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Saturday, August 22, 2009
Forex Trading Price
The Big Picture – Non Farm Payroll Report May 9/08
Forexmentor.com Forex Trading Price ActionEverybody is breathing a little easier now that the non-farm payroll (NFP) numbaer came in better than expected last Friday (May 2, 2008). That said, April was the fourth month of reported job losses in the U.S. since the beginning of 2008 – the longest string of job losses since the five-month stretch in 2003. In April, 20,000 jobs were lost - far less than the previous months. April was also a good month in terms of unemployment stats. The rate fell to 5% from 5.1 in March. The big picture, of course, is the loss of some 321,000 jobs since 2008 began.
On the flip side, the economy grew ever so slightly during the first quarter, and factory orders remained sufficient to convince economists that the economy is at least treading water (even though inventories of manufactured goods appear to be climbing). Flies in the ointment are rising oil prices and strained corporate earnings. Bonds reacted negatively to last Friday’s NFP report, as traders began guessing that the Fed may put a hold on interest rate cuts. Looking at the daily commodities futures chart for the U.S. dollar, the dollar has been trending up since putting in a double bottom between March and April, and it obviously reacted well to last Friday’s NFP news.
This report brought to you by Peter R. Bain at www.forexmentor.com where you will find the best forex trading strategies.
Forexmentor.com Forex Trading Price ActionEverybody is breathing a little easier now that the non-farm payroll (NFP) numbaer came in better than expected last Friday (May 2, 2008). That said, April was the fourth month of reported job losses in the U.S. since the beginning of 2008 – the longest string of job losses since the five-month stretch in 2003. In April, 20,000 jobs were lost - far less than the previous months. April was also a good month in terms of unemployment stats. The rate fell to 5% from 5.1 in March. The big picture, of course, is the loss of some 321,000 jobs since 2008 began.
On the flip side, the economy grew ever so slightly during the first quarter, and factory orders remained sufficient to convince economists that the economy is at least treading water (even though inventories of manufactured goods appear to be climbing). Flies in the ointment are rising oil prices and strained corporate earnings. Bonds reacted negatively to last Friday’s NFP report, as traders began guessing that the Fed may put a hold on interest rate cuts. Looking at the daily commodities futures chart for the U.S. dollar, the dollar has been trending up since putting in a double bottom between March and April, and it obviously reacted well to last Friday’s NFP news.
This report brought to you by Peter R. Bain at www.forexmentor.com where you will find the best forex trading strategies.
Wednesday, August 12, 2009
Forex Crunch
As Forex Crunch is growing, I’m collaborating with other sites, by hosting their guest posts and by posting my content on others’ sites. After a few successful collaborations that were arranged behind the scenes, I’m now calling publicly for more guest posts, and I’m offering to write guest posts for others’ sites.
These guest posts benefit both sides. The hosting site gets more content, enriching the style and sometimes giving another angle. The author is exposed to new audiences, which will come to visit his site.
Up to now, I’ve hosted two posts by ForexTraders.com. One is titled Emotional Control - The Secret Key to El Dorado. The second is called Best hours for trading: make sure you don’t miss the opportunity. You can find them in the Guest Posts category. More guest posts are welcome!
I’ve been hosted in several sites on the web, with forex-related and also non-forex-related articles:
When Not To Trade - about 4 cases in which forex trading isn’t recommended - on Forex Magnates.
Forex Crunch Blog Review: A review of Forex Crunch and interview with me, by Hillel Fuld on Daily Forex.
Google Caffeine - A first glance of Google’s new search, on the SortFix search blog.
Hummus is on the rise - about the growing popularity of Hummus in all the world, and in surprising places as well, on the Hummus blog.
Topify - An Essential Twitter Time Saver - a post about an excellent power tool for Twitter users - on Twitip.
Twicli - Twitter Photos Improved - this time on an improved photo upload tool for Twitter, yet again on Twitip.
Israel offers solidarity after gay community center attack - an evidence from a recent event in my country, on Israelity.
These guest posts benefit both sides. The hosting site gets more content, enriching the style and sometimes giving another angle. The author is exposed to new audiences, which will come to visit his site.
Up to now, I’ve hosted two posts by ForexTraders.com. One is titled Emotional Control - The Secret Key to El Dorado. The second is called Best hours for trading: make sure you don’t miss the opportunity. You can find them in the Guest Posts category. More guest posts are welcome!
