84% of construction companies experience cash flow issues
If you’re feeling the pinch in cash flow this month, you’re not alone. In fact, 84% of all construction companies face tough cash flow challenges, enough that it stalls company growth. Without good cash-on-hand, companies find they are unable to hire more employees or take on additional projects.
Before you experience another money crunch, here are five tips to improve your company’s cash flow:
Tip: Here’s a blog that dives deeper into how high-performance building solutions help on the jobsite.
Tip: To attract the best in your area, consider offering performance-based incentives to sweeten your offer.
Tip: While employee time & scheduling apps log worker hours and breaks, a cloud-based solution can reveal trends in overtime, hiring gaps and other factors, allowing you to make adjustments that can positively affect profitability.
Tip: To encourage on-time payments, charge interest or add a late-fee clause to your contracts.
Tip: Another idea is to limit the retainage fee to certain areas of the project, such as labor. That way, the percentage held back is lower.
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If you’re interested in historic home renovation and want to improve the flow of profitable leads, consider aligning and working more closely with your local historic landmark commission.