Financial reports are confusing and they don’t tell the whole story. Watch here to learn more about some challenges you may be facing.
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Read video transcription below.
Working harder and not getting enough money? So in the construction business, specifically what we do contracting, there were three big financial challenges. And let me go through each of the three individually, the first is I don't have enough money in the bank and I know I should have enough. There just never seems to be enough money. In reality, you're facing one of two problems. One is not enough profit, but don't confuse profit with cash flow. So you may have a problem with either profitability, which could be pricing and, or the way you provide your service or cashflow, how you're managing the company as a whole. But the challenge is to isolate the problem and fix it and figure out what your next steps are for the next 30, 60, 90 days. The second challenge is you're not a financial expert and God-willing, you don't want to be one.
Okay? We are a weird breed of cat and financial reports are confusing and they don't tell you the whole story plus, and call it like it is your CPA, your accountant, your bookkeeper. They deal in the past. They're not getting paid to help you improve your profit or your cash flow. And most business owners need a bridge between accounting information and taking action. And the third thing is you might be in a catch 22 situation. Here's what I mean to grow your business. You'd need more money, but to get more money you need to grow. So it's a catch 22. And the natural way out is by working harder, doing more yourself for longer hours. But when you solve the cash flow problem, it's easy to solve the other problems as well.
At StructureM, we make it simple to beat your financial hurdles. We help you to create a customized growth plan that’s right for you, so you can enjoy a profitable, sustainable business. Apply for a free coaching session to get started.