Business
In this episode, we speak with Joseph Toppi and 20-year veteran to the contracting industry. Joseph has personally built several multi-million dollar construction firms on his own and has packaged his knowledge into a coaching practice to help others achieve the financial freedom they desire. This episode covers one of the most frequently asked topics in the Contractor Innovation community.. How do I better understand my numbers? Joseph goes deep with loads of useful takeaways to get you the knowledge you need to better understand where your money goes. Resources: The 12 Essential Construction Numbers: https://www.josephtoppi.com/offers/WU6Touqz/checkout 3 Tiers of Bidding Contractors: The Charity: bids time an material. Not profitable The Hobbyist: occasionally adds in Overhead if he/she thinks they can command it on that job The Business Owner: recovers and profits on every project by properly accounting for all costs, expenses, overhead and profit The 3 Buckets of Spending: https://www.josephtoppi.com/blog/3-buckets-of-spending If you own equipment you really own two different companies: An operating business (does the work in the field) And a rental business - where equipment is accounted for and rented for operations 3 Main Metrics of Overhead Recovery: Total Costs of the Equipment Total Life Expectancy Actual Usage Factors often overlooked in calculating Labor costs: Unbillables: meetings, down time, travel Benefits, perks, giveaways Payroll Liability Works Compensation insurance Get in touch with Joseph Toppi: Website: https://www.josephtoppi.com Check out his courses: https://www.josephtoppi.com/store Check him out on Facebook: https://www.facebook.com/joseph.toppi.35 Ask him a question in our private free Facebook group Contractor Innovation: https://www.facebook.com/groups/2193320537569847/ Looking to systemize your business? Join our new software program Systemize: your one-stop shop for documenting, editing, delegating and storing systems in your business. Join us as a founding member of our Beta group: www.contractorinnovation.com/software Questions or comments? Email me: sean@contractorinnovation.com