Note: We are tracking the latest construction industry news and online resources for contractors in the time of COVID-19.
Please note that the PPP loans are closed; and other SBA loans are hard to get.

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    How Cash Flow Forecasts Help Contractors

    Posted by Sharie DeHart on Fri, Jun 05, 2020

    Managing cash flow is a vital part of running a successful construction business. Some contractors think managing cash flow means keeping track of how much money enters and leaves their business, but there's actually more that goes into it. 

    [Starting Cash + Cash In - Cash Out] = Cash Flow

    Contractors and sub-contractors know there is more to profits than what is shown above, and most of you rely on your "gut feel" to see when the project has made a profit or not.
     
    Cash flow forecasting is an incredibly valuable tool that helps you anticipate cash flow issues, plan for days when your cash flow is limited, and show the bank that you are prepared. It's a necessary process that you shouldn't ignore.
     
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    Topics: Construction Cash Flow, Construction Accounting, Contractor, Contractor Tips, Contractor Operating Tips, crisis

    How To Manage Your Construction Firm's Cash Flow During Crisis

    Posted by Sharie DeHart on Fri, May 01, 2020

    Dealing with unexpected cash-flow difficulties, even if you're working hard to avoid shortfalls, is hugely distracting. A formerly reliable client might take much longer to pay than anticipated leaving you out of pocket. If you're starting a construction business, it could simply be taking longer than expected to turn a profit in these trying times.
     
    Red light warnings

    Develop red light systems to warn you automatically if something needs querying:

    • Check as early as possible if leads, orders, or sales, fall below a certain threshold, or a substantial customer ends their subscription (recurring service).
    • Pay attention to your Key Performance Indicators. Make sure you have regular feeds of how your business is performing.
    • You also need to know about any substantial invoices that are in dispute, particularly overdue debts and clients exceeding their credit limits.

    Building productive relationships with your key suppliers is important, so they are prepared to extend extra credit to you when you need it. 

    If you have a properly set up accounting software, then it should be relatively easy to view your red flags weekly, monthly (or any period you set).

    Read More

    Topics: Construction Cash Flow, Construction Accounting, Contractor, Contractor Tips, Contractor Operating Tips, crisis

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