Of all the risks associated with building a successful contracting business, the ONE thing that can hurt your bottom line more than anything else is… miscalculating labor.
Ask yourself: How many times have you estimated a job to take a certain number of hours, only to find out you missed your mark, and your miscalculation cut deep into your expected profits?
It’s an unfortunate, yet all-too-common mistake.
And to add fuel to the fire, not having a correct understanding of what an employee REALLY costs you, puts you at even greater risk, because you’ll never be able to accurately mark up your labor.
…And that’s a recipe for disaster that can quickly lead to systemic financial troubles.
So, today I’m going to help you crack the code and begin to fix that costly profit leak in your business.
After working with hundreds of contractors over the past 25+ years, I’ve seen time and again how contractors leave money on the table in this one (fixable) area.
The reality is that you can have way more control over it than you think.
Having clarity about your real cost and what to mark up for labor is the first place to start, and that’s what today’s video is all about.
Not only will I show you how to have the right practices in place in this area of your contracting business, but I’m also giving you a POWERFUL, easy-to-use tool, to help you work through these numbers for your business.
I would like to obtain a copy of the labor burden template mentioned.
Hi Johnny, you bet – here is the link to download it! https://suiterbusinessbuilders.com/labor-cost-calculator/