I recently got a text from a member of my peer group community, asking how to incentivize a new Operations Manager. The same question could be asked about any Second In Command (2IC) position, e.g. how to set up an incentive for your Ops Mgr, GM or COO? Incentives are...
To achieve a good net profit, how much gross profit should you earn in each of your divisions? I have written on this topic before, and with my upcoming Financial Master Class, I am revisiting this pivotal financial discussion on gross profits to drive home key...
As you plan for 2023 (whether starting or finalizing your 2023 budget), you will need to address the uncertainty of the current economic and market conditions. There are many things still up in the air - with both supply and demand. Some things have settled, while...
I enjoy traveling to new countries, experiencing the different cultures, food, language and norms. It gives me a fresh outlook on my own life and helps me get out of my comfort zone and lose the routine of life for a while. This weekend I flew to Rotterdam (The...
Stop selling from your own wallet; here is a case in point. I am renovating my front landscape (new second driveway, fencing and auto gates, walkway, and foundation plantings). We are getting this work done before our upcoming wedding anniversary celebration. In...
How do you get your foremen, project managers, and supervisors to drive revenue and profitability? There is more than one way to skin this cat. One of the many topics I touch upon at my annual virtual Financial Master Class is managing and maximizing billable hours....
Will inflation keep rising next year, and beyond? This begs the question: How much should you budget next year for pay raises? My View on Inflation Inflation is based on supply and demand, and the cost of production. Supply In the next 18 months, material supplies...
There is a drumbeat in the industry magazines to raise prices, either to get ahead of inflation or to take advantage of supply and demand. But raising prices is not enough of a strategy. Raising prices does not mean raising value. Unless you are actually mis-pricing...
Not enough salespeople enjoy talking money and pricing with their prospects. Too many are uncomfortable with it, or even avoid it altogether to their own detriment. Does that reflect you or someone on your sales team? Here are insights to help your salespeople improve...
The profit you earn on each of your services is driven by a few factors: the marketplace, how it is priced and sold, how efficiently it is produced, and how much overhead must be recovered. However, the profit you earn should ultimately reflect the risk associated...
