Do Your Spending Habits Change When Business Is Booming? - Featured Articles - Contractor Talk

Do Your Spending Habits Change When Business Is Booming?

 
Thread Tools Search this Thread Display Modes
Old 05-15-2019, 09:48 AM   #1
Texas Strong
 
Cricket's Avatar
 
Trade: Administrator
Join Date: Jan 2014
Location: Texas
Posts: 4,756
Rewards Points: 14,348

Do Your Spending Habits Change When Business Is Booming?


Do Your Spending Habits Change When Business Is Booming?-businessboomingspending-lge.jpg

Quote:
You hear talk of “tightening our belts” when business is slow. That makes sense because less cash flow means you have to pay special attention to where your money is going. But when things are going well and business is booming… When Business Is Booming, Should Spending Change?
Do your spending habits (business or personal) change when business is booming? Why? Why not?
__________________
"Show respect even to people who don’t deserve it, not as a reflection of their character, but as a reflection of yours."
Cricket is offline  

Warning: The topics covered on this site include activities in which there exists the potential for serious injury or death. ContractorTalk.com DOES NOT guarantee the accuracy or completeness of any information contained on this site. Always use proper safety precaution and reference reliable outside sources before attempting any construction or remodeling task!

   

Advertisement

 

Old 05-15-2019, 02:49 PM   #2
I like Green things
 
WarnerConstInc.'s Avatar
 
Trade: Architectural Mill Work
Join Date: Jan 2008
Location: In a van, down by the river. Auburn, IN
Posts: 22,898
Rewards Points: 5,630

Re: Do Your Spending Habits Change When Business Is Booming?


Yes

Sent from my SM-N960U using Tapatalk

Advertisement

__________________
Warner Mill Works
Facebook
YouTube
WarnerConstInc. is online now  
The Following User Says Thank You to WarnerConstInc. For This Useful Post:
jhark123 (05-15-2019)
Old 05-15-2019, 03:36 PM   #3
edward trowelhands
 
Golden view's Avatar
 
Trade: Diplomat
Join Date: Feb 2012
Location: PDX
Posts: 4,540
Rewards Points: 6,324

Re: Do Your Spending Habits Change When Business Is Booming?


I try to do the opposite. Spend less, save more when it's coming in fast. Spend money on the good deals when things slow down. Do my own remodel then, etc. Go on vacation during a downturn.
__________________
You make something idiot proof and the world invents a better idiot.
Golden view is offline  
The Following User Says Thank You to Golden view For This Useful Post:
KAP (05-15-2019)
Sponsored Links
Advertisement
 
Old 05-16-2019, 04:26 PM   #4
Pro
 
Windycity's Avatar
 
Trade: Masonry
Join Date: Oct 2015
Location: chicago
Posts: 2,047
Rewards Points: 8,128

Re: Do Your Spending Habits Change When Business Is Booming?


When business is good and tons of work is on the horizon I don’t think twice about making tool and equipment purchases

I don’t really finance anything or borrow money so i usually have no issues purchasing items that i need but When Times are slow like in the wintertime i always hesitate and ask myself if i really need it before i buy it


Sent from my iPhone using Tapatalk
Windycity is offline  
The Following 2 Users Say Thank You to Windycity For This Useful Post:
Justin Rhoades (05-16-2019), pinwheel (06-07-2019)
Old 06-07-2019, 08:11 AM   #5
Member
 
theotherone's Avatar
 
Trade: Plumbing
Join Date: Mar 2019
Posts: 65
Rewards Points: 144

Re: Do Your Spending Habits Change When Business Is Booming?


It does, it's simple economics. But when I started wondering where a chunk of my money is going and how come I began spending so much, I started paying more attention to my expenses.
theotherone is offline  
Old 06-07-2019, 08:32 AM   #6
Focusing on solutions.
 
pinwheel's Avatar
 
Trade: hardwood floor contractor & so much more
Join Date: Dec 2009
Location: Missouri
Posts: 5,021
Rewards Points: 794

Re: Do Your Spending Habits Change When Business Is Booming?


Quote:
Originally Posted by Windycity View Post
When business is good and tons of work is on the horizon I don’t think twice about making tool and equipment purchases

I don’t really finance anything or borrow money so i usually have no issues purchasing items that i need but When Times are slow like in the wintertime i always hesitate and ask myself if i really need it before i buy it


Sent from my iPhone using Tapatalk
Pretty much how we do it. Other than real estate & vehicles, if we can't pay for it, we don't finance it.
pinwheel is online now  
Old 06-07-2019, 09:53 AM   #7
Pro
 
hdavis's Avatar
 
Trade: remodeling
Join Date: Feb 2012
Location: CoastalME
Posts: 23,745
Rewards Points: 3,960

Re: Do Your Spending Habits Change When Business Is Booming?


