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Your Fear of Hiring is Costing You Opportunities to Bid on Projects to Grow Your Business I was talking to a potential client earlier today about the fear he has about hiring two new employees. See the last two didnโt work out and both were let go. The problem is that it costs a lot of money and time to hire and train the right person. He felt he was getting it wrong, and it brought up this fear that you canโt find good people, and experienced guys, well they donโt exist. Then the answer he came up with was to suck it up and stay in that burnout loop of doing it all yourself and not growing. This really comes down to adopting a more systematic process that addresses these types of concerns and helps improve your confidence to hire again. A STRUCTURED PROCESS To create a hiring process, you need a hiring strategy. The strategy should include: 1. Setting expectations and goals for each position. Determine the responsibilities of each role, the skills and experience wanted/needed. 2. For your interviewing process, create standardized questions that will focus on the key competencies of the role and behavioral traits that are relevant to the role and culture of the company. 3. Also, have a structured onboarding plan that will help your new hire to understand the culture of the company and what your expectations are. If a new hire doesnโt know what your expectations are, they canโt rise to meet them. You can be confident and feel more prepared in your ability to hire the right person for the job when you have a structured process. If you lack confidence in your ability to hire the right person, letโs jump on a quick 15 min call to see if weโd be a good fit to help your business hire more effectively. #profitability #CashFlowManagement #ConstructionAccounting #ConstructionProductivity #financialefficiency #costeffectiveconstruction #constructionbusiness #constructionbusinesscoach #constructionindustry #buildersofinsta #constructioncompany #constructionmanagement #contractorsofinsta #generalcontractor #profitabilitycoach
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๐๐ผ Trucking Industry: Weekly Tax & Strategy Insight: Attention trucking business owners and future entrepreneurs! This week, we're honing in on key tax strategies essential for anyone in the trucking sector. Hereโs a quick rundown to keep your business on the financial straight and narrow: ๐น **Workersโ Compensation Insurance:** A significant expense, but with proper accounting, you can leverage it for substantial tax deductions. ๐น **Depreciation Options:** Take advantage of bonus and Section 179 depreciation to reduce your tax burden more quickly than standard methods. ๐น **Employment Tax Compliance:** Proper classification of employees, particularly owner-operators, is vital to sidestep severe penalties. Ensure your records are meticulous. ๐น **Audit Readiness:** Keep your financials and documentation current to minimize audit risks. Regular tax planning is your best defense. ๐น **Choosing the Right Business Structure:** Decide whether an S-Corp or C-Corp best suits your needs, keeping in mind the limitations and benefits of each. ๐น **Permits and Licensing:** Stay compliant with all regulatory requirements to avoid legal pitfalls. ๐น **Capital Requirements:** Starting a trucking business is capital-intensive. Demonstrating profitability is crucial for securing bank financing. For more tailored advice on managing your trucking business taxes effectively, don't hesitate to reach out! #TruckingIndustry #TaxPlanning #BusinessStrategy #TruckingBusiness #FinancialEfficiency #TaxTips
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I DONโT KNOW WHO NEEDS TO HEAR THISโฆ BUT LOWERING YOUR PRICE FOR PEOPLE WHO CANโT AFFORD YOU ISNโT GOING TO HELP YOU HIT THE PROFIT MARGIN YOU WANT... A guy I talked to the other day actually told me he was going to lower his prices so he could hit his profit margins. Iโm likeโฆ WTF?? That is backasswards! There is a problem with this thought process, not to mention a lack of knowledge when it comes to understanding how margins can affect your bottom line. Decreasing your pricing has a dramatic affect on your margins. Letโs say that your present margin is 35% and you reduce prices by 10%. You would have to increase your sales by 40% to create the same profit as before the reduction in price. The thought process of a quick fix and that youโre priced way to high should warrant a review of your finances before anything. Putting a band aid on an underlying or unrelated issue will create other problems. Due your due diligence before making a decision. Need a review of your financials? Letโs jump on a quick call to see if we would be a good fit to help you with your margins. #profitability #CashFlowManagement #ConstructionAccounting #ConstructionProductivity #financialefficiency #costeffectiveconstruction #constructionbusiness #constructionbusinesscoach #constructionindustry #buildersofinsta #constructioncompany #constructionmanagement #contractorsofinsta #generalcontractor #profitabilitycoach
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POLL: What aspect of debt collection frustrates you the most? TIPS: 1 Streamline Your Collection Process. Review your current collection process and identify areas where you can streamline and simplify. Eliminate unnecessary steps to make the process more efficient. 2. Utilize Automation Tools: Invest in automation tools and software that can help automate repetitive tasks in the collection process, such as sending reminders and tracking payments. This can save time and reduce manual effort. 3. Offer Convenient Payment Options: Make it easy for customers to pay their debts by offering a variety of payment options, such as online payments, automatic withdrawals, and payment plans. The more convenient it is for customers to pay, the faster youโll receive payments. Comment the word: HUSTLE And Iโll send you the entire list 4. Communicate Clearly and Promptly 5. Provide Incentives for Early Payment 6. Focus on Customer Retention 7. Train Your Team 8. Monitor and Track Progress 9. Seek Feedback and Adapt 10. Stay Compliant with Regulations #DebtHustle #FasterPayments #EfficientCollections #CustomerRetention #SmartCollectionStrategies #PaymentProcessing #DebtCollectionTips #AutomationTools #FinancialEfficiency #CustomerCommunication #IncentivizePayments #TeamTraining #FeedbackDriven #CompliantCollections #BusinessImprovement
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Download this checklist and use it as your roadmap to financial success. By implementing these steps and staying proactive in your tax planning, you can minimize your tax burden and achieve long-term prosperity for your business. This checklist is for informational purposes only and should not be construed as professional tax advice. Always consult with qualified tax professionals for personalized guidance tailored to your specific business circumstances Article Link: https://legalnest.com/maximizing-tax-savings-for-your-business-essential-tax-saving-tips/ #TaxSavings #BusinessTax #TaxTips #SmallBizFinance #FinancialStrategies #TaxPlanning #EconomicHealth #MoneyManagementTips #CostCutting #TaxSeasonReady #Budget #FinancialLiteracyMonth #FinancialEfficiency #FemaleEntrepreneurs #FinancialWellness #WomenInBusiness #FinancialSuccess #FinancialRatios #IncomeStatementProfitandLossStatement #2024FinancialGoals #SuccessStrategies #FinancialStrategies #SmallBusinessFinance #BalanceSheet
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