By Aaron Mills, Daaxit
As a contractor, you already know that managing cashflow in a construction business can be challenging. Contractors struggle with cashflow for several construction-specific reasons, including:
As a business owner, you also know that cashflow is critical to keeping your business running, from paying suppliers to making payroll. Many businesses could benefit from better cashflow management, which will increase financial stability and strengthen the firm overall. Here are five ways to reduce the cashflow crunch in your construction business:
There is a caveat, however: pursuing each of these best practices requires having clarity on your firm’s financial position. Many construction business owners of businesses making $5 million to $50 million in annual revenue do not have a clear grasp on their financial position and performance, which means they are putting their business at risk.
Do you? Here’s a quick way to assess:
Financial clarity is essential to building a better business.
Aaron Mills is Owner and President of Daaxit, Inc. Through fractional CFO services, Daaxit creates financial clarity and enhance profitability for firms in the construction industry, helping contractors take their businesses to the next level and attain financial freedom
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