Aggravation Box - Computer with construction accounting software operated by a trainee

Auction - End result of working in the business, focusing on the wrong stuff and bad financial reports

Auditor - Person who goes in after the war is lost and bayonets the wounded

Assets of Company - Cash / Receivables – Payables / Trucks / Tools / Equipment / Material

Assets of Firm - Cash / Business Process / Sales Process / Client List / Predictable Cash Flow

Bad Bookkeeping - Saving money in the wrong place and making decisions on garbage reports

Bad Bookkeeper - Wealth prevention tool keeping contractors from earning more than bookkeepers

Bad Numbers - Lead to bad decisions / cash shrinks / business unstable / bankruptcy or failure

Bankruptcy - Result of saving money on bookkeeping and making decisions on garbage reports

BCA Business Coach - Someone who helps you raise your level of thinking and income

BCA Staff Member - Cheerful, well paid, thinking, responsible adult, Mastermind Team member

BCG Matrix - Graphical representation of Cash Cows / Rising Stars / Question Marks / Dogs

Bid - A wild guess carried out to two decimal places

Bid Collector - Customer looking for cheap contractor

Bid Opening - A poker game in which the losing hand wins

Black Box - Computer with construction accounting software operated by a trainee

BPM – Business Process Management for construction company owners to grow passive income streams

Business Failure - No meaningful financial and project management records in the calendar quarter preceding the failure

Business Life Cycle - Start small / grow big / lose shirt / shrink back to small business

Business Plan - A plan to have accurate financial reports to base long and short term decisions on

Business Process Management - Develop a construction business that generates passive income

Business Roundtable - Little round table in tavern with pitcher of beer and four contractors strategizing

Cheap - Not enough time or money to do it right first time; but plenty of time and money to do it over

Chaos - Always on the dollars coming in; never on the money going out

Client - Someone who buys construction services and is more concerned about quality than price

Comfort Zone - Success you have now since that is what you feel you deserve no more / no less

Company Bookkeeper - Expensive luxury for construction companies that do not know about outsourcing

Completion Date - The point at which liquidated damages begin

Contractors - The people who makes civilization possible by building and maintaining structures

Contractor Gambling - One project away from making it big or going broke

Contractor Chaos - Contractor netting <$100K doing everything his way; especially the bookkeeping

Contractor Cheap - Amateur with customers from Hell and host of the game show “Low Price Leader”

Contractor Income - The average income of the six people they spend the most time with

Contractor Rich - BCA client earning $100K-$200K by building a client base to sell and service

Contractor Student - BCA client net <$100K learning how to get Rich then Wealthy

Contractor Successful - Contractor using timely accurate financial reports to base their decisions upon

Contractor Volume - Loses money on every sale and tries to make it up with a volume of new work

Contractor Wealthy - BCA Client earning $200K + Investing 50K with 100 clients to service

Construction Bookkeeping And Accounting - System for setup and maintaining construction accounting

Construction Accountant – Someone who turns piles of numbers into meaningful trends

Critical Path Method - A management technique for losing your shirt under perfect control

Customer - Someone who buys construction services and is more concerned about price than quality

Delayed Payment - A tourniquet applied at the bank balance of any contractor who will allow it

Delusional - Contractor going to learn to use QuickBooks effectively in a few months

Developer - Company looking for a few, good, low priced, high volume contractors they can school

Displaced Aggression - Being angry at someone due to events/circumstances from elsewhere

Engineer's Estimate - The cost of construction in heaven

Expensive - Goods or services that no matter how cheap they are; do not work

Experience - What you get, when you get, what you don’t want

Failure - A few errors in judgment repeated everyday

Fear - What initiates change or stops progress

Five At Five For Five – The five reports at five o’clock for five minutes that tells you how your business is doing

Fifteen Minutes Too Late - If you think you should fire somebody, you’re already 15 minutes too late

Fully Burdened Rate -Includes all the costs of keeping an employee on the payroll, not just wages

Hard Work - Expressway to Retired

Income - Working for daily money

Insanity - Hiring and firing cheap in-house bookkeepers over and over and over expecting useful reports

Inexpensive - Goods or services that do work beyond the warranty period

KPI - Key Performance Indicators if viewed daily and understood leads to wealth

Lawyer - Person who goes in after the auditors to strip the bodies

Leveling - When two or more people spend time together the group will level to the strongest personality

Listening - Contractor who asks their client what materials and results they want and give it to them

Little Leaks - Sink the construction business because they are easy to ignore like what ten minutes is costing your company

Liquidated Damages - A penalty for failing to achieve the impossible

Low Bidder - A contractor who is wondering what he left out

Mastermind Team - BCA Staff and Clients who mentor BCA contractor clients

MAP – Marketing / Accounting / Production / formula for success

MR>MC - Wherever marginal revenue exceeds marginal cost do the job

No Financial Reports – Driving on the highway, at night, windows blacked out and being surprised by the crash

Non-Construction Accountant – Dim-bulb trying to jam retail accounting methods into construction accounting

Not Listening - Contractor who gives their clients what the contractor likes not what the client wants

OSHA - A protective coating made by half-baking a mixture of fine print, red tape, split hairs and baloney

PAM – Production / Accounting after checks bounce and letters for back taxes / Marketing word of mouth

Pioneer - Contractor with flaming arrows in the back from asking the bookkeeper for accurate reports

Poor Contractors - Have hundred dollar conversations with their mentors and attend the business round table

Process - System to produce predicable quality results and reap dividends for the owners

Process Development - Do it, Document it, and Delegate it

Project Manager - The conductor of an orchestra in which every musician is in a different union

Project Management - Combination of skills and construction project software

QuickBooks For Contractors - Accounting software for construction companies

Rain Maker - The person in the contractors firm that acquires new clients

Purpose of Firm - Acquire clients and satisfy their needs

Remodel House - Forming (Honeymoon), Storming (demolition), Norming (Rough-In), Performing (Paint)

Retail Bookkeeper - Worked at store somewhere, thinks all accounting is the same, expensive lesson for contractors

Retired - Means you got tired of them, or they got tired of you

Rich - Income exceeds outgo

ROI - Risk of Incarceration; in most cases the business owner is responsible for unfiled taxes and missed payments, not the bad bookkeeper

Salesperson - Amateur sorter

Sales Process - Documented system for acquiring new clients for the Firm

Solution - Properly setup and maintained QuickBooks For Contractors file

Sorter - Professional Rain Maker

Strategy of Preeminence - Contractor with the clients best interests in mind

Strike - An effort to increase egg production by strangling the chicken

Success - A few simple disciplines practiced everyday

SWOT - Knowing the company’s Strengths / Weaknesses / Opportunities / Threats and what to do about it

Tenant Improvement – Bid, award contract, work day and night, pressure, pressure, pressure, done!

The Contractors Accountant – Someone who cares about contractors and their well-being, Randal DeHart

Warranty Work - The project that never ends

Wealthy Contractors - Work on building relationships and innovating (faster/better/cheaper)

Wealthy Contractors - Have million dollar conversations with their mentors

Wealth - Not working because you have enough cash to live the rest of your life

Working On Wrong Stuff – You can’t get rich with your head in the ditch

Warm Regards,

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