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Use Only the Direct Method
Managing a day-to-day construction business using the three traditional financial statements alone leaves an important financial metric (Cash Flow) difficult to determine accurately on a real time basis. Using the percentage of completion accounting method results in...
The Percentage of Completion Accounting Method
The unique nature of the construction financial transaction (total revenues contracted for rather than collected at the point of sale) demands that the three traditional financial statements we have been discussing these past weeks be prepared using the percentage of...
Flying By Instruments
Piloting a plane by instruments is the practice of navigating and controlling an aircraft using only the cockpit displays, entirely independent of outside visual references like the horizon or landmarks. It requires precise cross-checking, interpretation, and control....
A Snapshot in Time
A key risk factor I discovered dealing with thousands of failed contractors was that these contractors failed to use business science tools to manage their business and were often surprised and angry when they suddenly ran out of cash and had to close the doors. If...
New Tricks
Magicians only perform a trick once for the same audience. A second time and the trick loses its luster. The third time around the audience figures it out. The trick no longer fools the audience and the magic is gone. Legacy Tricks of the Trade We contractors start...
Tricks of the Trade
Most contractors start out with plenty of ambition, guts, and resourcefulness. That's what it takes to quit a good paying job and ‘go off on your own’ not knowing where your next buck will come from. Most studies reveal contractors to be type A personalities (even...
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