Track your cash balance daily and follow these tips to speed collections and improve liquidity of your construction business. If I emailed all of you to guess at the “3 Magic Words” that matter most to your business, what would they be? I assure you we would come up with hundreds or maybe thousands, and most would be applicable to some part of the business process in terms of proper procedures, follow-up, sales tips, closing techniques and even training ideas that speed up expected results. So, before we go on, stop for a second and write down your 3 Magic Words. You can find mind at the very end of this column. In the meantime, let’s talk about making money – not margins, cost reductions or accounting profits, but real money. This is the money you can find in your bank account free to use as required to run the business and fund debt service. The question is how does the money wind up in your account and what you can do to speed up the process, thus improving your liquidity while laying off borrowing from your operating line of credit? READ FULL ARTICLE >>
