Sep 22, 2020
Do the math they said. Math is the stronghold of business they said. They’re not wrong. But while there’s no denying that learning to count in more ways than one determines game-changing decisions in construction.
Numbers are crucial for very obvious reasons, especially when it comes to changing gears from strength or growth to a business’s impending survival mode. Got more than what you spent? Awesome! Make sure to keep it that way. Noticed code red signs on your cash flow? Time to get the data out and rein the cash in. Easier said than done, and that’s why we have GrowthForce’s Stephen King in today’s Construction Genius episode, Cash King: 5 Ways to Master the Flow of Money in Your Business.
When it comes to math, it pays to listen to the real deal, so get ready to manage your cash flow better by tuning in to this very timely podcast!
What’s Discussed in This Episode:
- Data
is king, today more than ever [03:15]
- Good accounting and Bad accounting [04:10]
- Data towards decisions [05:12]
- Get restructuring—make that call [11:29]
- When
the going gets tough, it’s about what you keep, not what you make
[12:43]
- If you want to sell your way to profits, don’t [13:49]
- Discounting shouldn’t come at the expense of profit gains [15:49]
- Hold
on to that gross profit line[18:29]
- Identify your above-the-line costs [18:52]
- Choose long-term value over the cost of acquiring a customer [23:31]
- Forecast profitability through better pricing
[27:16]
- Do the math; cover overhead costs [28:43]
- Outsource and do it right [31:46]
- Understand and be honest when your business is struggling [32:47]
- Recognize that people drive
profits [33:49]
- Strengthen by keeping people who fit the core values [34:301]
- Determine key players whether they’re in your business or the competition’s [36:52]
- Cascade budget to the organization [37:46]
- Collections is king [42:33]
About the Guest:
GrowthForce President and CEO Stephen King has been highly-rated in the industry for his knack of visualizing the future of accounting, leading GrowthForce to become one of the fastest-growing companies in America. Boasting nearly three decades of credentials at the forefront of technology development and accounting system design, Stephen continues to be one of the leaders in the nation’s largest outsourced accounting services for small businesses.
Resources:
- Start making data-driven decisions (https://www.growthforce.com/pandemic)
- Check out GrowthForce Financial Management Services (https://www.growthforce.com/)
- Connect with or follow Steve to know more about this commitment on LinkedIn
- Stay updated with Steve and GrowthForce by following him on Twitter
Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to the Construction Genius: A Leadership Master-Class Podcast on Apple Podcasts, Spotify, and Stitcher.
Thank you for tuning in!