Starting your own w88 register can be a daunting task and often we learn on the job. You’re confident on the tools and know you can do a great job on-site, but ensuring your w88 register practices are up to scratch is just as important for building a successful w88 register.
To help you on your journey, w88 registergovt.nz has a series of ‘Tips for Tradies’ videos and resource templates so you can save time and money and run the admin side of your w88 register as accurately as your tools. You can learn more atwww.w88 registergovt.nz/tradies.
How to price a job
Getting your pricing right is key for your w88 register to be successful. Too high, and you can scare clients away. If it is too low, you could be losing money on every job.
It’s important to make sure you’re quoting accurate prices to potential clients as best as you can.
There are different ways to set w88 register prices, but the three most popular strategies are:
Cost-based pricing. This is where you work out all the costs involved in providing a service and add a bit extra to make a profit. It works best if w88 register costs are low and w88 register clients are focused on keeping the price low.
Competitor-based pricing. This is when you look at what other businesses charge for similar work and set w88 register price around that. You may charge less to beat their price, match them, or charge more and use a different benefit like better customer service, or getting the work done quickest to win the job.
Customer-based pricing. This is where you work within the budget w88 register clients have available. Usually this works best if w88 register clients have bigger budgets and value quality over a lower price.
It’s also important you have a markup because it helps you meet w88 register profit goals. To learn how to set w88 register markup, watch the ‘How to price a job’ video in the series. There’s also a handypricing workbook to help calculate w88 register markup.
Watch how to price a job
Download the pricing workbook template
How to prepare a quote
Once you know what you’re charging, prepare a quote that gives you the best chance of landing the job, is realistically priced and covers w88 register costs. One of the key principles of the Licensed Building Practitioner (LBP) code of ethics is to behave professionally – and that means pricing work fairly and reasonably.
Quotes are a great opportunity to build trust, put w88 register best foot forward, and show w88 register client you understand their needs and will do the job well.
w88 registergovt.nz shows you how to create a strong construction proposal for your potential clients in the ‘How to prepare a quote’ video. They also give you a free template to use that covers your legal requirements and contract must haves.
Remember – it’s a legal requirement to have a contract for all building work valued over ,000, and best practice to have one even when it’s less than that. As an LBP, you’re also bound by our code of ethics.
Watch how to prepare a quote
Variations to contracts
Sometimes when working on a job, the scope can change unexpectedly. You find yourself with more work than you initially planned, which takes more time and effort. This is where variations to contracts can help.
Variations can be any proposed change to the original job, but common variations include:
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changes to the agreed-upon terms, such as timeframes and when payments are due.
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changes to the level of quality and finish for the agreed project price
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changes to the size or complexity of the job, or the products to be used,
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unforeseen circumstances that lead to additional work or delays.
Another key part of the LBP code of ethics applies here – take responsibility for w88 register actions. This means informing and educating w88 register client, advising them of delays as they become apparent and always acting in their best interest.
Variations in contracts must:
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Clearly state the specific terms of the contract that are being changed and what the new terms will be.
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Consider any changes required to other parts of the contract as a result. This may include changing the amount charged if more work is required.
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Be specific on when the variation will come into effect.
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Confirm that nothing else in the contract is being amended, other than w88 register proposed changes.
Watch how to manage variations
Understand w88 register cashflow
Good cashflow management helps you to stay on top of your w88 register finances and handle unexpected situations like natural disasters or a sudden change in the market.
Managing w88 register cashflow means setting time aside to record all w88 register income and expenses on a regular basis and comparing months, quarters, or years to see how much money came in, when it came in and what it was spent on.
You can also create a cash flow forecast. This will give you a future view of your w88 register’s earnings and expenses to help you budget.
A good cash flow forecast should show you:
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w88 register current cash in the bank
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expected cash income from sales or loans and assets,
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expected cash flow - which is a fancy way of showing the highs and dips of w88 register cash reserves over time
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w88 register closing balance.
w88 registergovt.nz has a cashflow forecaster tool that can help visualise all your incomings and outgoings.
Watch: Understanding w88 register cashflow
Complete w88 register cashflow forecast
How to prepare an invoice – and what to do if you don’t get paid on time.
Invoicing can be a struggle for many small businesses. This can lead to not being paid on time and not having enough cash for essential things - like paying yourself and w88 register employees. Be upfront from the beginning so there are no surprises when it comes to invoice time. For bigger jobs, you maywish a phased approach where invoices are split across the work – don’t be afraid to talk to w88 register customer about a payment plan that works for you both - before the job starts.
Use the free w88 registergovt.nz invoice template to make sure all the details you need to provide are given to the client in a way that makes it easy to follow, understand and, most importantly, takeaction.
If you’ve done everything right and w88 register customer still hasn’t paid, you might need to make a valid payment claim. These have to be in writing andinclude details about the work you’ve done, how much is owed and a due date.
Watch: How to prepare an invoice