Pro-Accel reposted this
Helping contractors accelerate business growth by helping win higher-quality bids, deliver more profitable projects, and scale their businesses with less chaos and more profits/ Construction Operations Consulting
If you’re barely making payroll week to week, moving from one project to the next without solving this critical issue, it’s time to ask yourself.....What are you doing to fix it? The worst thought or solution you can have is....my next project will fix this problem! Are you analyzing and improving your labor productivity by eliminating those consistent bottlenecks or are you just hiring more help who you think will save the day? Are you taking a deep dive into your estimating practices to see where you might be falling short or do you think it's because you can't find good estimators and you'll eventually find one? Are you pursuing opportunities that better align with your team’s skills or you "have the best in the industry" and just going through a rough patch? You must find the root cause of your cash flow problems. Perhaps you need stronger back-office support or more rigorous accounting practices to chase down payments more effectively? Whatever the issue, continuing to operate month after month with the same cash flow problems is a recipe for disaster. It WON'T go away on its own or by thinking the next project will be better. I speak with many contractors who are managing their cash flow just fine. So, what are you doing to change the way you perform estimates, manage projects, track progress, and one of the most overlooked parts of yearly strategies I help with.... continuously improve????!!!! The longer you wait to address these issues, the closer you get to a breaking point! The time to act is ALWAYS now. I'm curious to hear from those who've experienced a bad cash flow period, or my CFO connections.....based on your experience, what would you suggest as a good starting point for a contractor struggling with cash flow? #cashflow #proaccel #constructionoperations
