In this episode, we speak with Joseph Toppi and 20-year veteran to the contracting industry. Joseph has personally built several multi-million dollar construction firms on his own and has packaged his knowledge into a coaching practice to help others achieve the financial freedom they desire. This episode covers one of the most frequently asked topics in the Contractor Innovation community.. How do I better understand my numbers?

Joseph goes deep with loads of useful takeaways to get you the knowledge you need to better understand where your money goes.

Resources:

The 12 Essential Construction Numbers: https://www.josephtoppi.com/offers/WU6Touqz/checkout
3 Tiers of Bidding Contractors:
- The Charity: bids time an material.
- Not profitable
- The Hobbyist: occasionally adds in Overhead if he/she thinks they can command it on that job
- The Business Owner: recovers and profits on every project by properly accounting for all costs, expenses, overhead and profit
The 3 Buckets of Spending:
- https://www.josephtoppi.com/blog/3-buckets-of-spending
If you own equipment you really own two different companies:
- An operating business (does the work in the field)
- And a rental business - where equipment is accounted for and rented for operations
3 Main Metrics of Overhead Recovery:
- Total Costs of the Equipment
- Total Life Expectancy
- Actual Usage
Factors often overlooked in calculating Labor costs:
- Unbillables: meetings, down time, travel
- Benefits, perks, giveaways
- Payroll Liability
- Works Compensation insurance
Get in touch with Joseph Toppi:
- Website: https://www.josephtoppi.com
- Check out his courses: https://www.josephtoppi.com/store
- Check him out on Facebook: https://www.facebook.com/joseph.toppi.35
Ask him a question in our private free Facebook group Contractor Innovation: https://www.facebook.com/groups/2193320537569847/

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Systemize: your one-stop shop for documenting, editing, delegating and storing systems in your business.

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Questions or comments? Email me: sean@contractorinnovation.com