Experienced construction business owners may think that only beginners suffer from cash flow woes, but this is far from the truth. Cash management in construction involves constant monitoring of each aspect of the business, from controlling expenses to collecting receivables. Any misstep in this process can and will have an impact on an organization.
To protect a company’s financial interests and prevent costly mistakes, awareness of common cash flow errors is vital. Here are some of the common mistakes that hurt a construction company’s cash flow.