Mind Your P’s and Q’s

In merry old England it was not uncommon for a bartender to tell an unruly patron to mind his pints and quarts. This eventually gave way to the expression “mind your P’s and Q’s”. That expression has several applications to a paint contracting business.

For example, it could apply to your paint, though I doubt you buy many pints or even quarts of paint. However, accurate estimating will help you avoid purchasing excessive quantities of material, and this will ultimately save you a considerable amount of money. Purchasing an extra quart of paint per week would cost $400 a year at $8 a quart.

It could also apply to financial management—minding your pennies and quarters. While I am not advocating excessive frugality, the small things can often break us. A dollar here, a dollar there—these can add significantly to the bottom line.

If you are seeking an 8% to 10% net profit, these small things can make all of the difference in the world. If you start throwing away a few dollars each day that profit is eroded. Good financial records and stringent management are the key factors in controlling costs.

Some may think that such penny pinching is a waste of time. Certainly, collecting pennies is not a very good way to accumulate wealth. However, the mindset involved will carry over to bigger items. Consequently, if you mind your P’s and Q’s, you just might find that the dollars take care of themselves.

© BEP Enterprises Incorporated 2008