I’ve been hosted in several sites on the web, with forex-related and also non-forex-related articles:
When Not To Trade - about 4 cases in which forex trading isn’t recommended - on Forex Magnates.
Forex Crunch Blog Review: A review of Forex Crunch and interview with me, by Hillel Fuld on Daily Forex.
Google Caffeine - A first glance of Google’s new search, on the SortFix search blog.
Hummus is on the rise - about the growing popularity of Hummus in all the world, and in surprising places as well, on the Hummus blog.
Topify - An Essential Twitter Time Saver - a post about an excellent power tool for Twitter users - on Twitip.
Twicli - Twitter Photos Improved - this time on an improved photo upload tool for Twitter, yet again on Twitip.
Israel offers solidarity after gay community center attack - an evidence from a recent event in my country, on Israelity.
forex markets
As expected, the Federal Open Markets Committee concluded its two-day meeting with a unanimous decision to keep interest rates unchanged, at a range between 0 to 0.25%. They also supplied a notion about the recovery of the economy. That was expected after the surprising fall in the unemployment rate on Friday.
The surprise was in the wording regarding the program to buy mortgage backed treasuries, or dollar printing if you wish. Note this key sentence from the statement (emphasis mine):
To promote a smooth transition in markets as these purchases of Treasury securities are completed, the Committee has decided to gradually slow the pace of these transactions and anticipates that the full amount will be purchased by the end of October.
Slowing the pace of spilling dollars means less dollars in the market. Less dollars in the market mean a stronger dollar.
And that’s the immediate response of the ==\\\: EUR/USD, which has manged its way up during the day, tumbled down by 100 pips, from 1.4230 to 1.4130 at the time of writing. GBP/USD also fell by 100 pips, from 16550 to 1.6450. Dollar bulls rage!
And note the Japanese Yen: after an initial weakening against the dollar, the Yen is now appreciating against the dollar. USD/JPY is under 96.
So, the Dollar Yen correlation is seen here at its best. What I wrote yesterday, that the FOMC Statement is an opportunity to short the Yen crosses came to life. I’m glad to say I told you
The surprise was in the wording regarding the program to buy mortgage backed treasuries, or dollar printing if you wish. Note this key sentence from the statement (emphasis mine):
To promote a smooth transition in markets as these purchases of Treasury securities are completed, the Committee has decided to gradually slow the pace of these transactions and anticipates that the full amount will be purchased by the end of October.
Slowing the pace of spilling dollars means less dollars in the market. Less dollars in the market mean a stronger dollar.
And that’s the immediate response of the ==\\\: EUR/USD, which has manged its way up during the day, tumbled down by 100 pips, from 1.4230 to 1.4130 at the time of writing. GBP/USD also fell by 100 pips, from 16550 to 1.6450. Dollar bulls rage!
And note the Japanese Yen: after an initial weakening against the dollar, the Yen is now appreciating against the dollar. USD/JPY is under 96.
So, the Dollar Yen correlation is seen here at its best. What I wrote yesterday, that the FOMC Statement is an opportunity to short the Yen crosses came to life. I’m glad to say I told you
Tuesday, August 11, 2009
usa economy
The US Economy
The largest and still the most important market in the world, the United States of America’s economy is driven by consumers but is troubled by high debt levels. The United States of America (US or USA) has the world’s largest economy. According to the CIA World Factbook, 2007 GDP is believed to be $13.84 trillion. This is three times the size of the next largest economy, Japan, which has a GDP of $4.4 trillion. US dominance has been eroded however by the creation of the European Union common market, which has an equivalent GDP of over $13 trillion, and by the rapid growth of the BRIC economies, in particular China, which is forecast to overtake the US in size within 30 years. The recent failure in the US housing and credit markets have resulted in a slowdown in the US economy. 2007 GDP growth was estimated at 2.2% but in 2008 it is projected to be just 0.9%, down from the 10-year average of 2.8% (see chart at end of article).
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In common with most developed countries, Services is the key sector of the economy. In 2007, services made up 78.5% of GDP, industry 20.5% and agriculture less than 1%. Around two-thirds of the total production of the country is driven by personal consumption. Although the US is often referred to as a free market economy, this is not entirely true, since there are government regulations protecting certain sectors, notably energy and agriculture. It can be more accurately described as a ‘consumer economy’. Since the US economy is also the largest economy in the world, and the US consumer drives two thirds of the US economy, the US consumer is also a big driver of global economic activity.
