"Practical, direct, no-nonsense. Wish I'd had this when I was starting out. . . and for the decade after that. It is a very good book. . ."

Mike Reitz, founder and editor of The Journal of Light Construction (JLC)

Sunday, February 19, 2017

MONEY: a way to measure value

For every builder who has made and kept a fortune, there are a hundred who made one and lost it, some several times. When business is good, decisions are made as if the money will continue forever, but construction is a business of cycles, and when work slows a company's weakness shows quickly as its financial obligations overwhelm it. Learn to manage money. Take classes, read books, set long-term goals, study business cycles, and understand what it means to overextend. In good times and bad be conservative—even frugal—control spending, keep overhead low, keep loans to a minimum, establish and fund a cash reserve account, and build assets.
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