The best defense is a good account balance – Cope with delayed jobs through sound financial management

Description

Abstract: When a severe delay hits a project, a construction business’s financial risk tends to skyrocket. Even if the contractor isn’t at fault, the owner may withhold payments while the situation is sorted out. This article explains that the best defense is to strengthen the company’s financial position to the point where it can absorb the risk of a slowed-down job. A sidebar points out the importance of confidentiality when it comes to maintaining a cash reserve.