Overcome Financial Struggles in Construction

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Strapped for cash and need some contractor business help? Need construction cash flow tips? We've got you covered! In this video we unveil three powerful strategies to keep your cash flow in check even during tough times.
Send Your Invoices Promptly: Learn why sending out invoices promptly is crucial for maintaining a healthy cash flow. Timely invoicing ensures that you get paid faster, keeping your business running smoothly.
Finish Jobs, Then Invoice: Discover the importance of completing your projects and not having too many 'open jobs.'
Pay Bills Strategically: Explore the art of paying bills just in time to avoid late fees. Optimize cash flow by not paying bills too early.
Chapters:
0:00 Introduction
0:42 Send Your Invoices!
1:59 Finish Projects Before Moving to the Next One
3:37 Don't Pay Your Bills Early
5:08 How to Rapidly Scale Your Business
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Tom Reber is an entrepreneur, business coach, podcaster, leader of The Contractor Fight, creator of Contractor Fight TV and HGTV host. Tom's content has helped hundreds of thousands of home improvement contractors improve their lives and businesses.
The Contractor Fight is the ultimate resource for becoming an uncommon contractor!
Pick a fight with mediocrity. Live Unafraid.
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[@chrisbrandt3642]

Preach it brother! Thanks for your pep talk. My son needs to hear it!

[@duartelima6811]

Tom. I have to tell you that #3 would be my argument with you. Been in the business for 37 years. I'm 58. been licensed in hawaii for the last 23 years and quit honestly if you can't pay your bills as they come in you will snow ball. I fortunately always got paid last and it has worked wonderfully. MORTAL OF THE STORY PAY EVERYONE FIRST. THERE SHALL BE MONEY IN THE PROFIT with proper bidding. never sell yourself short. always finish your jobs.
You're welcome tom. ALOHA Form maui. Try building in this rock. Yikes

[@ProTexTV]

I pay everything up front. I get 3-8% rebates at the end of the year. Plus, it screws up my suppliers accounting and not mine because they're used to chasing contractors for money not getting paid up front.

[@KirkHortel]

Setup an over funded life insurance policy with a mutual company. Over funded meaning, you have 90% access to the cash you put in within 30days.
From there store your emergency fund, Reserves, Payroll.
The nice part is this is a 3 birds one stone strategy.
You get tax free growth around 4%, your family is taken care of and respected, and the assets are now away from your business so it has asset protection.
This doesn’t stop now bleeding. But once you stabilize this is hands down bar no the only strategy that builds your tax free retirment protects your family and lets you invest in your business without banks.
Great video. It’s evident you care and are passionate.

[@twoprimo]

ok now I want a finger duck