![How to plan and track the budget of your plastering contracting service [template]](http://onlineyougrow.com/cdn/shop/articles/cov-budget-6_02271ded-3901-46c2-be8b-f74fc11d733b.png?v=1715856606&width=1100)
If you don’t plan and track your plastering business budget properly, you're setting yourself up for failure.
When we developed our strategy pack for plasterers, we saw a lot of plasterers struggling with finances and planning.
They were disorganized, had no grasp of cash flow, and were drowning in financial troubles despite having substantial revenue.
Don’t let this be you—stand out and succeed.
We’ve created a small, free tool to help you get started: our Budget Tracker and Planner. Let’s turn your plastering business's finances around and set you on the path to success!
Get the budget tracker tailored for plasterers
Most plasterers don't know how to plan and track their budget. This spreadsheet will help you.
Example of a full budget for plasterers
Here is an example of a (very) detailed budget for a plastering business, to give you some inspiration
1. Rent and Utilities
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Rent | Lease for office and storage space | $1,500 | $18,000 |
| Electricity | Power consumption for office and equipment | $300 | $3,600 |
| Water | Water usage for mixing plaster and cleaning tools | $100 | $1,200 |
| Internet & Phone | Internet service and business phone | $100 | $1,200 |
| Waste Removal | Garbage and recycling services | $50 | $600 |
| Insurance | Property and liability insurance | $200 | $2,400 |
2. Salaries & Wages
| Position | Number of Employees | Monthly Cost per Employee | Total Monthly Cost | Annual Cost |
|---|---|---|---|---|
| Lead Plasterer | 1 | $4,000 | $4,000 | $48,000 |
| Assistant Plasterers | 2 | $2,500 | $5,000 | $60,000 |
| Office Manager | 1 | $3,000 | $3,000 | $36,000 |
| Apprentices | 2 | $1,500 | $3,000 | $36,000 |
3. Materials & Supplies
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Plaster | Gypsum, lime, and cement plaster | $2,000 | $24,000 |
| Tools & Equipment | Trowels, hawks, mixers, etc. | $500 | $6,000 |
| Protective Gear | Gloves, masks, safety glasses | $200 | $2,400 |
| Scaffolding | Rental and maintenance of scaffolding | $300 | $3,600 |
| Cleaning Supplies | Detergents, brushes, etc. | $100 | $1,200 |
4. Marketing & Advertising
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Online Advertising | Google Ads, Facebook Ads, etc. | $200 | $2,400 |
| Social Media Management | Managing social media accounts | $300 | $3,600 |
| Print Advertising | Flyers, posters, newspaper ads | $150 | $1,800 |
| Website Maintenance | Hosting, domain, updates | $100 | $1,200 |
| Email Marketing | Email campaigns and newsletters | $100 | $1,200 |
| Promotional Events | Special events and promotions | $150 | $1,800 |
5. Miscellaneous Expenses
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Equipment Maintenance | Regular maintenance of tools and equipment | $200 | $2,400 |
| Uniforms | Staff uniforms and protective clothing | $100 | $1,200 |
| Licenses & Permits | Business licenses and permits | $50 | $600 |
| Office Supplies | Stationery, pens, printer ink, etc. | $50 | $600 |
| Staff Training | Training programs and materials | $100 | $1,200 |
| Contingency Fund | Emergency repairs and unexpected costs | $200 | $2,400 |
Some plasterers make 5x more profit than you!
We have studied the strategies of the best plasterers in the world. Replicate them now!
What are the biggest expenses for a plasterer?
Be careful with these pitfalls. Here are five major costs every plasterer needs to consider, along with some tips on how to handle them wisely.
- Materials and suppliesThese can consume a significant portion of your budget. You’re dealing with materials like plaster, drywall, and tools, and prices can fluctuate based on availability, quality, and market conditions. To keep these costs in check, focus on accurate measurements, negotiate better prices with suppliers, and minimize waste. Finally, it's easy to overspend by buying too much or opting for premium materials that don’t add enough value.
- Your workforceYour team is your backbone, but paying for their wages, benefits, and training can be expensive. This cost is always high because you need a skilled workforce to deliver quality work and meet deadlines. You can optimize labor costs by scheduling efficiently, cross-training your team, and monitoring productivity. However, be careful not to underpay or overwork your staff, as this can lead to high turnover and poor workmanship.
- Rent and utilities of your workshopPrime locations come with high rent, but they can attract more clients. Utilities like electricity, gas, and water are essential but add up quickly. To optimize these costs, negotiate favorable lease terms and invest in energy-efficient tools and lighting. Overspending often happens when you choose a workshop that's too big or too fancy for your needs.
- MarketingYou need to get the word out about your plastering services, but advertising can be pricey, whether it's online ads, social media campaigns, or traditional media. Optimize this expense by focusing on cost-effective methods like the ones we give in our pack. Overspending can happen if you invest in flashy campaigns without a clear return on investment.
- Equipment and maintenance costsThis includes everything from plastering tools to scaffolding. These are expensive because quality equipment and regular maintenance are crucial for smooth operations and client satisfaction. Optimize by investing in durable, energy-efficient tools and maintaining them regularly to avoid costly breakdowns. You can overspend by going for the latest high-tech gadgets you don’t really need.
