor’s Guide, Revisited. Michael knows his stuff! Connect with him at www.markupandprofit.com.

What you’ll hear in this episode:

• Highlights of Michael’s extensive construction background
• Hear the ugly statistics and six main reasons why many construction businesses fail–and what you can do about them
• 8 warning signs that your business is not profitable and you are in BIG trouble
• How to structure owner’s compensation
• Why you should NOT cut your prices
• The difference between markup and margin–and how to figure them
• Michael’s easy formula to set up your P & L to calculate markup successfully
• Why your markup goal should be a sales price to cover job costs and expenses to yield a profit of 8%
• How to figure your margins (gross profit divided by total sales, which should yield 26-40%; most contractors average 16%!!)
• A closer look at the five parts of P & L statements
• The basics of what to require of your bookkeeper or CPA
• How to guard against embezzlement
• Takeaways from Michael: “Educate yourself. Read for one hour each day. Take care of your family. That is the most important part of your business.”

Connect with Michael:

Find out about Michael’s course, Making the Numbers Work in Construction  Markup And Profit or call Michael at 360-335-1100

Markup and Profit by Michael C. Stone

Resources:

Connect with John DeLaurier:  www.calldrr.com, Instagram, Facebook, and Email

Connect with Dave via text message: 510-612-1450

Let me know if you’d like to join one of our new Mastermind groups for contractors. Email me: [email protected] or visit The Roofer Mastermind to sign up.

Download my FREE 1-Page Business Plan template at www.theroofershow.com.

Contact me about one-on-one coaching at www.theroofercoach.com.

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Find out about Michael’s course, Making the Numbers Work in Construction  Markup And Profit or call Michael at 360-335-1100

Markup and Profit by Michael C. Stone