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Secret Construction Definitions Unique To High Profit Contractors – “S,T,U,V,W,X,Y,Z”

How To Make $100,000 A Year

This is a guest post from Randal DeHart at FastEasyAccounting.com.

I have been involved with construction beginning in the mid 1960’s as a kid working in the family construction company through the present time.

Over the decades I have gathered and documented a comprehensive list of terms that describe construction. Some of them are meant to bring a smile to your face, some are serious and the rest I hope are simply entertaining.

This Article Contains Definitions That Begin With The Letter “S,T,U,V,W,X,Y,Z”

Salt Of The Earth Contractor – Has up to three construction workers and is one of the Four Types Of Contractors

Salesperson – Amateur sorter

Sales Process – Documented system for acquiring new clients for the Firm

Shoe Salesman Contractor – Someone skilled in servicing, repairing and being a handyman for houses, commercial buildings and other structures

Signer– Someone other than the business owners with access to your bank account to pay bills or make tax payments….NEVER EVER A GOOD IDEA because everyone runs short of cash and the temptation to “Borrow” with the “Intention” of putting it back is having a high calorie snack with the intention of exercising later to get rid of it!

Simple Plans – Drawings showing what the finished product would look like if it were built in Heaven.

Solution – Properly setup and maintained QuickBooks For Contractors file

Sorter – Professional Rain Maker

Spending Vs. Investing – Poor contractors spend money and wealthy contractors invest money. Why spend money on bad bookkeeping when you can invest money on professional contractors bookkeeping services and in the process learn how to increase sales and profits for years to come. Don’t just spend money of fuel for your equipment and vehicles understand when it makes financial sense to replace them.

Strategic Bookkeeping Services – Bookkeeping services for construction that understands and applies principles of profit and growth strategies

Strategy of Preeminence – Contractor with the clients best interests in mind

Strike – An effort to increase egg production by strangling the chicken

Success – A few simple disciplines practiced everyday

SWOT – Knowing the company’s Strengths / Weaknesses / Opportunities / Threats and what to do about it

Tax Preparer Doing Construction Bookkeeping – QuickBooks setup to make doing tax returns easy while greasing the rails for the contractor to go broke focusing only on reducing taxes not cash flow and profitable jobs.

Tenant Improvement – Bid, award contract, work day and night, pressure, pressure, pressure, done!

The Contractors Accountant – Someone who cares about contractors and their well-being, Randal DeHart

The Contractors Cash Management Accountant – Shares keys to peace of mind by showing you how to optimize your cash flow by properly managing receivables, payables, payroll, payroll tax reports, Washington State sales tax reports, Department of Labor and Industry returns, 941 quarterly returns, 940 annual returns, W-2 and W-3 returns in your construction business regardless of the economy, Sharie DeHart.

The Contractors Profit And Growth Accountant – Shares the keys peace of mind by showing you how to optimize your bottom line profits by spending five minutes a day reviewing the Five Key Performance Indicators (KPI) of your construction business performance. And by regular phone and/or in person strategic consulting sessions where we focus on what your company needs to do to help you achieve your definition of success, Randal DeHart

TSheets.Com – A Time Card Calculator That Actually Works

Unlicensed Contractor – Someone who thinks they can save their customer money by scamming the system with supposedly lower overhead than likened contractors. All too often they provide FREE labor and material because they cannot sue customers for payment.

Warranty Work – The project that never ends

Wealth Prevention Tool - Bad Bookkeeper who does everything possible to make certain business owners a paid the same or less than the Bad Bookkeeper.

Wealthy Contractors – Work on building relationships and innovating (faster/better/cheaper)

Wealthy Contractors – Have million dollar conversations with their mentors

Wealth – Not working because you have enough cash to live the rest of your life

Working On Wrong Stuff – You can’t get rich with your head in the ditch

World Of What Is – We live in a world of what is, not what should be

You Can Be Right Or Rich, Pick One – You cannot be both. You pick one on purpose or by default. The more you want to right the less you will be rich and the reverse is true

 

About The Author:

Randal DeHart

Randal DeHart, PMP, QPA The Construction Accountant. Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington and Fast Easy Accounting. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Accounting Specialist and Bill.Com Certified Guru. Visit http://www.fasteasyaccounting.com/ to learn more. Follow Randal on Google+

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{ 1 comment… add one }
  • Tony Decko February 16, 2017, 1:16 pm

    Thank you for nice reading.
    For the categories you remind me and with right or rich, not both.
    Right with one’s self will bring riches to further “play” in the construction field. Main objective organized with sub-categories towards achievement and with the gumption to keep pushing no matter the barriers is how to succeed with wealth, building and life.
    I will always be a low profit builder with no want to also do business…
    We do not always get what we want so we keep pushing.
    Round and around our world continues growing. Grow.
    That’s my two cents worth… or, five hundred. (smile)
    tony.lol

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