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Business Management for Construction Trades - 4 steps to Profiability

Thursday, March 16, 2017 - 9:00 am to 4:00 pm

Category: Business Events
Age Range: Adults (age 18+)
Cost to Attend: No
Venue / Location: Hardin Building
Community: Fort McMurray
Registration Required: Yes
Event Inquiries Contact: (Person/Business/Org)
Contact Number: 780-793-1135
Contact Email: economic.development@rmwb.ca
Link: www.choosewoodbuffalo.ca

DESCRIPTION

Laura Patton is the owner of Nickels and Dimes Money Mentoring and author of the upcoming book Profit Ability: Secrets to Success for Construction Trades. Laura spent 20 years in the electrical industry, has over 15 years of accounting experience, and is a designated financial planner, providing her with unique expertise and skills to help business owners be their most profitable.

STEP 1: SALES, MARKETING & CUSTOMER SERVICE

DESCRIPTION
You don’t have a business without sales, you don’t have sales without at least some kind of marketing, and you need good customer service to get repeat business and referrals; particularly for trade contractors. We’ll look at these three crucial business components and some easy to implement ideas to help you grow your business and your profits.
This session will provide essential information to help you understand:
•      The important relationship between sales, marketing and customer service
•      Simple, effective marketing techniques any business can afford
•      The components of your basic sales cycle, from estimate to final billing, and how to ensure you’re profitable throughout
•      The importance of a customer service standard for every person in or representing your business
•      The psychological effect paying the bill has on your customers, how it affects referrals, and what you can do about it

STEP 2: AUDIT-READY TAX TIPS

DESCRIPTION

Very few people understand even the basics of income tax, never mind how it affects your business. A little bit of understanding will change the way you view expenses, write offs and profits forever! We’ll look at important things to understand personally, for unincorporated businesses and for corporations; including how to make sure you’re audit-ready.
This session will provide essential information to help you understand:
•      The five most common tax mistakes trade contractors make
•      Canadian Income Tax system basics
•      Can include information about Section 87 of The Indian Act
•      A simple way to project and set aside funds for income tax
•      How to project and set aside funds for GST and PST remittances
•      What happens if you work for cash
•      Audit-ready tax tips for business, automotive and business-use-of home expenses
•      Why write-offs aren’t everything they’re cracked up to be
•      How to control operating expenses and increase your profits
•      Tax planning tips for capital [big] expenses
•      The difference between tax planning and tax preparation
STEP 3: FINANCIALS 101
DESCRIPTION
Without profits you have a hobby not a business! This is YOUR business and to be your most profitable YOU need to be on top of, look at and understand your financials every month. I’ll show you what that means, and how to use the financials to manage your business and increase profitability. We’ll also make sure the financial information is useful, easy to find, and easy to understand!
•      This session will provide essential information to help you understand:
•      How to focus on profit dollars instead of sales dollars
•      How to budget for profit
•      How to use a small number of bank accounts to stay on top of your money
•      Simple ways to organize your financials
•      How to ensure your financial reports mean something to you
•      Time-saving technology to help busy trades control the paper
•      An easy way to manage progress billing and accounts receivable
•      How to read your balance sheet and income statement
•      How to evaluate the health of your business each month

STEP 4: COMPLIANCE ESSENTIALS & TOUGH DECISIONS

DESCRIPTION

Learn how to better protect your business with six often misunderstood areas of compliance for trades. Many things can affect the profitability of your business: times change, new technology comes along, things evolve. Nobody likes change. Many business owners are reluctant to change or feel they’re doing the right thing by not changing. A changed business is better than no business, but some decisions are tough. We’ll look at some common tough decisions and how to recognize when to make them.
This session will provide essential information to help you understand:
•      Six important areas of compliance:
•      Automobile Expenses
•      Employee vs Subcontractor
•      T5018 Returns
•      GST/HST and/or PST Registration and Remittance
•      Worker’s Compensation
•      Business Insurance
•      Six tips to help you proactively make tough decisions when needed
•      How to stand up for the viability of your business
•      That adapting is not failure!