On Target Group Coaching for Painting Contractors July 3, 2014.

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Presentation transcript:

On Target Group Coaching for Painting Contractors July 3, 2014

Group Discussion/Check In

Financial Management Part 2

Creating a Budget to achieve your Profit Plan

Get to know your numbers  Shape up your Chart of Accounts and Bookkeeping  Plan for success – the budgeting process (informed by your business plan)  Stay informed with timely reporting  Know the score with ongoing monitoring of actual to budget performance

The Budgeting/Profit Plan Process  Review your Business Plan  Use your 2013 Monthly Profit & Loss Report as a guide  Create a Profit Plan  Implement Hours/Compensation tool to project labor cost and hours  Evaluate other changes in Expenses  Ensure budgeted hours will meet revenue targets  Re-evaluate all components

Use Design Spiral Thinking Revenue Target Marketing Plan Hours Labor Cost Profit Target Other Expenses  What is revenue target?  What is projected cost of direct labor?  What other expenses need adjustment?  Does budget achieve profit target?  Do hours support revenue target?  Should revenue target be adjusted?  Does marketing plan support revenue target?

Let’s look at an example…

Benchmarking Stats

Benchmarking Averages  Direct Costs  Materials  Labor (without burden)  Subcontractor  Gross Profit Margin  Variable Costs  Overhead Costs  Net Operating Profit

Monitor your Progress  Incorporate Budget into QuickBooks  Monitor Monthly & YTD Progress  Make management decisions to achieve plan  Identify Action Steps for upcoming month