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Why Banks Won't Lend Money To Your Construction Business

Posted by Sharie DeHart on Fri, Oct 06, 2023

Getting approved for a business loan or line of credit is more complicated than qualifying for a personal loan. Small construction business owners must be adequately prepared to meet with a lender to present their business in the best possible light and ready for the money they need.

Think of all the times:

  • You loaned money to a friend or relative
  • Provided labor and materials for somebody's home or business without a deposit check
  • Did change order work that you never got paid for doing and never will
  • Gave a subcontractor/employee an advance on their paycheck, and you never got paid back

Multiply that by 100,000, and you will understand why banks seem so tight-fisted about loaning money.

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Topics: Cash Flow, Bookkeeping, Contractor Cash Flow Problems, Financing Secrets Revealed, Banking

Better Practices For Managing And Maintaining Your Business Cash Flow

Posted by Sharie DeHart on Fri, Sep 29, 2023

In the business world, cash flow remains the lifeblood that keeps your operations running smoothly. Whether you're a start-up finding your feet or a seasoned business in the construction industry, managing and maintaining a steady cash flow can be challenging. But a few small changes can make a world of difference to your cash flow and overall revenue.
Your business needs cash. Cash keeps your company in operation and enables it to grow, so you should know how much your business needs to survive. Although many think the answer is linked solely to operating expenses, this isn't true.
No single factor determines how much cash every construction business needs to have on hand. Somewhere between 3-6 months of operating expenses is an excellent baseline to start from, but there's more to it than that.
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Topics: Cash Flow, Bookkeeping, Contractor Cash Flow Problems, QuickBooks Construction Accounting, Improve Construction Cash Flow

Leading Causes Of Stress For Contractors And How To Counter Them

Posted by Sharie DeHart on Fri, Jun 09, 2023

Construction business owners face various sources of stress that can negatively impact their well-being and overall business performance. Some leading causes of stress for construction business owners include financial pressures, tight deadlines, workforce management, safety concerns, and regulatory compliance. If not adequately addressed, these factors can lead to burnout, decreased productivity, and even business failure. 

Many entrepreneurs believe hard work and determination are all it takes to build and sustain a successful business. But when you consider the pressures of running a company, it seems wise to add effective stress management to the list. Left unchecked, stress can erode your passion and undermine performance – not to mention a severe toll on your health.
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Topics: Cash Flow, Construction Accountant Who Listens, MAP vs. PAM, Contractor Cash Flow Problems, Do What You Do Best And Outsource The Rest, Contractor Tips

How To Increase Your Construction Business Profit In Three Months

Posted by Sharie DeHart on Fri, May 19, 2023

Sales and profit are two very different things – as a construction business owner, you can find yourself without the cash to pay bills despite making sales you knew were profitable. You may also be startled to discover that solid cash flows from sales deliver little profit.
A cash flow forecast tracks cash flowing in and out of your business. The timing of these flows enables you to identify cash-rich and cash-lean periods. This helps make the right decisions, such as buying assets or preparing for cash shortfalls.
Cash flow is essential to the survival of your business – arguably more so than profit in the short term. Profit may be necessary for the longer term, but cash is needed to pay bills and operating costs quickly.
For example, if you're a plumber with reasonable cash reserves, you can survive until your business becomes profitable. However, if your business runs out of cash, you'll need to find a solution quickly to avoid going bankrupt.
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Topics: Construction Cash Flow, Cash Flow, Construction Accountant Who Listens, Contractor Cash Flow Problems, Contractor Tips, Improve Construction Cash Flow

Unlocking The Secrets Of Small Construction Business Cash Flow

Posted by Sharie DeHart on Fri, Apr 28, 2023

Cash is king! Construction Company cash flow is the movement of money in and out of your Construction Company; these movements are known in accounting circles as inflow and outflow. Inflows for your Construction Company primarily come from selling goods or services to your customers, but keep in mind that inflow only occurs when you make a cash sale or collect on receivables. Other examples of cash inflows are borrowed funds, income derived from sales of assets, and investment income from interest.

Outflows for your Construction Company are generally the result of paying labor, material, other direct and indirect costs of goods sold, and overhead expenses.

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Topics: Construction Cash Flow, Cash Flow, Construction Accountant Who Listens, Contractor Cash Flow Problems, Contractor Tips, Improve Construction Cash Flow

If My Construction Business Is Making A Profit, Where Is The Cash?

Posted by Sharie DeHart on Fri, Apr 23, 2021

Some construction business owners find themselves in the difficult position of running a business that appears to be profitable but still having no money in the bank. It's a critical situation to address. After all, a lack of adequate cash flow is one of the leading causes of small construction business failure. 
Here are three reasons why profitable construction businesses have little money in the bank and what company owners can do to handle these tricky situations. 
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Topics: Construction Bookkeeping And Accounting, Systems And Processes, Contractor Cash Flow Problems, Construction Company Cash Flow, Contractor Tips

Contractor Cash Flow Problems Caused By A Bookkeeping Troll

Posted by Randal DeHart on Thu, Mar 07, 2013

After interviewing this contractor and his bookkeeper and conducting a thorough review of his QuickBooks for Contractor file and the QuickBooks Setup I believe this contractor had a bookkeeping troll. 

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Topics: Contractor Cash Flow Problems

QuickBooks Setup And Chart of Accounts For DIY Contractors
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