New data from financial information company Sageworks shows seven of the top 10 industries with the highest sales growth are related to construction. However, Sageworks also reports that the construction sector has below average profitability relative to other small businesses. For construction business owners, the opportunity for financial success is ample. So why are so...
Have you ever looked at your options with all of the apps for electricians on the market? Electricians have a particularly dangerous and often challenging job. Fixing electrical equipment, machinery, electrical wiring, and all the rest, means that if an electrician is not careful, they might be exposed to high voltage. In addition, it can...
Owning or managing a business is always a significant challenge. This is especially true when you’re in the field every day. Fortunately, there are a few tips that can help with managing your business while you’re on the go. From using business management software to working more effectively with your team, here are some ideas...
When most people think of a bond, their mind wanders to an investment vehicle that is relatively safe and generates a moderate return. For certain types of businesses, a different type of bond comes into play in a very real way. A bond is not an investment but instead a component of doing business that...
It’s never easy to have to defend your pricing to customers and prospects. So to make that conversation easier, it’s important to align your customer pricing with the value provided. When a customer needs specific services, they usually start by asking about pricing. For instance, a customer contacts you to come over and provide an...
Company vehicles can be a major expense for your business. Can leasing reduce those costs, or is buying going to benefit your bottom line better? While there is no one right answer for every company, you can make the lease or buy decision easier by asking the right questions up front. While it might be...
Taking time off from work is never an easy proposition in the service contracting industry, especially if you have to be in a state of all-hands-on-deck – at all times. But, you must also incorporate a healthy work/life balance if you want to promote a positive work environment with more productivity and less burnout. It’s...
Ever been tempted to put out a “Now Hiring” or “Help Wanted” sign in front of your business to hire new employees? While that might work for the local coffee shop, it’s rarely going to help you in finding great employees for your service business. As skilled labor becomes more difficult to hire – and...
The foundation for every profitable service contracting business starts with tracking your expenses effectively. This action helps you grow your business carefully. Better understanding your costs and what types of pricing strategies are necessary for profitability. But tracking estimated vs. actual costs shouldn’t be considered a difficult activity. It can be much easier using a...
Flat-rate pricing allows you to offer straightforward prices on services independent of the time and supplies needed to complete the job successfully. There can be both benefits and risks for offering flat-rate pricing in the service contracting industry. It helps in terms of providing straightforward pricing to customers who want to know how much they...
