Matawan, New Jersey (PRWEB)
May 05, 2017
Builder-Remodeler and Founder of Contractor Business Solutions, Mike Bruno interviews some of the most prominent figures in the remodeling industry, namely – Mark Richardson, Shawn McCadden, and Joe Stoddard.
Bruno gathers their take on viewing and understanding reports, cash flow management, key performance indicators, accounting principles, and reasons behind business struggle and financial failure of home improvement companies.
“Contractors should be in making-hay mode,” says Richardson. Economic indicators show that the next two to three years will be opportune time to focus on generating healthier profit margins.
“It’s all-too-common that remodelers struggle with maintaining a healthy level of profit for their businesses. Running a remodeling business is inherently difficult even when profitable, so running an unprofitable remodeling business is like trying to climb Mount Everest without a rope,” says Bruno.
Before even mastering the details, the key takeaway is that securing profitability is directly proportional to sustaining a successful remodeling business. 2017 is high time for remodelers to start knowing and understanding their numbers, and developing the best strategies to improve their overall financial performance. Amidst the multitude of demands and factors to consider in daily operations, “it’s good practice for contractors (and any business for that matter) to make sure they are secure for profit, taxes, and owner pay from every dollar they receive,” says Bruno.
Mike Bruno consolidated all interview responses from Richardson, McCadden and Stoddard, as well as his own insights into a list of ten tips that remodelers can use as a guide to a more profitable year. The article received a thumbs-up from Profit First…