The forces of supply and demand directly drive the price levels of goods and services. What to produce, and how much of it is to be produced depends on the price level fixed by the interaction of supply and demand. The role of government in the US economy is crucial when it comes to decision-making regarding monetary and fiscal policies. The federal government takes all the necessary initiatives to ensure the growth and stability of the United States. The US government makes full use of economic tools such as money supply, tax rates, and credit control, among other things, to adjust the rate of economic growth. For the most part, the US Federal Government also regulates the operations of private business concerns in order to prevent monopolies. The government renders a number of direct services in the form of providing support for national defense, monetary aid for research and development programs, and funds for highway construction & infrastructure in general.
The largest and still the most important market in the world, the United States of America’s economy is driven by consumers but is troubled by high debt levels. The United States of America (US or USA) has the world’s largest economy. According to the CIA World Factbook, 2007 GDP is believed to be $13.84 trillion. This is three times the size of the next largest economy, Japan, which has a GDP of $4.4 trillion. US dominance has been eroded however by the creation of the European Union common market, which has an equivalent GDP of over $13 trillion, and by the rapid growth of the BRIC economies, in particular China, which is forecast to overtake the US in size within 30 years. The recent failure in the US housing and credit markets have resulted in a slowdown in the US economy. 2007 GDP growth was estimated at 2.2% but in 2008 it is projected to be just 0.9%, down from the 10-year average of 2.8% (see chart at end of article).
google_protectAndRun("render_ads.js::google_render_ad", google_handleError, google_render_ad);
In common with most developed countries, Services is the key sector of the economy. In 2007, services made up 78.5% of GDP, industry 20.5% and agriculture less than 1%. Around two-thirds of the total production of the country is driven by personal consumption. Although the US is often referred to as a free market economy, this is not entirely true, since there are government regulations protecting certain sectors, notably energy and agriculture. It can be more accurately described as a ‘consumer economy’. Since the US economy is also the largest economy in the world, and the US consumer drives two thirds of the US economy, the US consumer is also a big driver of global economic activity.
The forces of supply and demand directly drive the price levels of goods and services. What to produce, and how much of it is to be produced depends on the price level fixed by the interaction of supply and demand. The role of government in the US economy is crucial when it comes to decision-making regarding monetary and fiscal policies. The federal government takes all the necessary initiatives to ensure the growth and stability of the United States. The US government makes full use of economic tools such as money supply, tax rates, and credit control, among other things, to adjust the rate of economic growth. For the most part, the US Federal Government also regulates the operations of private business concerns in order to prevent monopolies. The government renders a number of direct services in the form of providing support for national defense, monetary aid for research and development programs, and funds for highway construction & infrastructure in general.
Indicator of Forex Market Economy
All the investors in the forex market often base their decisions in trading upon economic and political news around the world. Forex and stock market depend on the countries economy. Using of industrial production index is the best way to predict the market trends in the future. All the traders are using this market indicator specially the traders who want to trader for a long time because if a country's economy is improving definitely its currency rate goes up and if the economy is decreasing, currency rate will automatically goes down.
What is Indicator?
Forex indicators are the primary and most essential tools used to determine the trend of foreign exchange and their future prospects. These tools sometimes become so important for the users to anticipate future ups and downs of the Forex market according to which, they could invest and deal their finances with foreign exchange.
There are a variety of Forex indicators available to the users of foreign exchange, which are highly advanced and avail an enhanced platform to the Forex dealers and users to deal the challenges with foreign exchange efficiently. These indicators are useful not only to the novice Forex trader, but also an experience Forex dealer as well. The two most significant indicators of them are as follows.
Moving Averages: Simple, Exponential and Weighted
Most Forex traders use Moving Average Indicators to calculate the trends in foreign exchange. This procedure can be set and interpret easily. Using this indicator, we can easily measure the average movement of the price within a particular time period. Through this indicator, the price data get smoothen with which, we can easily observe the market trend and tendencies.
Stochastic indicator
Stochastic indicator is another significant tool used as a Forex indicator by the Forex experts and dealers to estimate market trends and tendencies. The main idea suggested by this indicator is that the rising price always lies closer to its previous highs and the falling price always lies to its previous lows.
By Manish.
Indicators play a awesome role in Forex
Sunday, August 9, 2009
What is Retail Forex Trading?
What is Retail Forex Trading?
