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
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