The Cash Flow Contractor
247 - Access to Cash: What Are Your Options? with Luke Boyenger
Mar 13, 2025
Luke Boyenger, an Expert Fractional CFO, shares his wealth of knowledge on cash efficiency and smart financing options. He tackles the misconceptions around business funding and stresses the importance of assessing your business model, pointing out potential red flags. Luke highlights the value of building strong banking relationships, navigating lines of credit versus SBA loans, and the risks of using HELOCs for business. He also discusses innovative ways to manage expenses and maintain healthy cash reserves, ensuring listeners can optimize their financial strategies.
55:38
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Quick takeaways
- Strong banking relationships are vital for accessing funds, and proactive engagement is essential for financial credibility and trust.
- Effective cash management through lines of credit enhances project capacity while avoiding risks, promoting sustainable financial practices.
Deep dives
Financial Health and Business Viability
Maintaining a strong financial health is critical for business viability, particularly in the construction sector. If banks refuse to provide funding for a business, it should raise a red flag regarding the business model's sustainability. It's crucial for business owners to conduct thorough assessments of their financial health before pursuing their business goals, rather than relying solely on traditional banking perspectives. By addressing these concerns early, contractors can prevent personal financial risks and ensure the business remains viable.
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