A new year is upon us and with any new year comes change and an opportunity for growth. The first step is reflection. In order to make a change it’s important to reflect on the past year and consider what worked and what could be improved on in your business. Secondly comes creating a new business process and/or plan. When considering what could be improved upon, it’s crucial to make note of it and set up a new plan for your company. Lastly, implement that plan. Take the steps needed in order to reach your goals. Start improving in areas that need improvement and begin tracking the progress of those changes being implemented.
Reflection. You could ask yourself, what worked this past year? Maybe you were able to tackle more jobs, or possibly your completion rate was higher than normal. How about your cash flow? Were more jobs collected upon in a more timely manner due to a good receivable process and follow up? List all of the things that worked this year. Now, list of the things that didn’t/ or could use improvement. Where was your time spent? Were you able to supervise your job sites as much as you liked? What about your financial reports? Were you able to fully trust your numbers and make proper business decisions? Once you have pinpointed areas needing a new process in place, you can then move on to creating a new business plan.
New Business Process. Now comes the part where you need to acknowledge the change needing to be made. With change comes growth! If one of your setbacks last year was being able to trust your financial reports and/or spending too much time managing your own bookkeeping, it could be time to outsource this year. If you are looking to grow your business for 2023, you may need to really look at how your time is best spent. Is it best spent doing bookkeeping or out selling jobs and managing job sites? Most people don’t go into business because they love the bookkeeping aspect. If this year is your year to increase your revenue or your number of jobs sold, then being able to evaluate your overhead and job profitability will be necessary to meet the goals you are setting. Maybe you were struggling with some of the financial processes in your business. Having the proper workflow in place for your company is crucial for the growth and success of your business. Remember, providing great service is important, but if you are mismanaging your money or if you’re missing steps in the process, then your company will struggle with moving forward and growing.
Implement Your New Process. Now that you have reflected on last year and created a new plan for this year, it’s time to follow that plan and make those changes. If you need to delegate your bookkeeping and its time to outsource, start making those calls and see your options. Same goes for your workflow advisory. If you know something was off in your financial reports, but you aren’t sure what it was then it’s time to schedule that financial analysis meeting. Whatever is in your plan to change and improve now is the time to get the ball rolling. Don’t wait for another 6 months to go by before you start making changes. It’s a new year and the perfect time to consider a new business process today!
If you’re just not sure where to start, contact us. We are happy to help! We have the know-how and the experience when it comes to accounting, QuickBooks, the construction industry and project management software integration. We are problem solvers! We take the time to know ‘you’ and your construction company to find solutions that will streamline, automate and simplify your financial processes. Construction financial workflows from project management to bookkeeping is our specialty. It is our goal to be more than just a financial partner but an extension of your team, like we are sitting at a desk next to you. We handle your business like it is “our” business.
