431: How To Build An Effective Financial Plan For Your Construction Business

<h1 style="text-align: center;"><span style= "color: #0000ff;"><strong>This Podcast Is Episode Number 431, And It's About Consequences Of Avoiding Your Construction Bookkeeping</strong></span></h1> <div>Every business needs a financial plan. Your financial plan gives you a way to monitor and review your cash flow, make adjustments to your spending, and anticipate any upcoming economic issues. It can also make you more prepared to request funding or find investors so you can bring more money into your construction business.</div> <div> </div> <div>Although many business owners are aware that financial planning is essential, it is often overlooked. Without a financial plan, however, you could find your business doesn't make the money you expected it to—or you could wind up with unanticipated expenses and no way of paying for them.</div> <div> </div> <div>If you are a contractor, you are most likely a "doer," someone who gets things done, not now but right now! When you see anyone not swinging a hammer, drilling holes, pouring concrete, laying carpet, putting paint on the walls, or a thousand other construction tasks, the first thing you think is they are wasting time and money, and you want no part of that nonsense!</div> <div> </div> <div> <div> <p><span data-preserver-spaces="true">Having worked with contractors for a long time, we saw what highly profitable contractors do those other contractors don't: they all have a documented Business Plan that they review and update during the two weeks following every calendar quarter.</span></p> <p><strong><span data-preserver-spaces= "true">Advantages:</span></strong></p> <ul> <li><span data-preserver-spaces="true">Prior Planning Prevents Poor Performance.</span></li> <li><span data-preserver-spaces="true">When you take a vacation, you plan for it.</span></li> <li><span data-preserver-spaces="true">When you buy a truck or a tool, you plan for it.</span></li> <li><span data-preserver-spaces="true">You can plan your exit strategy to retire comfortably.</span></li> <li><span