How to spend less with your plastering contracting service?
Here are practical tips to help you, as a plasterer, optimize your budget and manage expenses more effectively.
| Expense | Tips to Optimize |
|---|---|
| Materials | Buy materials in bulk from local suppliers to get discounts and ensure quality. |
| Labor Costs | Use project management software to schedule jobs efficiently and reduce downtime. |
| Tools and Equipment | Invest in high-quality, durable tools and maintain them regularly to extend their lifespan. |
| Marketing | Run social media campaigns for your plastering services and collaborate with local builders for referrals. |
| Transportation | Plan your routes to multiple job sites to save on fuel and time. |
| Insurance | Regularly review your insurance policies to ensure they cover all necessary aspects and compare rates annually. |
| Training | Conduct regular training sessions for your team and utilize free online resources to stay updated with the latest techniques. |
| Waste Management | Implement a waste tracking system to minimize material waste and recycle where possible. |
| Office Supplies | Go paperless where possible with digital invoicing and project management systems. |
| Licensing and Permits | Stay up-to-date with local regulations to avoid fines and costly renewals. |
| Client Communication | Use customer relationship management (CRM) software to keep track of client interactions and follow-ups. |
| Vehicle Maintenance | Set up a maintenance log for regular vehicle checks and servicing to avoid unexpected breakdowns. |
| Technology | Invest in software that helps with project estimation, invoicing, and client management to streamline operations. |
| Uniforms | Choose durable, easy-to-clean uniforms and offer staff a stipend for maintenance instead of using an external service. |
| Networking | Join local trade associations and attend industry events to build relationships and gain new business opportunities. |
| Safety Equipment | Invest in high-quality safety gear and conduct regular safety training to prevent accidents and reduce liability. |
| Client Feedback | Regularly seek feedback from clients to improve your services and build a strong reputation. |
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Expenses that are just useless for a plasterer
Yes, some expenses for your plastering business are just unnecessary. They don't contribute to increasing revenue or improving customer satisfaction.
| Plastering Expense | Reason It's Useless |
|---|---|
| Luxury Office Space | High-end office spaces don't necessarily attract more clients and can be a drain on the budget. |
| Premium Tools | Unless you are working on specialized projects, most jobs can be completed with mid-range tools. |
| Excessive Material Stock | Overstocking materials increases storage costs and can lead to waste if not used promptly. |
| High-End Vehicles | Top-of-the-line vehicles are not always necessary and can be cost-prohibitive. |
| Paper Advertising | Traditional paper ads often have a lower return on investment. Don’t include them in the marketing strategy of your plastering business. |
| Multiple Uniform Styles | Having various uniform styles increases costs without adding significant value to the customer experience. |
| Excessive Staff | Overstaffing leads to higher labor costs without necessarily improving service quality. |
| Premium Subscription Services | Expensive subscriptions for industry magazines or software often go unnoticed by clients. |
| Exclusive Materials | Using rare materials can inflate costs and complicate supply chains. |
| Costly Office Furniture | High-end office furniture is not always appreciated by clients and can be a significant expense. |
| Custom Printed Stationery | Personalized stationery is a minor detail that most clients overlook, and it can be expensive. |
| Unnecessary Software | Paying for software with features you don’t use is a waste of resources. |
| Premium Water Brands | Most clients are content with filtered tap water, making expensive bottled water unnecessary. |
| Extra Work Vehicles | Maintaining a larger fleet than needed increases operational costs. |
| Excessive Membership Fees | Paying for multiple industry memberships often yields little benefit. |
| Overly Frequent Renovations | Constantly updating office decor and layout can be costly and disrupt operations. |
| Expensive Office Decor | Elaborate office decor is often ignored by clients and adds to the cost. |
| High-End Office Supplies | Luxury office supplies are prone to damage and expensive to replace, often going unnoticed by clients. |
| Excessive Staff Meetings | Too many meetings can reduce productivity and increase labor costs. |
| Expensive Marketing Materials | Frequently redesigning marketing materials is costly and often unnecessary. |
| Unused Promotional Materials | Ordering more promotional items than needed leads to waste and unnecessary expense. Get our marketing budget planner template. |
| Paid Directory Listings | Many free listing options are available, making paid listings often redundant. |
| High-End Catering for Events | Specialized catering for events is often unnecessary and adds to costs without a proportional benefit. |
Stop working with a tight budget for your plastering contracting service!
Managing a budget for a plastering business when funds are tight can feel like a nightmare. It's like being trapped in a cycle where any unexpected expense can overwhelm you.
This constant pressure makes it nearly impossible to invest in growth projects, leaving you always chasing after expenses. It's a life filled with stress and sleepless nights.
Yes, you can continue down this path, scraping together pennies and barely making ends meet. But there's another part of the equation you might be overlooking. Instead of just trying to cut costs, you can focus on growing your revenue. More income means more breathing room and more money to invest in your business.
And no, you don't necessarily have to spend money to grow. There are plenty of zero-cost initiatives and strategies that can help you increase your revenue by 10%, 20%, or more. We've detailed all of these strategies in our guides, after studying dozens of plastering businesses just like yours. Get them now!
Make your plastering contracting service more profitable
We have studied the strategies of the best plasterers in the world. All their tactics are explained in our pack!
