Contractors: Try This Self Quiz To See If A Properly Setup Financial System Can Help You:
Unfortunately, the facts show that about 85% of residential construction business have no idea what it costs to be in business and cannot properly and accurately track where they are making and or losing money. If only these contractors had and would use a properly setup financial system they would reduce a lot of the stress related to owning and running a construction or remodeling business.
Here are my simple questions for those of you who don’t have an adequate Financial System:
Not sleeping well due to money issues and is it affecting your ability to do your job and have a life?
Would you rather go to bed at night wondering if you’re screwed, or knowing that you’re screwed?
Take this self quiz to see if a properly set up financial system would benefit you and your business:
- Do you know if you will make a profit this year?
- Do you know how much money will pass through your company at any given time?
- Do you always have enough money to pay monthly bills on time or meet payroll (cash flow)?
- Do you know whether you are buying rather than selling projects?
- Do you know how and when to predict increasing costs of doing business?
- Do you know what your options are for smart business growth?
- Are you confident about making it through the current recession?
- Will you and your business be ready to thrive when the economy turns around and the volume of work picks up?
How did you do?
If you answered no to one or more of these questions, you are definitely not alone. For many Construction Business Owners financial management skills are not necessarily part of their educational background. Plus, have you ever tried to get an accountant to explain this stuff to you?
A properly designed and setup finacial system would give you the ability to answer yes to all of the above.
What are you waiting for?
If you do not have the financial system you and your business needs, ask yourself why. If you need help setting one up, get the help you need. If you want to work with someone who can explain things to you in a simple way, help you understand your options and get your system set up; contact me today to discuss your needs.