In today's No BS Podcast for Contractors, PFC Founder & CEO Andrew Houston and PFC Financial Coach Anna Caruso talk pricing strategies for contractors. Understanding basic financial principles is key to pricing jobs correctly and increasing profitability.
Don't suffer personally due to incorrect pricing, take control of expenses, and examine costs. 📊💵
👨🔧👩🔧💼 With a shortage of contractors and small businesses exiting the industry, now is the time to increase profit by pricing jobs properly. Include labor burden expenses, like advertising and your salary, to accurately estimate job costs. 💸
💪 By pricing jobs properly, contractors can increase profitability, pay themselves a fair wage, and build a successful business. Recover from incorrect pricing by examining expenses, focusing on profitable jobs, and building a strong team.
It's time to take control of your pricing decisions and understand the true cost of doing business. 🏗️💰👍
Chapters:
0:00 Your profitability is the priority, not sales
4:28 What is the impact of pricing incorrectly?
8:51 A contractor losing $20,000 due to incorrect pricing
15:34 What can you do to get back on track?
20:06 Using your gut your spidey sense to make good decisions
24:08 What is your spidey sense telling you?
28:52 What to do when you’re losing money on a service.
32:48 Why you’re not supposed to raise your prices
36:48 Why you need to get an eraser in your business
Mentioned resource/s:
📌 Download the Pricing for Profits Calculator: https://bit.ly/3ND0Wtx
📌 Previous Episode: Episode 170: Strategies to Recession Proof Your Business: https://youtu.be/IAZ-dccDWMI
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Full episode available to listen to on:
📌 Apple Podcast
https://podcasts.apple.com/us/podcast/the-profit-for-contractors-podcast/id1504320346
📌 Spotify:
https://anchor.fm/profitforcontractors