It's foreign currency trading for you - the individual investor and speculator. You either trade for a living or trade part time to make extra cash. You trade to pay bills, to be self employed or to just make enough money to buy the things you want and improve your lifestyle. At the end of the week you pay yourself from your profits, and keep the rest in your trading account to make larger trades. You diligently manage risks; keeping losses small while letting winning trades run. You share in the same common dreams and goals we do, and we use Forex Trading Online to achieve them.
It's foreign currency trading for you - the individual investor and speculator. You either trade for a living or trade part time to make extra cash. You trade to pay bills, to be self employed or to just make enough money to buy the things you want and improve your lifestyle. At the end of the week you pay yourself from your profits, and keep the rest in your trading account to make larger trades. You diligently manage risks; keeping losses small while letting winning trades run. You share in the same common dreams and goals we do, and we use Forex Trading Online to achieve them.
FOREX IN USA
Forex Trading USA
As a forex broker, Forex Trading USA is committed to the education and training of our customers. That is why we have established a free forex training program for our clients. New traders with our firm can have the assurance and confidence that our experienced staff will provide the training they need to participate in the foreign exchange market. For more information about our training program, click here. Our trading team has also developed practical trading e-books that clients can receive by opening accounts with $250 or more.
The Forex Trading USA team is made up of professionals with extensive experience in the fields of trading and investing. Traders will not only have at their disposal experts in online trading and training, but also in areas such as managed forex accounts, proprietary trading, and helping introducing brokers set up their forex business. Click on the links below for more information on these areas.
Forex Managed Accounts - An alternative for investors or traders that want to participate in the forex market, but don't have the time to do it. Managed forex accounts may be appropriate for aggressive portfolios or to diversify away from stocks, real estate or any other uncorrelated investment.
Proprietary Trading - For those that want to manage money in forex for other individuals and institutions, we can be of great assistance. We can help you get started trading for a hedge fund via our extensive contacts and relationships in the industry. We can also help you become a private forex money manager and help you raise trading capital from other people and companies.
Introducing Brokers - Firms or individuals that want to offer forex trading services to their clients can take advantage of our introducing broker service. As an introducing broker, a firm or individual can be compensated for introducing their clients to our services and their clients can have access to the same prices as the regular clients of Forex Trading USA. This is a great way for your clients to have access to top-of-the-line trading and managed account services and for you to participate in the biggest and fastest growing financial market in the world while you build your own brand.
You can start by registering for a free 30-day test drive of our online trading platform. Click below to go to our registration page.
Forex trading demo.
GAIN / Forex.com acts as the clearing agent and counterparty to Forex Trading USA's margined forex transactions. GAIN / Forex.com is a registered Futures Commission Merchant (FCM), regulated by the Commodity Futures Trading Commission (CFTC), and a member of the National Futures Association (NFA).
Monday, August 3, 2009
OVERCOMING FINANCIAL CRISIS
Don’t throw good money after bad. Remember that when you spend money on the product or for materials you can’t get that back unless you sell it.
The rule here is that you never borrow money to keep the business going. It has to stand on its own two feet. Money can be injected if it is for a capital item that will over time produce improvement in profits.
Don’t gamble! if you break this rule you do so at your peril. Do a financial analysis on your personal expenses and your business. This is the starting point of any analysis. Fill in “Doc 2” with the view of completing every detail accurately that is applicable to your situation.
All answers should be a yes for each question if your business is sound. If not, follow the steps at the bottom of the financial analysis to find out what percentage of financial crisis you are in.
Step 3. Cost Cutting and Cash flow
Cost is your greatest enemy. Look at unnecessary expenses and find every way to eliminate them. This exercise should be conducted whether you or your business is in crisis or not. Determine if your advertising works. An ad must recover its costs in sales and expenses or shouldn’t do it.
A business must have access to working capital. Some ways to enable you to do this may be:
1. Overdraft from the bank
2. Credit line from the bank using your business or house as equity
3. Numerous credit cards
4. Fixed loans from banks, friends or relatives
Step 4. Managing money through your bank account (“Doc 3”)
This is the easiest way to manage a business’s cash flow and profits. The system is broken up into 4 (four) bank accounts:
1. Business account
2. Business money management (overdraft) account
3. Tax and other yearly expenses account
4. Living account
Other considerations
· Has the business been given a reasonable chance to work
· Have I cut all unnecessary costs
· Is my business expanding
· Are sales or work coming in regularly
Step 5. Too Close Or Not
I never like hearing of a business closing but sometimes it's best to close and start something else that has better possibilities.