Definitely spend to improve productivity when you have too much to do.

Down turn strategy can vary. Equipment comes available cheap when people are going under.
hdavis is offline  
The Following User Says Thank You to hdavis For This Useful Post:
Calidecks (06-08-2019)
Old 06-07-2019, 11:43 AM   #8
Pro
 
tang's Avatar
 
Trade: Remodel contractor
Join Date: Jan 2009
Location: eastern Oregon
Posts: 212
Rewards Points: 443

Re: Do Your Spending Habits Change When Business Is Booming?


In Oregon, when it's really coming in... (if you don't have many bills) It's a good time to tool up, buy a new truck or trailer. Or pay the tax man!
tang is offline  
Old 06-07-2019, 09:28 PM   #9
Particulate Filter
 
Metro M & L's Avatar
 
Trade: Flooring
Join Date: Jun 2009
Location: Portland, OR
Posts: 4,402
Rewards Points: 1,424

Re: Do Your Spending Habits Change When Business Is Booming?


Its hard to spend money when youre working all the time.
__________________
"A smart man learns from his mistakes; a wise man learns from the mistakes of others."

www.portlandhardwoodrefinishing.com
Metro M & L is offline  
The Following 6 Users Say Thank You to Metro M & L For This Useful Post:
Golden view (06-07-2019), hdavis (06-08-2019), Idothat (06-08-2019), mrcat (06-07-2019), pinwheel (06-07-2019), rselectric1 (06-07-2019)
Old 06-08-2019, 12:23 AM   #10
GC/carpenter
 
Calidecks's Avatar
 
Trade: Decking, Railing, Carpenter/General Contractor
Join Date: Nov 2011
Location: Anaheim Hills, California (OC)
Posts: 36,987
Rewards Points: 20,008

Re: Do Your Spending Habits Change When Business Is Booming?


I spend like a drunken sailor no matter what the economic times bring.:laughing. It's not the guy that dies with the most money wins! :laughing.

We spent a fortune getting our kids educated. Now it's our turn.


Mike.
_______________
Calidecks is offline  
Old 06-08-2019, 12:23 AM   #11
GC/carpenter
 
Calidecks's Avatar
 
Trade: Decking, Railing, Carpenter/General Contractor
Join Date: Nov 2011
Location: Anaheim Hills, California (OC)
Posts: 36,987
Rewards Points: 20,008

Re: Do Your Spending Habits Change When Business Is Booming?


The best time to spend is in a downturn.


Mike.
_______________
Calidecks is offline  
The Following 2 Users Say Thank You to Calidecks For This Useful Post:
fjn (08-11-2019), KAP (07-21-2019)
Old 07-20-2019, 06:41 PM   #12
New Guy
 
JR-IP's Avatar
 
Trade: Painter
Join Date: Jun 2019
Location: Jacksonville, FL
Posts: 23
Rewards Points: 48

Re: Do Your Spending Habits Change When Business Is Booming?


What's worked wonders for me is when I read Profit First by Mike Michalowicz. It really transformed my business. I know, I look like a dumb painter. I always have paint on me and my clothes. But just the simple process of altering how I account for the money that comes in makes a huge difference.

It means I don't have to worry as much about the booms and busts. It forces me to get away from that point where I lowball offers because business is slow, etc.

It's definitely worth reading as a contractor. Or Audiobook only takes 10ish or so hours.

Advertisement

JR-IP is offline  
The Following User Says Thank You to JR-IP For This Useful Post:
fjn (08-11-2019)


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
22 Marketing Ideas For Small Businesses With Limited Budgets AmeliaP Marketing & Sales 3 10-07-2014 09:54 PM
business owner ready for change, Georgia scottyb488 Help Wanted or Looking For Work 1 04-08-2012 07:27 PM
Business name change Innovation Girl Business 12 02-27-2012 10:24 PM
My spending habits....according to the wife. jeffaah Off Topic (Non Trade) 100 07-19-2010 07:48 PM

Join Now... It's Fast and FREE!

I am a professional contractor
I am a DIY Homeowner
Drywall Talk is for
PROFESSIONAL CONTRACTORS ONLY!

At DrywallTalk.com we cater exlusivly to professional contractors who make their living as a contractor. Knowing that many homeowners and DIYers are looking for a community to call home, we've created www.DIYChatroom.com DIY Chatroom is full of helpful advices and perfect for DIY homeowners.

Redirecing in 10 seconds
No Thanks
terms of service

Already Have an Account?