Know Your Numbers and Then Do Something About It

Set clear, written financial goals for your business, starting with your desired personal income, and then work backward to determine necessary revenue and job volume.

Understand the difference between profit and cash, and actively use your balance sheet and profit & loss statements to make informed decisions about your business's financial health.

Focus on improving your gross profit margins by either raising prices or more effectively controlling job costs; these are your two primary levers for profitability.

Implement 'win or learn' mentality for job costing by setting micro-goals for each phase (e.g., demo hours) and analyzing outcomes to continuously improve future project estimates and execution.

When hiring a bookkeeper, prioritize industry-specific expertise (especially in construction accounting), check their reputation, and ensure they understand complex concepts like WIP adjustments to avoid inaccurate financials and overpaying taxes.

As a business owner, take responsibility for the quality of your financial data by being curious, asking questions, and ensuring a streamlined process for coding expenses and reconciling accounts promptly.