Masonry Magazine March 1962 Page. 14
EMCO
masonry anchor bolts
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50 TYPES AND SIZES
Order from your dealer today or write for literature and dealer's name.
THE FASTRON CO.
Member National Concrete Masonry Association
THE FASTRON COMPANY
1180 Franklin Avenue
Franklin Park, Illinois
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TRUCO MODEL G-2A
Diamond Drilling Machine with Tru-Vac Vacuum Pad
Can pay for itself on a single job because of easy mobility, quick set-up, high speed drilling and instant release. Self-contained. Only rig you can wheel off and on runway in seconds and use with only a water-line connection to tank truck. Rigid set-up through vacuum up to 3000 lbs. Instant release. Special pancake diamond bits for high-speed drilling.
TRUCO MODEL TCWD 36A
Self-propelled, Concrete Saw with Truco Diamond Blades
For runway centerline or narrow gauge lighting. Fast, perfect straight line cutting: stays in cut without jamming or climbing. Truco Diamond Blades, product of 50 years of specialization, give exceptional cutting mileage and economy. Write for literature.
TRUCO
MASONRY DRILLING DIVISION
Wheel Trueing Tool Company
290-3200 W. Davison, Detroit 28, Mich. 575 Langlois, Windsor, Ont.
Financing for the Mason Contractor
(Continued from page 5)
banker, and they are awfully familiar to everyone who is in the position of being asked to lend money or extend credit.
Now, gentlemen, this is the bunk. This is magic number one in the magic formula. If you are going to be a business man, you have got to know a lot about facts and figures, and be able to present them properly and truthfully and promptly. How would you like to come to me and try to get a contract to build a building, and not be able to prove to me that you know anything about quality, quantity, or that you complete the job on time?
"Well," you say, "that's ridiculous. We know our business, and we will give you the best quality of materials and workmanship, and if we tell you we are going to have it up in sixty days, we will have it up in sixty days; and if we quote you a price, we'll stand for that price."
Well, now, you take that for granted. You think that's your business. But I'm going to tell you: your facts and figures, your financial statements are just as much your business as what you do on the job. As a matter of fact, they may be a lot more important than what you do on the job. Let me just give you one statistic and then I'm not going to be filled with statistics.
In the last two years, there were thirty-five per cent more failures in your business than there were two years prior. Thirty-five per cent is a terrific increase in two years. And do you know that 99 per cent of those failures were the fault of the management not knowing the facts and the figures when they needed to know them?
You know, people say to me, "Gee, whiz, we would have made some money, but the weather was just terrible." Well, gentlemen, the weather has been going on for a long, long time. When we get to the point in this discussion where we talk about projections, you can project the weather even more accurately, sometimes, than you can project what your costs are going to be on the job. But projections come later. Let's stick to financial statements.
Financial statements are not solely for the purpose of recording history. Financial statements are only incidentally the recording of history. Financial statements can or can create and maintain the confidence of those who provide funds for the operation of a business. I make this statement to you now, in this magic formula. Without accurate, without timely financial statements, you have no right to expect to receive the confidence of anyone who provides you with money, whether that is your partner, your banker, your supplier, or your customer; and if you don't have the confidence of these people, you are not a businessman. And I said financial statements that were timely and that were accurate. I mean exactly that-financial statements that are ready at the earliest possible moment, and that are accurate, meticulously accurate. Bad news as well as good news should be meticulously recorded on your books.
Do you want some yardsticks as to what I call timely? You should have a financial statement every month in your business not later than the 20th day after the end of the month. The 10th would be better; the 15th is the average; but not later than the 20th.
And accuracy: Absolutely meticulously accurate. Your financial statements should be as good as your wife would like your conduct to be.
Now, your balance sheet is, of course, the first thing that your banker is going to look at; and the balance sheet can be put in the proper form with the help of a topnotch accountant. The balance sheet should reflect (Continued on page 18)
MASONRY - MARCH