If you are a construction business owner, you have probably heard the term Work in Progress (WIP) thrown around. What exactly is WIP, and why do you need to understand it? WIP is more than just another accounting term; it’s a resource that helps you track your projects, manage cash flow, and stay profitable. Let’s […]
Tag Archives: profits
17
Dec
Dec
During slow periods, construction companies can adopt various strategies to maintain cash flow and keep the business thriving. These downtimes can be opportunities to explore new revenue streams and strengthen your business model. Here are five effective ways to generate revenue during these times. Offer Maintenance and Repair Services Maintenance and repair services are always […]
19
Nov
Nov
Generating leads is important for any business, but turning those leads into clients is what matters. For construction companies, this process involves a mix of smart marketing, personalized communication, and showcasing your skills. Here are five creative strategies to help you convert leads into loyal customers. 1. Use Virtual Reality (VR) and Augmented Reality (AR) […]
08
Oct
Oct
In construction, understanding and improving your profitability is crucial. One key way to gauge your financial health is by examining your gross profit margin, which reflects how efficiently your core operations are performing. Here are four practical strategies to help you increase your gross profit margin and set your construction business up for success. Work […]
19
Aug
Aug
As you may know, Xero is retiring its classic invoicing system. Based on feedback from the Xero community, they have enhanced the new invoicing experience with some great features. Here’s what you need to know about these changes and how they might affect your invoicing process. Timeline for Switching To make the transition smoother, Xero […]
06
Aug
Aug
You’ve heard about KPIs (Key Performance Indicators) and know that other businesses use them to measure success. Should you be tracking them? This guide will explain what KPIs are, provide some examples, and give advice on how to use them to make better decisions. What are KPIs? KPIs are metrics that measure how effectively a […]
12
Sep
Sep
You just received your business tax return. You are distressed because you owe taxes. Every year tax time is stressful because you are scrambling to come up with the money for the taxes owed. You promised yourself this would not happen again, but you do not know how to change things. Let’s discuss the positive […]
15
Aug
Aug
If you have been in business for a while, at some point, you will need to make the transition from surviving to thriving. One important way to get there is to identify which parts of your business are profitable. Many conversations with our clients revolve around this topic. We are sharing some of the suggestions […]
16
Aug
Aug
When you work as an employee, things are simple; receive a paycheck and file your taxes at the end of the year. When you own a business, compensation becomes more complicated. How should you pay yourself as an owner? Let’s discuss four important questions to help you decide. What is your business type? Depending on […]
It’s always a good idea to be on the lookout for ways to increase your profits, and there are many ways to do that. One way is to focus on cost-cutting, and here are five places that are good to periodically review for cost-cutting possibilities. Telephone Re-negotiating with the phone company every one to two […]