Knowing When It’s Time To Raise Prices

During a recent visit to Florida, I had the opportunity to spend a day at Disney World. I was astounded by the admission price! Shortly after my visit I had the opportunity to visit with a friend who once worked in marketing for Disney. I felt I had to ask how the...

Marking Up To Determine Price

Total Job Cost+Overhead+Profit=Price Once all of the factors involved in the equation required to determine the Selling Price have been determined, contractors can understand the term Mark-up and its use in the Estimating process. When contractors have identified...

Identifying Profit

Profit is the just reward for the effort and risk the contractor undertakes to produce the job. As contractors we are often buried in work to the extent that often there is no realization of what is happening in the outside world, especially when it comes to what kind...

Indentifying Overhead

Overhead is the sum total of the expenses required to operate a business other than job costs. Identifying Overhead Overhead is the sum total of the on-going costs associated with being in business, these are items which typically are not directly related to any...

Identifying Job Cost

Job Cost is the sum total of several broad categories of expenses which can be directly related to each individual project. Identifying Job Costs: 1) Labor: the contractor’s cost for compensating hourly employees which includes both the hourly wage of the...

The Components Of An Estimate

Let’s start with a review of grammar. In reality, the numbers we supply to the prospect relating to the project in which they have indicated interest have no resemblance to what Funk and Wagnalls Standard Desk Dictionary defines as an estimate: estimate-n, 1) a...
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