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How to Make More Money in the Painting Business With Principles of Management By P E Cavanaugh 1) Ask yourself if you are making as much as you want to make. I know this appears simple however admitting to ourselves that we are not happy with your profits is where we need to start. For some reason, we humans don't like to be totally honest with ourselves. Maybe we feel like it is defeat, but if we don't face the cold facts that we are not happy with our earnings we will act as usual and not change. 2) Who are you painting for? This question has a lot to do with cash flow and profit. Do you control the process, from estimate to collecting the final payment? Or does your customer control you? Do you wait to be paid? Is the final decision process a bid or a negotiation? This last question is crucial, and it is all about who controls the job. Is it you or the customer? 3) Does change upset you? If change does upset you then making more profit is difficult. Many painters feel that there is nothing new to learn, and that is their downfall in making money. Learning new ways to do business opens the door to making more money. 4) Do you have a marketing plan? A marketing plan for your business does several things. It provides a steady flow of prospects and helps to level out the ups and downs of business that has no plan; this is an important part of making more money in the painting business. 5) Do you have a set procedure when estimating and presenting the proposal to the customer or does the customer control this process? This is important because our estimates can take a lot of time which costs us a lot but we usually don't charge for it. Although we advertise "free estimates" they are not free to us. If we are the ones who are doing all the work then we should control this entire process. 6) What is your sales technique? Do you have one? Did you ever take a sales course or did you just use what came to you naturally to you? Many people believe they are skilled in this area but could benefit from a sales course. 7) Do you have a business plan? Do you just have an idea where your business and you will be in ten or twenty years? A business plan is essential to success. If you implement any one of these ideas you will make more money in your painting business. Many painters get caught up in the day to day working of their business and ignore the planning. Thinking about your business along these lines will make you more money.
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