Would you like to have more profitable projects?
Integrators are beginning to understand the value of being selective about the projects they take on
So, is there a benefit to being “choosier” about which projects your company takes on?
The short answer:Â YES!
It pays to spend time studying your company’s project performance over time so you can find your “sweet spot”: the types of projects that bring you the most profit. Your sweet spot depends on things like your team’s skillset, the type of work they enjoy, existing relationships, and the equipment you have.
Only your company can determine how much profit is necessary (or desired) on each job.
Understanding true projects costs is key to identifying this number. Especially in today’s environment, where material and labor costs are moving targets, it’s important to make sure you leave enough room in quotes to maintain profitability if costs change after the project gets off the ground.
Before quoting any job, be realistic about the true costs involved by answering the following questions:
- What will it cost in labor to complete the job, including wages, benefits, workers’ compensation, taxes, travel to and from the site, etc.?
- Do you have the in-house expertise to complete the work?
- If not, what will subcontractors or outsourcing cost?
- Can you get people lined up in time?
- Do you have the right tools and equipment to complete the job?
- If not, what will equipment rental cost?
- Can you get the equipment lined up in time?
- What will bonding and insurance cost?
- How much time will be spent managing and overseeing the project?
- Will this commitment sacrifice the quality of or resources dedicated to other projects?
- If upfront investments are required for this project, will they drain your working capital?
Do you want to know more?
These are the kinds of topics we will be discussing at NSCA’s BizSkills at InfoComm
Join us for this interactive workshop from 1:30 pm to 5:00 pm, June 13, 2023
The NSCA BizSkills program is a perfect complement to an integrator’s InfoComm experience because in addition to learning about new products, innovation and technology, attendees can pack in reliable and industry-specific business education.
Don’t miss our CEO, Brad Dempsey, and President, Joel Harris who will be presenting the session from 2:30 pm to 5:00 pm:
Managing Cash and Targeting Profitable Projects
Cash is the lifeblood of a company. For integrators navigating uncertain market conditions in 2023, it’s essential not just to effectively manage cash flow but to identify key metrics for selecting profitable projects. This integrator-targeted interactive training session will benefit any integration professional with financial responsibility within their company. Learn best practices for creating financial, income, and cash flow statements. Attendees will learn guidelines to facilitate cash flow and important steps for de-risking projects. The financial lessons from this session are evergreen, but they’re also specific to the challenges of integrators battling supply chain and inflation in the current market.
