Nothing could hit closer to home than in the Contracting business.  Less projects with more companies to do them makes the competition as tight as it has ever been.  Contractors continuously upgrade equipment yet very often learn by the seat of their pants how to operate it.  Organizations buy software but rarely invest in much more than a few books to understand how it should be used correctly.

Then of course there is your finances.  If you ask most contracting business leaders they will tell you they reached the top by coming through the ranks.  Once they were tradesmen, then they managed tradesmen and day by day they began managing projects and some moved to the head of the company.  Along the way they took on added responsibilities, some of which they knew well but when it comes to finances, many of those skills are lacking.

Money is what sets the successful businesses apart from the failures and managing that money is of vital concern to you and everyone around you.  So ask yourself, how much financial training have YOU had?  If your like most contracting managers it is minimal.  This type of continued training is critical for maintaining the investment the company has already made in you and essential to your success as a manager.

Proper training provides the manger with a more worldly overview of the business.  Financially trained contractors view jobs in a totally different way.  The not only look at the production values but also the financial aspects of every step of the project.  As an owner, financial training will allow your business to be more profitable and stable now and in the future.  As an employee not only will you benefit your business but you will have taken on an added skill and expertise that will make you more valuable and possibly someday translate into a better job and more money.

Continuing education is common for most professionals in other fields.  Managers with Bachelor Degrees often go back for more education and their Master’s degree.  Technology professionals train yearly if not monthly on technological changes. Doctors strive to learn the latest techniques for treating patients and even the trainers and teachers themselves continually update their expertise.

While there may not be as many options for continued training in the contracting field that doesn’t mean that it isn’t just as important as any other category.  Now that you think of it… isn’t it time you advanced your skills in an area that may be the most important in your business.

Click here to learn more about the exclusive Finance course

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…I would ensure the following key strategies were implemented and used in order to maintain and improve your profits: aggressive revenue drive, timely billings, assertive account collections, negotiating skills, timely cost reports, cash flow forecasts, internal controls plus many others.

…I would review forecast revenue to ensure that it was adequate to achieve profit expectations.

…I would ensure that all billings were prepared and delivered in a timely manner – after I had reviewed each one to determine if all costs and all extras were included.

…I would ensure billings are monitored for timely payments and would aggressively pursue all accounts past their due dates.

…I would ensure that we negotiated all major material and equipment purchases for best price and delivery dates. Negotiating skills take time and practice but I am certain that job profits will improve by the techniques discussed in this course.

…I would insist on timely, effective cost reports that would allow the project manager to prepare cost trends that would guide him to corrective action prior to the job completion.

…I would forecast weekly cash flows for the next eight weeks and the following three months, to serve as guides to cash shortfall and surpluses and I would appoint a cash manager.

…I would implement internal controls to safeguard your assets with the most notable being: signing all cheques after viewing supporting documentation, reviewing all billings, open and view all bank statements and review gross profits and cash flows on all new estimates.

…I would conduct post-job close out meetings to discover what went wrong, what caused the problems and how the company will avoid those issues during the next job. If a job went well, we would use this time to identify what went right and ways to recreate that experience on the next project.

…I would accept that my primary responsibility as your manager is to earn a profit. By following these strategies, I expect to meet that responsibility and ensure that your profits will increase.

                                             (Published in Construction Comment – publication of Ottawa Construction Association)

To improve your skills as both a contractor and a manager, learn more about the Profitable Contracting Course CLICK HERE

Who Should Attend?

Every employee of your organization can benefit especially anyone who can influence profits – owners, managers, estimators, project leaders, administrators, accountants and Gold Seal candidates.  Profitable Contracting, a Gold Seal certified course,  focuses on strategies to build profits and improve cash-flow.

Consider these benefits for attending:

1.  Increase revenues! You’ll learn proven, effective methods to increase revenues and improve your bottom-line.
2.  Improve employee productivity! You’ll learn employee management practices to ensure employees work efficiently and productively.
3.  Develop simple financial factors! You’ll learn a quick and easy method to control overhead costs.
4.  Build a profit plan! We’ll work with 4 easy numbers to calculate your annual revenue and profit plan.
5.  Reduce bad debts! You’ll learn proven methods to improve collections. And, I’ll tell you a little known method to collect on NSF cheques.
6.  Reduce employee turnover! You’ll learn ways to control this serious problem common to all contractors.
7.  Improve profits and cash flow! You’ll know how to implement the strategies and techniques to get a quick return on your seminar fees and your billable time. That’s a promise!

Proven Results!

Here’s my promise – when participants apply the course ideas, techniques and strategies in the workplace, productivity will increase, expenses will reduce, cash-flow will improve and profits will rise.

Wayne Newell
Corporate trainer

Learn More About The Profitable Contracting Seminars: CLICK HERE