KNOWING THE SCORE
Many contractors do not understand the serious implications of failing to monitor and forecast projects. The project manager along with the foreman are primarily responsible to forecast cost-to-complete on their projects. Project forecasts are used to predict final project outcome and as an early warning system for a project in trouble. Forecasting is a task that is not to be taken lightly, and one that not everyone can do. They determine company profitability viability. They are used by banks and surety companies to determine credit. Erroneous project forecasts could lead company management and owners to make ill-advised business decisions. In this seminar participants will learn more about why it is a critical task, how to make forecasting easier, how the foreman plays an important part in the process, and how forecasts on final project outcome can be used and measured.
MANAGING YOUR CASH FLOW
In a bonus session participants will learn what cash flow is, how some companies treat extension of credit as an afterthought and actually train their slow payers, and strategies to establish and administer a credit policy. Also discussed will be monitoring the cash-hungry items that add no significant value to the company, managing overhead, collecting money, payment provision “gotchas”, and tools that can be used to measure effective management of cash.
CONSTRUCTION FINANCIAL MANAGEMENT – IT’S MORE THAN ACCOUNTING
Many construction company owners believe that accounting and financial management are the same. This seminar will explore the differences, explain why companies must have both, and show how a company can use financial statements to measure, benchmark, and forecast. Participants will learn the language of “financial ratios” and will understand how to use them.