Advisory Board for Construction Contractors

Advisory Boards help with key decisions

Advisory Board for Construction Contractors

Advisory Board explained

Before we go further, there is a distinction to be made. Don’t confuse an advisory board with a Board of Directors.

A board of directors is made up of people who manage the CEO and formally approve all key decisions of the company.

An advisory board, on the other hand, is an informal group of mentors, guides, or service providers who each have useful knowledge or expertise to bring to the table. So informal, they may never be in the same room at the same time. Generally speaking, these are the folks you meet with individually.

Advisory Board early stages

It isn’t as if you can put out an add which reads, “Board Level Advisors Needed.”

The development of your advisory board is a process – and it takes time. Perhaps in the early stages of your business you were developing an advisory board without knowing it. You looked close to home. A spouse, a parent, a friend, even a friend of a friend may have been where you turned.

Then your commercial construction business grew, and you realized there was even more you didn’t know you didn’t know. You had to widen your circle of trusted advisors.

And, when you get down to it, that is the best way to understand the concept of advisory board. These are the folks who you can count on to help you and your business grow and succeed. They are your trusted advisors – they become your informal advisory board.

Advisory Board brick-wall method    

Often, the way your board is developed is through the brick-wall method. You’re humming along just fine – then you come up against a brick-wall and are unsure of the next method or the next action to take. You go looking for someone who can give you the answer, solve the problem, or simply provide you a next-step alternative. The following is in no particular order, nor necessarily complete, yet provides you with a “possibilities” list of the types of individuals you may wish to add to your advisory board.

  • Attorney
  • Tax Preparer
  • Coach or Business Development Advisor
  • Outsource providers such as:
    • Human Resource Expert
    • Accountant (that’s us!)
    • Virtual Assistant
  • Operating Systems Advisor
  • Marketing Professional

Set your expectations

Your advisors help you in a number of different ways. They can guide you in a strategic direction and help with key decisions. Not only are they a sounding board, they can also be an excellent source of ideas. And, one hidden quality many overlook is your advisory board members’ ability to provide network connections.

Some qualities to look for

  • They’re available to you for continuing guidance or one-off questions.
  • They bring specific skills or knowledge you are missing.
  • They have know-how which increases your odds of success.

 

Wondering if you should include a construction-centric accounting firm as part of your advisory board? Check out this article to see if the time is right.

We provide Accounting and Advisory Board Level counsel for small to medium commercial construction subcontractors. So you can Run With the Big Dogs. 866-629-7735

The Top 5 Critical Problems Schulte and Schulte Solves for Owners of Construction Contracting Companies

 

When you first became a construction contractor or construction service business owner it was pretty simple – get a job, do the job, get paid, see how much money you made. Now, things are different. You have people working for you, people who rely on you in order to make a living.

Knowing the whats, hows, and whys of construction accounting has become much more difficult.

Following are 5 critical problems Schulte and Schulte solves for clients on a regular basis.

Not knowing how to maintain cash flow

“Projecting future cash flow is something I’ve never understood how to do.”

Solution: Once the system is implemented you’re “in the know” daily concerning all the angles of cash flow.

Not having proper records for the IRS and for other potential needs – like proving credit worthiness

“I’m not even sure what I should keep, much less how to keep it.”

Solution: Your records are brought up-to-date and kept current so you’re always ready for both the IRS as well as for investors or loaning institutions.

Constantly having to chase work to build revenue

“It seems if I’m going to make money I always have to find new work (some I don’t even want to do) and it drains my time, energy, and capital. There’s got to be a better way.”

Solution: You’re taught smarter ways of maximizing revenue rather than the eternal work chase.

Not understanding their job costs

“I know it is more than just what I pay my people and how much I paid for supplies, but I’m not sure what all goes into job costing.”

Solution: You know what the job costs are for each job and for each type of job, giving you valuable insight concerning future jobs.

Not having enough time in the day to do it all as a small business owner

“I don’t hardly have time to breathe, much less time for figuring out all the ins and outs of construction business accounting.”

Solution: You’re relieved of trying to “figure it out.” The Schulte and Schulte pros take away much of the “drudge” of bookkeeping while informing you regularly about the financial health of your construction contracting or service business.

Solution: Maximizing Your Profits.

Now that you know we offer solutions for your critical problems, it is time to stop messing around and trying to figure it out yourself. Reach us through this number 480-442-4032 or get in touch here.