If you've realistically cut expenses just to maintain a business and it still loses money each month and you can’t see the possibility of improving your situation, close it down and start again.
However you had better learn from what you are doing now because the experience you gained on this business will be invaluable in evaluating and operating the next one.
Summary
Even if you aren’t in crisis, cut costs. You will enjoy making a lot of money instead of just surviving. If you are in crisis act quickly and turn the ship around.
DOC 2
CHECKLIST FOR FINANCIAL BUSINESS CRISIS EVALUATION
1 Can I pay my business expenses on time when due
2 Can I pay my business expenses without touching savings
3 Can I pay my personal living expenses when required
4 Can I pay my personal living expenses without touching savings
5 Are my personal and business accounts growing
6 Do i have enough money for holidays each year
7 Do I have a debt free credit card
8 Can I put some money into investment monthly
9 Do I have a savings account that holds 10% of all monies that I earn
10 Do I have enough money saved so I can survive for 6 months without an income in case of emergency
Total number of yes checks ________ X 10 = ________Divided by 1.2 = ________
X 100% = ________ % chance of being in a crisis
If your results are 15% or less chances are you have a good business. If your results are 16% to 33% you have a very good chance of tweaking your business to set it right. However if the results are above 33% the chart below will tell you what you should consider doing in your business to rectify and bring it into the correct balance.
Percentage Action / Remedy
16% or more Make some small adjustments to your business or personal finances
33% or less Make some substantial adjustments to your business or personal finances
50% or less Make some substantial adjustments to your business and personal finances
60% or less Make drastic changes to your business, personal finances and delay all / stop spending and get advice
67% or less Make drastic changes to your business, personal finances, delay all / stop spending and get advice
76% or more Make plans to wind up your business and think seriously about your future in business and starting again
DOC 3
MANAGING MONEY THROUGH BANK ACCOUNTS
ACCOUNT NAME
1 Business Account
2 Business overdrafts Account
3 Yearly expenses Account
4 Living Account
PURPOSE
1 Business expenses
2 Working capital for cash flow purposes
3 Tax and other yearly expenses account
4 Living account
HOW IT WORKS (with every dollar you receive)
1 Every cent goes into this account
2 A cheque is drawn from account no.1 to repay any moneys that were used to perform your project and cover all expenses for the project including wages,
THIS ACCOUNT MUST NOT BE USED FOR/OR DRAWN UPON FOR ANY OTHER REASON
3 You bank your estimated tax % of the cheque you received from each job (usually it is about 20 – 30% of the profit)
4 A cheque is drawn to manage the household living
BALANCE
1 Positive
2 Always leave neutral
At the end of each month one month in arrears
3 Your work estimations should include the allowance for paying tax. This account will always be in credit.
4 You can spend this account at any time
Notes:
In an Internet business this is a little easier to do than in a traditional business. These are the things you have to ensure so that the above can happen. Firstly at the time of the job or business transaction that is accepted by a client, you go ahead and draw the cheques from the no 1 account. Hold them for banking until the customer has physically paid for the job.
Now this gives you the power to monitor the progress of the job. If you see for example that you are getting behind in time for the completion of the job, be prepared to stay and work longer on the job to keep within budget. In addition to that be on the look out to cut costs of materials and products that have not been specified in the quotation price.
In order to enable you to do this, you will have to make agreements with your employees and staff. The agreement, (which should not be negotiable when a business is in crisis) is that they will work back so that you can complete the job in the time you have quoted on. If you cannot get this commitment then consider alternative options for the offending employee’s replacement.
The rule here is that you never borrow money to keep the business going. It has to stand on its own two feet. Money can be injected if it is for a capital item that will over time produce improvement in profits.
Don’t gamble! if you break this rule you do so at your peril. Do a financial analysis on your personal expenses and your business. This is the starting point of any analysis. Fill in “Doc 2” with the view of completing every detail accurately that is applicable to your situation.
All answers should be a yes for each question if your business is sound. If not, follow the steps at the bottom of the financial analysis to find out what percentage of financial crisis you are in.
Step 3. Cost Cutting and Cash flow
Cost is your greatest enemy. Look at unnecessary expenses and find every way to eliminate them. This exercise should be conducted whether you or your business is in crisis or not. Determine if your advertising works. An ad must recover its costs in sales and expenses or shouldn’t do it.
