How to Manage Your Money
Manage episode 486425012 series 3385001
We dive deep into the critical distinction between managing job site finances and company finances, revealing how separating these two areas creates the foundation for sustainable growth and profitability. Our systematic approach to money management transforms leaky financial buckets into predictable profit centers while eliminating the hidden costs that drain most contracting businesses.
• Identifying the biggest job site financial leaks: poorly written estimates and unclear client agreements
• Creating detailed estimates with clear scope boundaries prevents costly misunderstandings
• Job templating saves time while ensuring nothing gets missed in estimates
• Material management systems prevent multiple store trips and reduce PM time wasted on errands
• Implementing phone sales for crew purchases maintains financial control while improving efficiency
• Job costing connects every dollar spent to every dollar invoiced for complete financial visibility
• Company cash flow requires separating project funds and never borrowing more than accounts receivable
• Always Be Cutting (ABC) overhead even as profits grow to build financial stability
• Properly planning for jobs with extended payment terms or retainage
Go to ProStruct360.com and check the Contact Us link to set up a 30-minute phone call. We'd love to talk with you about your company and see if we're a good fit to help you implement these financial systems.
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Chapters
1. How to Manage Your Money (00:00:00)
2. Introduction to Money Management (00:00:01)
3. Job Site Financial Leaks (00:01:19)
4. Estimate Writing and Client Agreements (00:05:39)
5. Materials Management and Tracking (00:15:17)
6. Job Costing and Purchase Control (00:21:52)
7. Company Cash Flow Management (00:32:32)
8. Overhead and Final Thoughts (00:38:42)
144 episodes