VIDEO: Mike Draper’s 90 Day Profitability Challenge, Part 1
Steve Payne
VideosCorrectly determining fixed and variable costs will help predict your profitability.
Steve Payne and Canadian Contractor’s resident business coach Mike Draper (www.renovantage.com) outline the important first steps towards analysing and predicting your operation’s near term cash flow.
All the steps for taking the full 90 Day Profitability Challenge are outlined in the July/August print edition of Canadian Contractor. Read it on-line….
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When the courts work against you, last 3 jobs, 3 big losses.
1. GAG order, done our due diligence, restaurant company know for not paying at end of contract. Court gave customer benefit of the dough, as they are a prominent figure in the market place and contributor to local charities. excused of debt with gag order. We declined gag order to protect future trades. Loss in court $680K
2. Dealing with a development company relationship 10 years, they failed to make us aware of an engineered permitted work on the excavation, cost to correct work $200K. They refused to cover cost after the fact. Judge had them pay $70K for material. Our loss $130K
3. Asian Investor, home built in WestVancouver, paid well through out contract even tho we tried to have him place all the funds in a trust fund. End of job refuses to pay Change Orders, crying to the Judge that we always wanted more money and he was tired of paying. Judge felt we didn’t explain Change orders properly even after having everything documented and sighed before the work started. We needed to show compassion for our new Canadians. Loss $450K
How are new businesses going to survive if our judicial system is corrupt or led by people who think they are god almighty and clueless of our industry. Settling out of court would of meant greater losses.
When all is said and done you have to deal with CRA they don’t give a dam about your losses, they still feel they earned that money and freeze your accounts till all is satisfied.