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Business basics

Business Management, Equipment

As the year winds down, consider applying this advice to your company.

Kristen Hampshire | December 10, 2013

After 40 years at the helm of Heads Up Landscape Contractors, Gary Mallory has more than earned a “masters” in running a business. Instead of keeping all that knowledge to himself, he’s ready to share it.

If Mallory could send landscapers to school, he’d recommend these three courses.

Build a Budget 101. Is your price right? Not enough landscape contractors ask themselves this question. “Reading some educational material about appropriate pricing and budgeting is a must,” Mallory says, adding that a budget is a roadmap for any business.

Cost Accounting 202. “Cost accounting is the basic pitch-and-catch of a business,” Mallory says of the process of analyzing every bit of input a job requires to ensure profitability. “The bid and actual cost have to match,” he says.

Befriend the Banker 303. Relationship management extends beyond building a strong rapport with clients. What about the all-important vendor, your bank?

This institution can make or break your growth initiative, if you’re depending on capital financing. “The big thing is to communicate with excess,” Mallory says. “That way, there are no surprises.”

 

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