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Construction Risk Factor #1
Did you know mismanagement of cash flow is one of the main reasons contractors fail? The four main variables affecting cash flow are the amount of work simultaneously performed, profitability on jobs, overhead costs and weather.
Track Finances to Identify Underperformance and Reduce CostsBest Practices for Construction Firms – Track Finances to Identify Underperformance and Reduce Costs
Routinely comparing what is budgeted for versus what is spent for each item of work in progress is the only way to effectively control project costs.
Big Is Not Always Better
An improving economy is often a precursor to a rise in contractor default. Why is this the case? For starters, in the excitement of building a bigger backlog contractors are often unprepared to support an increased workload with the existing resources.
