Understanding Customer Acquisition Cost
Where do your customers come from? It’s an interesting question, really. Most contractors generally say the same things–a combination of word-of-mouth, drive-bys, Angi/Thumbtack, web, social media, and lead companies. But what’s interesting about those responses is that they rarely know exactly how much business they get from each area. As long as the revenues keep […]
When Should You Plan to Sell Your Business? (Hint: Right Now)
How do you feel about retirement? Are you prepared to sell your business? Know how much money your company is worth? Can you sell your business at all? In a recent survey of over 3,000 contracting company owners, less than 25% were confident about retirement, and only 7% had a plan to sell or transition […]
What is Going On with Inflation, Rates and Banks?
If all people suddenly have an extra $2,000 in their pockets before Super Bowl Sunday, what happens to the cost of TVs? What happens to the supply of TVs? Costs go up (by a lot), and supply goes down (by a lot). Well, from March 2020 to now, that’s the road we’ve been on. It […]
Are You Overpaying Taxes?
The King James Bible is about 1400 pages long, and the Gettysburg Address had only 272 words. Then there is the US code. It’s a maze of 6,871 pages, with the IRS instruction guides adding over 70,000 pages. 70,000 pages. There is no way the average contractor can possibly know all the ins and outs […]
Contractors and Money Management. It’s Not Great.
My neighbor is a doctor. A surgeon. He literally saves lives daily. But when it comes to fixing things around the house, he can’t drive a nail. He didn’t know how to start a caulk gun. Mind-boggling. But, if you think about it, it’s not that surprising. Sometimes people who have been very well-trained in […]
What’s Going On With Interest Rates & Equipment
2.9% for 36 months on the new skid steer. Sweet deal, am I right? Well, maybe. Minimizing interest expenses is a good idea, but if you’re like most of our clients, you think it’s a bigger deal than it is. Here’s what we mean… A 2.9% 36-month deal on a $60k asset would lead to […]
