TCF1067: Cashflow Survival Guide for Contractors with Kortney B. Farhat

Prioritize controlling what you can control: Focus on cash flow, client communication, and proactive financial planning rather than external economic factors.

Proactively manage cash flow: Explore alternative lending, refinance programs for existing assets, and utilize collateral to secure funds before urgent need arises.

Leverage tax strategies: Utilize Section 179 for bonus depreciation on equipment purchases to offset taxes, even financing equipment if it preserves cash.

Communicate transparently with stakeholders: Be honest with vendors about payment delays and with clients about progress payments to avoid stacking expenses.

Maintain employee engagement: Keeping good employees engaged and paid through difficult times is crucial for long-term business stability and avoids costly rehiring.

Stay visible and market strategically: Don't cut marketing during downturns; instead, focus on cost-effective strategies like affiliate marketing or direct outreach to build your brand and find new opportunities.

Embrace 'Other People's Money' (OPM): Finance equipment and business needs to preserve your cash for high-interest investments or emergency funds, using business credit instead of personal.