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76 Posts
Who knows their monthly costs to operate?
Pricing
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I can print a report but I still spend too much. I guess I need budgeting help.
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How does the term Flat Rate fly around here?
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1,162 Posts
It's a battle as old as time itself:laughing:
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8,104 Posts
Do a search on FR vs T&M and you will see a running gun battle.
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We quote our work before we start. No matter how you slice it... if we are not covering our costs and making some extra to grow the business then there is no reason to be a business owner. Owning a business vs. owning a job.
I see you moved away from new construction. How is that going for you?
I see you moved away from new construction. How is that going for you?
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I am not interested in the Flat Rate battle, but this is not my first rodeo.....there is no teacher like real world experience. The P&L and the Balance Sheet don't lie.
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8,104 Posts
We stay busy. '08 was our last good yr. We have had to raise prices and incorperate some FR in with our T&M. We work a rural area that could not withstand a pure FR pricing. I have too use it on items and service that I can. Water heaters, fixtures, faucets.
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1,162 Posts
FR vs. T&M
I would personally love to be flat rate, but because I'm in a rural area and may drive up to 45 minutes to a call, can't see how it would work here. I do alot of repipes as in DWV and water lines and give a price on a per job basis. Some crawl spaces here have 14" or less, some have 3' of space to work.
I would personally love to be flat rate, but because I'm in a rural area and may drive up to 45 minutes to a call, can't see how it would work here. I do alot of repipes as in DWV and water lines and give a price on a per job basis. Some crawl spaces here have 14" or less, some have 3' of space to work.
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76 Posts
Well we need to upgrade the service department.... I have the utmost respect for anyone who turns a profit in the new construction world. That is done only with diligence and discipline. Service, run properly, is a more profitable hands down. But it is a challenge making it happen on all fronts. How do you do it?
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We are ahead of each other. I too am in a rural area. Sometimes we are our own worst enemies.
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I have a lot to learn. However, one thing we do, is turn a profit. I am passionate about the financial part of the company. We have to bow to the profit and loss statement. I am setting a new QuickBooks File right now. We are editing our chart of accounts. I know that sounds terribly boring however, it is the backbone of getting the numbers correct. Do you use quickbooks?
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1,162 Posts
That's why I don't care when I lose a job or hear "you are just too high". Typically they are comparing apples to bananas and they don't know what it costs to run a business anyway. Arkansas does not require a service plumber to have insurance, but I do anyway. Code enforcement has a hard time tracking down unlicensed hacks, and they get away with working unlicensed. I keep stock on my truck and that costs me gas mileage, where as some have nothing but an empty pick up bed and run to get everything after they are there to see the job. This all costs the customer in a hidden way that they are unaware of, and I can't educate them all.
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1,162 Posts
No, I just went on my own less than 2 months ago and am still learning, I don't have any accounting software. I just have a box of receipts and a 2 part ticket system. It doesn't bother me now, but will after the first of the year when the tax man cometh. :laughing:
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