Faster, Cheaper, Better
94 Pages
English

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Faster, Cheaper, Better

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Gain access to the library to view online
Learn more
94 Pages
English

You can change the print size of this book

Description

This is what Faster, Cheaper, Better means:
Faster: Always on schedule or ahead of schedule
Cheaper: Always competitive and providing the customer with good value
Better: Always a quality installation and a better project process
How is Faster, Cheaper, Better achieved? One way, and one way only--excellent project management!
If you think profit is a bad word, then you have just wasted a whole bunch of time reading the first eleven chapters of this book. Profit is not a bad word; profit is the life blood of every for-profit business. A business is in business to make a profit--not to lose money, not to break even, but to make a profit.
There are only three things any business needs to do:
1. You have to sell it (i.e., sell enough to sustain your business and make money).
2. You have to produce it for less than you sold it for.
3. You have to account for it (e.g., all related requirements of financing, billing, payables, payroll, etc.).
That’s it! There is nothing more to almost any business than these three things. It doesn’t matter whether you are General Motors (GM) or Fred’s Electric with just a few employees the same three principles apply.
Skilled in trades and starting your own business? Wondering why you're working so hard and not making much money at it? Thousands of people are heading out on their own, only to find they know much about a trade and little about how to create a great company. Jack Borden's system in Faster, Cheaper, Better helps the budding entrepreneur get it right. You'll learn how build a successful, sustainable business, from negotiating with suppliers for the best rates to operating your passion with purpose. The real secret amid the frustration and failure is that you can do it Faster, Cheaper, Better.
Foreword xv
Introduction xvii
1 Faster, Cheaper, Better 1
1. Faster 3
2. Cheaper 3
3. Better 3
4. Good Project Management Will Help You Achieve
Faster, Cheaper, Better 4
5. Managing the Project Process 4
2 Considerations for Being a Self-Employed
Entrepreneur 7
1. Risks 8
2. Are You a Self-Starter and a Hard Worker? 8
3. Leadership 8
vi Faster, Cheaper, Better
4. Your Specific Field of Expertise 9
5. Sell, Sell, Sell 9
6. Accounting and Financials 9
7. Responsible and Reliable 9
8. Life Changing Commitment 10
9. Money 10
10. Challenges and Heartaches 10
3 Business Fundamentals and the Business Plan 15
1. Required Skills: Sales, Production, and
Accounting 17
2. Prepare a Business Plan 19
2.1 Financial projections 20
2.2 Write your business plan 26
3. Working Capital 30
4 How to Structure Your Business 33
1. Sole Proprietorships 33
1.1 Incorporation with one shareholder 34
2. Partnership Options 34
2.1 Unincorporated partnerships 36
2.2 Partners in a corporation 36
2.3 Partnership of corporations 36
2.4 Partnership agreements 36
3. Should You Purchase an Existing Business? 38
4. Finding a Location for Your Business 40
5. Other Things to Consider 41
5.1 Name your business 41
5.2 Design a logo 41
5.3 Insurance 42
5.4 Set up a business bank account 42
5.5 Reporting and registration requirements 42
5.6 Business contact information 42
6. Legal 43
7. Human Resources 44
Contents vii
5 Prepare a Marketing Plan 45
1. Purpose of Your Marketing Plan 46
1.1 Define your market area and services 46
1.2 Define your market size and your market share 47
1.3 Find your target market 47
1.4 Reach your target market 47
1.5 Prepare your business message 48
1.6 Marketing plan kick off 48
2. Advertising 48
2.1 Website 49
3. First Contact with Potential Customers 49
6 I’m in Business! 51
7 Sales 57
1. How to Be a Successful Salesperson 57
2. Meeting Your Customers’ Project Objectives 59
2.1 Document the objectives 61
2.2 Objectives defined and prepared by others 62
3. Making the Bid on a Project 65
3.1 Pricing the project 67
3.2 Getting the price right 69
8 Produce It 73
1. Project Management 74
2. Create a Project File 76
3. Purchasing Materials 77
4. Contract Administration 79
5. Construction Management 81
6. Customer Relations 82
7. Scheduling 83
8. Managing Resources 85
9. Mobilizing 86
10. Supervising 87
11. Quality Control 88
viii Faster, Cheaper, Better
12. Demobilization 88
13. Contract Wrap-up 89
9 Account for It 91
1. Hire Someone to Help You 91
2. Invoicing and Collections 93
3. General Accounting 96
4. Banking 97
5. Job Costing 99
5.1 Estimated cost to complete 100
5.2 Projected over or under 101
6. Asset Management 110
7. Financial Reporting 112
8. Cash Flow 113
10 Risks 117
1. Identify the Risks 118
2. “Selling It” Risks 118
2.1 Misunderstanding project objectives 118
2.2 Customer misunderstandings about
objectives and pricing 119
2.3 Underestimating the cost of a project 119
2.4 Bidding too low on a project 119
2.5 Lack of understanding of a project’s
complexity and unforeseen conditions 119
2.6 Lack of resources to undertake your
project commitments 120
2.7 Issues with subcontractors and suppliers 120
2.8 Unscrupulous customers 120
2.9 Poor relationship with the customer 120
2.10 Lack of vision 121
3. “Building It for Less Than You Sold It” Risks 121
3.1 Not meeting your Customer’s
Project Objectives 121
3.2 Project mismanagement 121
Contents ix
3.3 Not building the project Faster,
Cheaper, Better 122
3.4 Not building it for less than you sold it 122
3.5 Inaccurate and unreliable cost-to-complete
estimates 122
4. “Accounting for It” Risks 122
4.1 Under capitalization 122
4.2 Not getting paid by your customer
on schedule 123
4.3 The customer has financial difficulties 123
4.4 Personnel problems 123
4.5 Inaccurate and unreliable job-cost reporting 124
11 Suppliers 125
1. Supplier Credit 128
12 It’s Time to Make Some Money! 131
1. What Happens to the Profits in Your Company? 132
Conclusion 135
Download Kit 137
Samples
1 Statement of Earnings 23
2 Balance Sheet 25
3 Sources of Capital and the Implications of Each Source 31
4 Project Proposal 63
5 Project Types 66
6 Job Cost Estimate 71
7 Project Plan 78
8 Purchase Order 80
9 Paper Trail for Projects and Related Accounting 92
Requirements
10 Invoice 95
11 Job Cost Report 102
x Faster, Cheaper, Better
12 Estimate Sheet 103
13 Work in Progress Report 108
14 Cash-Flow Statement with All Accounts Receivable
Collected on Time 114
15 Cash-Flow Statement with Some Accounts Receivable
Not Collected on Time 115
Worksheets
1 Are You Suited to Be a Self-Employed Entrepreneur? 12
2 Are You Ready to Make Personal Sacrifices? 13

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Published by
Published 15 April 2015
Reads 0
EAN13 9781770409569
Language English

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