Profits are usually gained or lost based on how accurate your estimates are. Yes, one bad bid wouldn’t put you out of business, but if you keep making the same mistake of not comparing actuals to estimates, you are at the high risk. Here are some of the common estimating mistakes and how to prevent […]
Construction projects can be very lengthy with substantial budgets involved. How are you supposed to pay for all the materials and labor the whole time? You can use numerous credit cards and lines of credit, but that would just lead to late payment fees, interest and bank fees. And most subcontractors wouldn’t want to wait […]
We all know about two of the most helpful forms of reporting required by many institutions like Banks and IRS : Balance Sheet and Profit & Loss (Income Statement). Without diminishing the importance of those two, this time I would like to mention a couple other great sources of information for your construction business. In […]
Often I see business owners struggling with invoice collections. Clients are waiting for the absolute last minute to pay the bill. Everyone wants their invoices prioritized, and wants to get paid on time and without hassle. Getting paid fast also means positive cash flow. Who doesn’t want to have more money to invest into growing a business. There […]
So how does the work get done when I’m not actually working with the clients on site? It is more simple then it seems! I use the power of the internet and various applications (apps) that allow me to do the work remotely. And I am thankful for the opportunity to work and still be […]
A lot of times it’s a challenge to justify outsourcing business bookkeeping. Yes, paying a professional bookkeeper is an added expense, but by doing so you may save way more money than what you would pay your bookkeeper. You would also reduce the stress associated with worrying about being ready for tax season, understanding your […]
The more I talk to business owners in construction industry, the more I realize how much they are struggling with the financial records being scattered all over the place. And it’s mostly because they don’t have time and help. In construction industry, you have so many daily tasks to take care of and in that […]
It is very important for every business, especially for construction industry to manage not only operational aspects but also financial. Sometimes it’s easy to lose sight of the big picture while trying to conduct day-to-day operations. As a result, you might not have a clear picture of your company’s financial health. Key metrics can help […]