Financial Management
WORK IN PROGRESS (WIP) WHY is it Important? WHAT IS A WORK IN PROGRESS (WIP) SCHEDULE? At a basic level, WIP reports show the status of a construction project and contract: whether it is on budget, over-billed, or under-billed, as compared to the project timeline. But this simple statement refers to a wildly complex cash flow,…
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Know your Worth: Valuing a Landscape or Construction Company A business valuation is a general process of determining the economic value of a whole business or company unit. The two main reasons why someone would have their business valuation completed is to determine the sale value or to establish the share price for adding shareholders. Valuing…
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FUEL SURCHARGE – YES OR NO? Information:– Fuel prices have increased 25-30% within the last 3 months in Ontario, Canada– So, should contractors start adding a fuel surcharge on their client invoice? Before jumping into this, I would challenge you and with these questions: 1. What are your current fuel costs as…
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The Secret to SUCCESSION –X + Y + Z = 100% Experts say one of the biggest crises facing businesses is the imminent succession wave, as thousands of baby-boomer entrepreneurs prepare to retire and pass their companies on to other people. The risk is real! The average life span of a family-owned business is 24 years…
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You love your business, but that doesn’t mean you can afford to work for free. Yet, figuring out how to pay yourself as a business owner can be complicated. You need to think carefully about how you take money out of your business. Typically, that’s done one of two ways: a salary or an owner’s…
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6 Steps in Building a Business! The trouble of most skilled trade companies is that they are dependent on the owner. Most owners in the landscaping and construction industry did not start their business because they excelled in accounting, human resources, strategic planning or wanted to build a brand. They started their business because they…
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Explosive Growth – My Lessons Learned Approximately 16 months ago, we were slammed with the onset of COVID-19. At that time predictions were made by many (myself included) that Canada would likely be in a recession by the fall of 2020. Little did anyone know the impact of COVID-19 would be on the construction and…
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Southbrook Consulting has enjoyed providing accounting services to our landscaping and construction clients for several years. Today we are excited to share with you: Effective March 1, 2021, our bookkeeping and accounting services will be offered through Southbrook Accounting: https://southbrookconsulting.ca/accounting-services/ Southbrook Accounting is co-owned by Nathan Helder and Jordan Hoek…
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Staff Christmas Bonus – Yes or No? This is the time of the year when employers ask of themselves, “Am I going to give my employees a Christmas Bonus”? Many employers have a practice of paying Christmas bonuses – partly as a reward to staff for their contribution to the success of the business during the previous…
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When reading this title, you may first think of taking a swim in a pool during the summer heat of 2020. Yes, diving deep into the pool where the water is cool would be refreshing. However, the “Diving Deep” that I am thinking of is not about swimming but about a mid summer “Diving Deep”…
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