In any business, you need to pay attention to your cash flow — in the remodeling business, it’s even more complicated. Your Production Managers and Project Managers can play a big part in keeping you on the positive side of the equation. Unfortunately, a lot of business owners don’t share financial information with their teams.
But it’s critical that everyone be on the same page. You don’t have to share everything, but you should make your team aware of how cash moves in and out of your company.
In this episode, our own Director of Consulting Services, Doug Howard, joins Tim and Steve to talk about the importance of educating your Production Managers and Project Managers about how the cash flow on their jobs affects the financial health of the company.
In addition to working as a consultant one-on-one with remodeling business owners, Doug also serves a facilitator for our Roundtables peer advisory groups. Prior to joining the Remodelers Advantage team, Doug owned and served as President of BDG Entrepreneurial Services for 17 years, providing accounting, tax and consulting services to small businesses with offices in four states. Doug’s an entrepreneur, government official, and small business consultant with more than 25 years of experience in leading organizations and assisting his client companies.
Making your Production staff aware of their stake in controlling cash flow starts with changing their mindsets on the job — instead of thinking about what they’ve built as benchmarks, they need to think about what that work earned for the company. A big part of changing perspective is through two-way communication, says Doug. Learn how to present your financials so that your Production team understands the impact they have on the bottom line, as well as other factors directly tied to cash flow, including:
- Not always relying on your next sale
- Eliminating waste and increasing efficiency
- The importance of proactive scheduling
- Making decisions based on cash flow
- Not letting your jobs “slide to the right”
- Avoiding debt while using short-term credit
- Putting your team on offense, not defense
- And more…
You’ll also get the story behind Steve’s $10,000 doorknob, and how it changed the way he thought about the remodeling business. This episode makes the case for communication and efficiency powering your business toward growth and profitability.
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