The Cash Flow Contractor 158 - The Power of Financial Systems for Contractors with Timothy Wingate, Jr.
May 4, 2023
01:10:04
Is it a constant struggle to keep your business afloat? One of the most common business killers in the construction industry is the lack of a good financial system. Listen in as Martin and Khalil welcome Timothy Wingate, Jr., founder, and president of G+F Business & Financial Consulting, to share his expertise in Construction Financial Management.
Time Stamps
- 00:47 - Episode Intro
- 02:42 - How Tim Got Into Construction Accounting
- 05:43 - Things to Consider in Your Business Finances
- 11:49 - Utilizing Software for Project Management
- 19:02 - Improving Your Business Processes
- 22:41 - Working With a Construction Accountant
- 28:38 - Let's Talk About Margins
- 36:02 - Project Bids & Markups
- 43:09 - Margins vs. Markups
- 45:38 - Salaries & Revenues
- 49:03 - Borrowing Money for Your Business
- 52:49 - Getting Invoices Out
- 55:47 - Work with Tim
- 01:08:16 - How to Get in Touch with Tim
Quotable Moments
- “You will spend more of your time, and by that I mean your mental capacity and your stress time, on things that have nothing to do with what you do.” - Martin Holland
- “Scheduling is one of those things that is a skill. And I would say estimating is more of an art form.” - Timothy Wingate, Jr.
- “People need to up their skills in scheduling, because that can kill profit margins. That can kill your business if you just don't get it right.” - Timothy Wingate, Jr.
- “A huge part of the reason why jobs don't get done on time is because you weren't prepared for the job.” - Khalil Benalioulhaj
- “I consider myself a therapist for my clients just because of all the other things that come with the job.” - Timothy Wingate, Jr.
- “What you spent the loan for may be an expense, but paying it back is not.” - Martin Holland
- “Just the value of someone understanding truly how to operate your business and that works with other contractors that are successful is so valuable” - Khalil Benalioulhaj
Resources
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