PowerTips Unscripted A Secret Shortcut to Estimating Labor with Chad Vincent – [Best of PowerTips Unscripted]
Nov 21, 2024
Chad Vincent, CEO of Renaissance Remodeling in Boise, shares his journey from the family business to a leading figure in remodeling. He discusses the critical challenge of labor estimating, emphasizing the need for efficiency. Listeners will learn about innovative methods to simplify this process and the importance of educating designers on labor costs. Chad also highlights strategies to reduce estimating time while improving accuracy and profitability, all peppered with humor and personal anecdotes that make the insights both relatable and entertaining.
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Inconsistent Labor Tracking
- Chad Vincent's bookkeeper used to provide weekly job cost reports, highlighting over/under in labor estimations.
- Field workers' timekeeping didn't always align with initial estimates, leading to discrepancies.
Focus on Total Labor Budget
- Chad realized focusing on total labor budget accuracy is more important than individual task estimations.
- This realization shifted his focus from granular labor tracking to overall project budget adherence.
Labor as a Percentage of Revenue
- Use your profit and loss statement to determine the appropriate labor percentage for estimations.
- Calculate labor as a percentage of revenue to maintain consistent cost allocation.
Accurately estimating a project is critical to profit, and one of the most challenging components of that estimate is labor. Can you estimate labor simply and accurately? Are you spending too much time estimating labor for each job? Guest Chad Vincent thinks so. Tune into this episode to hear all about his new method towards […]