The Contractor's Profit Hackz

https://www.foundationacs.com In this episode of the Contractors Profit Hack Show, Jeremy Lott from Foundation Accounting and Consulting continues discussing the four essential steps of the bidding process, focusing on determining costs. He shares a story from his scouting days to illustrate the importance of knowing costs ahead of time. Jeremy explains how to identify direct and indirect costs as...

https://www.foundationacs.com In this episode of the Contractors Profit Hack Show, host Jeremy Lott from Foundation Accounting and Consulting delves into the first crucial step of the bidding process: creating a detailed process. Jeremy shares personal experiences, including his discovery of being autistic, and how he developed coping mechanisms to succeed in business. He emphasizes the importance...

https://www.foundationacs.com In this episode, we discuss the importance of questioning established processes by sharing a story about a woman who followed a cooking method without understanding its original context. We then apply this lesson to business, specifically focusing on the bidding and estimating process in contracting. We highlight the common practice of bidding per unit (e.g., per squa...

https://www.foundationacs.com/ Welcome back to the Contractor Profit Hacks podcast! In this episode, we synthesize everything discussed so far to achieve our ultimate goal: putting money in your pocket. Drawing from my 15 years as a contractor and my wrestling experiences, I emphasize the importance of adopting a lifestyle and mentality to succeed. We dive into how to set and achieve profit goals...

https://www.foundationacs.com/ Welcome back, Profit Hackers! In today's episode, I explain why I refer to your business costs as a 'hill'. We delve into how on-the-truck costs and other expenses behave as your revenue doubles and the significance of maintaining an abundance mindset. We'll touch on Generally Accepted Accounting Principles (GAAP) and how they define the structure of your financial s...

https://www.foundationacs.com/ In this episode, I talk about the crucial role of selling, general, and admin expenses in accounting, using a high school football story as an analogy. I describe how making quick reads in football and accounting are key to success. We explore various categories of these expenses, such as sales, marketing, and office costs, and how they create the foundation for runn...

https://www.foundationacs.com In this episode of the Contractor Cash Hacks Show, we discuss the crucial concept of gross profit margin, why it's essential, and how it can help us meet financial goals. I share a personal story from my childhood about saving money for an Ewok village to illustrate the importance of setting financial targets and working towards them. We then break down what gross...

https://www.foundationacs.com/ In this episode, I delve into the concept of indirect costs, often referred to as overhead costs, using an analogy from my high school soccer experience. Just as my role on the field shifted from defense to offense, leading to unexpected benefits, indirect costs play a crucial role in our business operations, supporting direct activities and ensuring smooth project e...

https://www.foundationacs.com/ In this episode, we explore the concept of extreme accountability through the lens of William Ernest Henley's poem 'Invictus.' Drawing from personal parenting experiences, I dive into the powerful analogy of the leaf versus the boat to illustrate how we can take control of our fate and decisions. This philosophy is then linked to the realm of accounting,...

https://www.foundationacs.com/ In this episode, I discuss the crucial difference between focusing on cash flow versus focusing on debt payments. I start by sharing a personal story about an adventurous mishap with a machete in the Philippines that highlights the importance of focus. I then delve into the traditional mindset of reducing debt for fixed-income retirees and explain why this strategy i...

In this episode, I talk about the importance of using the correct tools in financial analysis, illustrated by a story about using skateboard ramps with a bike. I emphasizes the need to understand Generally Accepted Accounting Principles (GAAP) while rearranging financial data to suit specific business needs. We focus on categorizing costs using M&Ms as a metaphor. Red, blue, orange, and yellow...

Jeremy recounts the tale of Rumpelstiltskin, where a girl must spin straw into gold with the help of a magical creature. He connects this story with the ancient practice of alchemy, ultimately revealing how modern science, like Glenn Seaborg's transformation of bismuth into gold, and his own experiences in the construction and landscape business, have inspired a systematic approach called the 'bus...

In this episode, we explore how historical events led to the creation of standardized financial reports and accounting principles due to the 1929 market crash. The necessity for financial transparency among businesses resulted in the formation of the SEC and the establishment of the profit and loss statement, balance sheet, and cash flow statement. I go over how most business owners struggle with...

Jeremy recounts his inspiring journey from being a contractor to becoming an accountant dedicated to helping other contractors. It begins with a wrestling scholarship at BYU and a transition to landscape design and construction management. Despite creative success in the landscaping industry, financial mismanagement led to bankruptcy in 2008. This setback spurred a calling to master financials and...