196. The Financial Secrets of $10MM Contractors - Bob Gauvreau

Contractor Evolution

Learn how to build killer SOPs for your painting business at our free web class on February 12th. Spaces are limited, so save your spot now: https://trybta.com/CE-SOPS2025

Grab your free "goodie bag" of financial management templates here: https://trybta.com/DL196

To learn more about Breakthrough Academy, click here: https://trybta.com/EP196

If you’ve made it this far in business, I probably don’t need to tell you that need to budget, track your overhead, and do job costing.

The problem is: nobody ever shows you HOW.

A few weeks back, we co-hosted a webinar with our friend Bob Gauvreau from Gauvreau Accounting Tax Law Advisory to teach 7-figure contractors everything they need to know about managing their finances. We talked about budgeting, job costing, avoiding cash crunches and more.

And today, we’re replaying it here on the podcast so more contractors can benefit from the insights.

This is a must-listen for anyone whose New Year’s Resolution is to get better at financial management.

Episode Highlights:

• Understand the least painful way to track your budgets, job costing, and overhead—without wasting hours with mind-numbing numbers.
• Get insight into the top 5 cash flow problems to watch out for. Many of these are new in 2024 — but avoiding them is simple once you know what to look for.
• Learn how to take the guesswork out of your financial decision-making, including your financial benchmarks for your specific industry.

00:00-Intro
02:34-About the session
03:47-About our free templates (link in description)
05:24-Why talk cash flow and budgeting?
06:50-About Benji & Bob
08:05-Purpose, Outcomes & Agenda
10:59-Why is staying on top of your numbers so hard?
13:41-Common challenges with financial management
21:41-3 Core Systems of Financial Management
36:23-Industry Benchmarks - Profit Margins
41:20-Margins as you evolve
46:21-Signs you should be worried about your cash flow
51:04-Five Cash Flow Destroyers
59:33-How to implement change
01:07:18-Q&A

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