The new year is a natural time to decide what you want to achieve and how. Businesses tend to progress more consistently if the owner sets financial goals and makes a plan to achieve them.
Your construction business (and personal) budget is one area where you should keep your resolutions from slipping. While it’s true that there’s also next year when it comes to your financial goals, putting it off has real consequences that equal less money and more work. So here are seven steps you should take in January to start your 2023 budget.
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Topics:
Construction Cash Flow,
Construction Bookkeeping And Accounting,
Key Performance Indicators,
Contractor Tips,
Improve Construction Cash Flow,
Boost Construction Profitability
The end of the year is typically a reflective time. Something about that lull between holiday festivities and New Year's Eve sets the stage for introspection and review. While you're busy reflecting on the year ending and making plans for the new one about to begin, make sure you take some time to consider your finances.
Preparing your End of Financial Year (EOFY) information often feels stressful—there are receipts to sort out and reports to review. You must ensure you have all the necessary information about your income and expenses. It can be overwhelming, and it can make the EOFY feel daunting.
The end of the financial year isn't just a time to collect receipts and find invoices. It's also a time to reflect on how your past year went, what went well and what didn't, and what you can change for next year.
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Topics:
Construction Cash Flow,
Construction Bookkeeping And Accounting,
Key Performance Indicators,
Contractor Tips,
Improve Construction Cash Flow,
Boost Construction Profitability
Enlightened contractors like you understand the value of developing your own unique Construction Contracting System, a collection of documented repeatable processes and operation manuals. The key is continuously refining your construction company's practices and procedures.
Your office ensures your contracting company has a steady flow of projects. Proper accounting and bookkeeping develop timely financial reports to show which jobs are profitable so you can pursue more. Thus, you can focus more on the following:
- Acquiring the right clients
- Doing the project as close to on time and on budget as possible
- Get job deposits and timely progress payments
- Follow-up with clients to monitor satisfaction and line up new projects
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Topics:
Construction Cash Flow,
Construction Bookkeeping And Accounting,
Key Performance Indicators,
Contractor Tips,
Improve Construction Cash Flow,
Boost Construction Profitability