A business must have access to working capital. Some ways to enable you to do this may be:
1. Overdraft from the bank
2. Credit line from the bank using your business or house as equity
3. Numerous credit cards
4. Fixed loans from banks, friends or relatives
Step 4. Managing money through your bank account (“Doc 3”)
This is the easiest way to manage a business’s cash flow and profits. The system is broken up into 4 (four) bank accounts:
1. Business account
2. Business money management (overdraft) account
3. Tax and other yearly expenses account
4. Living account
Other considerations
· Has the business been given a reasonable chance to work
· Have I cut all unnecessary costs
· Is my business expanding
· Are sales or work coming in regularly
Step 5. Too Close Or Not
I never like hearing of a business closing but sometimes it's best to close and start something else that has better possibilities.
If you've realistically cut expenses just to maintain a business and it still loses money each month and you can’t see the possibility of improving your situation, close it down and start again.
However you had better learn from what you are doing now because the experience you gained on this business will be invaluable in evaluating and operating the next one.
Summary
Even if you aren’t in crisis, cut costs. You will enjoy making a lot of money instead of just surviving. If you are in crisis act quickly and turn the ship around.
DOC 2
CHECKLIST FOR FINANCIAL BUSINESS CRISIS EVALUATION
1 Can I pay my business expenses on time when due
2 Can I pay my business expenses without touching savings
3 Can I pay my personal living expenses when required
4 Can I pay my personal living expenses without touching savings
5 Are my personal and business accounts growing
6 Do i have enough money for holidays each year
7 Do I have a debt free credit card
8 Can I put some money into investment monthly
9 Do I have a savings account that holds 10% of all monies that I earn
10 Do I have enough money saved so I can survive for 6 months without an income in case of emergency
Total number of yes checks ________ X 10 = ________Divided by 1.2 = ________
X 100% = ________ % chance of being in a crisis
If your results are 15% or less chances are you have a good business. If your results are 16% to 33% you have a very good chance of tweaking your business to set it right. However if the results are above 33% the chart below will tell you what you should consider doing in your business to rectify and bring it into the correct balance.
Percentage Action / Remedy
16% or more Make some small adjustments to your business or personal finances
33% or less Make some substantial adjustments to your business or personal finances
50% or less Make some substantial adjustments to your business and personal finances
60% or less Make drastic changes to your business, personal finances and delay all / stop spending and get advice
67% or less Make drastic changes to your business, personal finances, delay all / stop spending and get advice
76% or more Make plans to wind up your business and think seriously about your future in business and starting again
DOC 3
MANAGING MONEY THROUGH BANK ACCOUNTS
ACCOUNT NAME
1 Business Account
2 Business overdrafts Account
3 Yearly expenses Account
4 Living Account
PURPOSE
1 Business expenses
2 Working capital for cash flow purposes
3 Tax and other yearly expenses account
4 Living account
HOW IT WORKS (with every dollar you receive)
1 Every cent goes into this account
2 A cheque is drawn from account no.1 to repay any moneys that were used to perform your project and cover all expenses for the project including wages,
THIS ACCOUNT MUST NOT BE USED FOR/OR DRAWN UPON FOR ANY OTHER REASON
3 You bank your estimated tax % of the cheque you received from each job (usually it is about 20 – 30% of the profit)
4 A cheque is drawn to manage the household living
BALANCE
1 Positive
2 Always leave neutral
At the end of each month one month in arrears
3 Your work estimations should include the allowance for paying tax. This account will always be in credit.
4 You can spend this account at any time
Notes:
In an Internet business this is a little easier to do than in a traditional business. These are the things you have to ensure so that the above can happen. Firstly at the time of the job or business transaction that is accepted by a client, you go ahead and draw the cheques from the no 1 account. Hold them for banking until the customer has physically paid for the job.
Now this gives you the power to monitor the progress of the job. If you see for example that you are getting behind in time for the completion of the job, be prepared to stay and work longer on the job to keep within budget. In addition to that be on the look out to cut costs of materials and products that have not been specified in the quotation price.
In order to enable you to do this, you will have to make agreements with your employees and staff. The agreement, (which should not be negotiable when a business is in crisis) is that they will work back so that you can complete the job in the time you have quoted on. If you cannot get this commitment then consider alternative options for the offending employee’s replacement.
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