In today’s episode, Dave Sullivan chats with Michael Stone, the author of Markup and Profit, about why so many roofing contractors run into trouble, or even go out of business. They discuss the importance of thoroughly understanding your financial statements, pricing your jobs accurately, and maintaining healthy profit margins. Michael also shares eight red flags that can signal your business is in trouble, like not paying your bills on time or working for free as the owner. The big takeaway? Spot financial problems early, continue learning, and don’t be afraid to ask for help or utilize the available resources. That’s how you build a roofing business that lasts and actually makes money. Tune in to hear more!

What you’ll hear in this episode:

• Challenges faced by roofing contractors in business management
• Importance of understanding financial statements and job costs
• Common reasons for contractor business failures
• The significance of accurate pricing and markup strategies
• The role of overhead costs in determining profitability
• Marketing and lead generation as critical components for success
• The necessity of effective bookkeeping and financial oversight
• Warning signs indicating potential business failure
• The value of continuous improvement and education in business practices
• Resources available for contractors to enhance their financial acumen and operational efficiency

Resources:

Find out about Michael’s course, Making the Numbers Work in Construction Markup And Profit or call Michael at 360-335-1100

Markup and Profit by Michael C. Stone

Check out this episode on our YouTube channel at @DaveSullivanRooferShow or use this link - https://www.youtube.com/@DaveSullivanRooferShow

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