158 - The Power of Financial Systems for Contractors with Timothy Wingate, Jr.

Is it a constant struggle to keep your business afloat? One of the most common business killers in the construction industry is the lack of a good financial system. Listen in as Martin and Khalil welcome Timothy Wingate, Jr., founder, and president of G+F Business & Financial Consulting, to share his expertise in Construction Financial Management. 

Time Stamps

  • 00:47 - Episode Intro

  • 02:42 - How Tim Got Into Construction Accounting

  • 05:43 - Things to Consider in Your Business Finances

  • 11:49 - Utilizing Software for Project Management

  • 19:02 - Improving Your Business Processes

  • 22:41 - Working With a Construction Accountant

  • 28:38 - Let's Talk About Margins

  • 36:02 - Project Bids & Markups

  • 43:09 - Margins vs. Markups

  • 45:38 - Salaries & Revenues

  • 49:03 - Borrowing Money for Your Business

  • 52:49 - Getting Invoices Out

  • 55:47 - Work with Tim

  • 01:08:16 - How to Get in Touch with Tim

Quotable Moments

  • “You will spend more of your time, and by that, I mean your mental capacity and your stress time, on things that have nothing to do with what you do.” - Martin Holland

  • “Scheduling is one of those things that is a skill. And I would say estimating is more of an art form.” - Timothy Wingate, Jr.

  • “People need to up their skills in scheduling because that can kill profit margins. That can kill your business if you just don't get it right.” - Timothy Wingate, Jr.

  •  “A huge part of the reason why jobs don't get done on time is because you weren't prepared for the job.” - Khalil Benalioulhaj

  • “I consider myself a therapist for my clients just because of all the other things that come with the job.” - Timothy Wingate, Jr.

  • “What you spent the loan for may be an expense, but paying it back is not.” - Martin Holland

  • “Just the value of someone understanding truly how to operate your business and that works with other contractors that are successful is so valuable” - Khalil Benalioulhaj

Resources

More from Timothy Wingate, Jr.

More from Khalil

More from Martin

More from The Cashflow Contractor

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157 - 9 Essentials to an Organized Business (Part 3)