5 Common Financial Management Mistakes In The Construction Industry

1. Not understanding your costs and how to allocate them

Understanding and allocating costs for a building project is the starting point for any quotation, estimate plus agreed changes as the work progresses and without knowing your costs in detail, working out your profit margins becomes impossible.Incorrect pricing cannot be easily corrected on the job as you have a contract and negotiations...

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The 5 Best Business Management Apps for Tradies

The less paperwork you have to deal with, the better, right? After all, trying to manage paperwork while you’re on the go or on the job site can get tricky and time consuming. Meanwhile, leaving it until the end of your shift can add hours to the end of your work day - or your weekend.

Instead, a smarter way to manage the administrative side of your trade or construction business is to...

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5 Accounting Tips to Keep your Tradie Business in the Green

Are you a tradie looking to grow your trade business? Financial ratios are information-packed tools that can help you understand the overwhelming bits of data in your company’s financial statements.

Knowing how to select the right tidbits of information, when to combine with other KPIs, and how to interpret the resulting ratio is as much an art as it is a science. It is undoubtedly one of the...

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Losing the Screwdriver on your Business

Are you making any of these five mistakes in your trade business? Read on more to find what you can avoid.  

 

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Communicating During a Pandemic

 

Most small business owners face a time in their career when they have to communicate in ways or about topics they aren't comfortable with. COVID-19 has put small business owners in the position of having many conversations that are uncomfortable and stressful. 

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4 Accounting Mistakes That Will Cost You

An international bank recently surveyed over 500 small business owners about what they love and hate most about owning their own business.

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What to do when your supply chain faces disruption

 

 

As governments and health care agencies work to stop the spread of Covid-19 and to treat those who are infected, manufacturers in more than a dozen industries are struggling to manage the growing impact on their supply chains. 

If your company relies on suppliers in various geographic locations, it’s likely that at some point your business will face a supply chain disruption. Whether that...

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Why hiring a bookkeeper is a great investment

As a small business owner, you’re likely concerned about every penny you spend. That’s a good thing, because you need to keep track of your income and expenses. It also means, however, that you might be less likely to hire people who can help your business. People like bookkeepers, who are great investments for any small business.

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Accounting Tips For Start Ups

Businesses become a success because it is something you love and therefore work hard at it. It does no necessarily mean you love balancing the financials. However, accounting is crucially important to your success when first starting up.

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Separating personal and business expenses

There are some things in life that go together well and others that definitely do not. Business and personal finances are in the category of items that should not be mixed. Although it may seem like a headache to keep them separate—who wants to manage all those bank accounts?—your life will be greatly simplified once you separate your personal and your business finances, especially your...

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