Cash flow is one of the most important issues facing contractors today. Companies are faced with starting new projects, hiring staff, and investing in assets to support the business. More companies go bankrupt due to cash flow issues than due to profitability. Many things can and should be done to improve cash management practices. Practical tools and strategies to improve cash flow will be discussed. In most cases, they are improvements to existing practices that can be quickly implemented to put a focus on cash flow and drive the right organizational behaviors. This presentation will also quantify the impact of slow payment and identifies mitigation strategies to address inequitable payment practices.
Learner Outcomes:
- Increase profits with better billings and collections practices
- Apply tools and techniques that optimize cash flow
- Maximize cash flow with process standardization
- Create transparency and accountability with measurement
- Quantify the impact of slow payment
- Specific, tangible things specialty contractors can do to improve payment cycles
- Jurisprudence surrounding contract language and enforceability
- Negotiating points with general contractors and owners