Pricing for Double Digit Profits with Financial Basics
January 23-24, 2019 - Nashville, TN
Evaluate the various pricing methods and strategies for pricing in contracting. We will review all methods and strategies to ensure dealers' pricing is cost-based and designed to properly produce acceptable gross profit dollars to recover overhead. We also must understand the difference between gross profit dollars and gross margins, target profitability by business segment, and how to increase cash flow to allow growth. We will review divisor, multiplier, markup, gross profit per crew by day and hour, breakeven and dual overhead pricing methods. We will also discuss the idea of aligning a company brand to a market price, and acceptance of the price versus just cost and profit.
How Pricing Fits into a Company Brand and Overall Strategy
Defining a Company Cost Structure – Properly Organized Chart of Accounts
Breaking Down Revenues, Cost of Goods Sold, Overhead, and How Income Statements Work (GAAP)
Identifying Breakeven, Gross Profit Per Day and Overhead Per Day Concepts
Methods of Pricing – Divisor, Markup, Multiplier, GP Per Day, Breakeven, Dual Overhead
Cancellation Policy The deadline to cancel your training registration without penalty is 15 business days prior to the training start date. Registration cancellations received after the deadline will result in a cancellation fee equal to the ticket price of this workshop.
Electronic Files – Cookbook Excel Tool, Budget, Chart of Accounts, Example Pricing Tools Comparing Methods, Flat Rate Pricing Tool for Street Rate, Service Agreement Pricing Template.
What to Bring:
An Excel Capable Device is Highly Recommended
Profit & Loss Statement Year to Date, Year-End Previous
Balance Sheet – Current
Chart of Accounts List
Budget and Cash Flow Statement (if Available)
Current Pricing Strategies and Rate Schedules in All Segments
Pricing Being Used in the Company Today
Who Should Attend?
Owners of Trades
Managers in a Company
Mid-Managers of Any Company Wanting to Grow and Empower Managers
Watch the Financial Videos on Site
Study All Financial Documents on Site
Restructure Chart of Accounts
Begin Producing Monthly Balance Sheets and Income Statements
Adjust Prices if Necessary
Watch all Pricing Videos
Review All Best Practices on Contractor University Website on Pricing by Market Segment
Develop a Defined Pricing Strategy in all Segments for Your Company
Build AOR Cookbook – Positions
Apply GP $ Per Man-Day Benchmarks
Implement Service Pricing and if Needed Flat Rate Pricing
President, EPC Training
Gary Elekes is serial entrepreneur with a passion for helping others become more successful by sharing what he has learned over the past 3 decades working closely with all facets of the contracting industry. During his career, Gary has held senior management positions at Lennox and Service Experts. In 2000, Gary moved into entrepreneurship and started his training and consulting business EPC. Today, EPC continues to support growth oriented businesses aspiring to reach 20% EBIT. He also designed the very first web based learning platform for the residential contracting industry, which acts as a support system for training and learning in HVAC and plumbing trades, and has over 5,000 subscribers.
In 2003, Gary began acquiring contracting firms with a focus on developing turn-around opportunities. He also opened and operated several start-up businesses. In 2010, he added web design/SEO and online marketing to his company portfolio starting Imarket Solutions as a co-founder. Gary graduated from Ohio State University with a BSBA and also holds a Master's Degree in Business and Finance.