Financial Dashboards Can Steer Your Nonprofit Toward Financial Success

Not-for-profits increasingly are adopting a corporate world tool: financial dashboards. A dashboard is a summary of an organization’s progress toward a specific goal over time — or a snapshot of its current situation. Dashboards are designed to help boards and other constituents visualize important metrics, or key performance indicators (KPIs). But to facilitate informed, timely […]

Forecasting Financial Results For A Start-Up Business

There’s a bright side to today’s unprecedented market conditions: Agile people may discover opportunities to start new business ventures. Start-ups need a comprehensive business plan, including detailed financial forecasts, to drum up capital from investors and lenders. Entrepreneurs may also use forecasts as yardsticks for evaluating and improving performance over time. However, forecasting can be […]

Speeding up the payment process: Supply chain financing for construction projects

Construction is historically an invoice-based industry. You get paid when work is completed, and only after the invoice is submitted along with other documentation and approved by multiple project stakeholders. This payment process can take weeks or months, creating serious cash flow and working capital challenges for contractors who are waiting to get paid for work […]

Why it’s a good idea to review your business plan

Most construction companies start out with a business plan: a road map that outlines goals and details how to achieve them. But once a business is up and running, this document tends to get buried in a file cabinet or on a hard drive. Construction company owners, however, would benefit from digging out their business […]

Tips on managing and reducing payroll costs

Every construction company must pay its employees, so some payroll costs are unavoidable. But precisely how you should go about paying your employees can change over time. What made sense a few years ago may not be as logical or efficient now. Let’s look at some ways contractors can streamline payroll tasks to keep costs […]

Learn the ABCs of activity-based costing

Your latest project might be running on budget, but how can you determine whether your work in progress is really boosting profits or hurting the bottom line? Or, if a job is exceeding forecasted costs, how do you break it down to identify the problem? Many construction companies have addressed such issues by measuring the […]

Could a CRM system help me win more jobs?

My construction company recently celebrated its 15th year in operation and, even better, business is really heating up. My concern is that, with this lengthy history and sizable client list, so much information seems to be falling through the cracks. We try to track everything through a shared spreadsheet, but it’s kind of a mess. […]

3 tips for achieving your mission more cost-effectively

Do you want to control costs and improve delivery of your nonprofit’s programs and services? It may not be as difficult as you think. Several simple initiatives can make a big difference in how efficiently your organization operates. Here are three: Tip #1: Monitor measures that matter First, you need to know how much of […]

Using your financial statements to recalibrate your estimates

Offering a fair price for quality workmanship lies at the heart of every contractor’s long-term success. Finding this critical balance begins with the estimating process. Over time, however, even the most sound approach to estimating can slip a little bit and require recalibration. The good news is that the tools for the job lie right […]

Data analytics provides solutions to many nonprofit challenges

If your nonprofit wants to improve budgeting, forecasting, fundraising or other functions but is having a hard time identifying both problems and solutions, data analytics can help. This form of business intelligence is already considered invaluable in the for-profit world. But it can be just as useful to nonprofits. Goal: informed decision making Data analytics […]