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When purchasing equipment, you have to decide whether a shorter loan with a higher interest rate or a longer loan with a lower interest rate is the best choice for your business. The answer greatly depends on whether your cash can be deployed elsewhere at a return above the rate spread. āAsk one question first: […]
Are you running the business based on your bank balance and intuition, or do you know your actual job-costed financial data? āOwners usually know how many crews they have, how busy the schedule looks, whether the phone is ringing, but they usually can’t answer what 20% of customers generate 80% of their profit or what […]
Do you encounter times when your company has strong profits on paper, but youāre still struggling with cash shortages? Frequently, the cause of this is how you record and interpret your financial data. While cash flow problems arenāt caused by accounting, using the wrong method and distorted numbers can hide warning signs until it is […]
When it comes to making an expensive equipment purchase, how often are you trusting your gut versus going by solid numbers that back your decision? Sometimes you may opt not to purchase a machine, assuming it will be underutilized and not make enough money to justify the monthly payments. However, itās impossible to know this […]
If you struggle with collecting your final payment from clients after completing design/build projects, implementing a punch list walkthrough can help mitigate this issue. This was the case for Local Roots Landscaping, based in Pittsburgh, Pennsylvania. While early on they didnāt have a punch list process, after implementing the practice around seven years ago, it has […]
If you want to have accurate pricing and adequate cash flow throughout the upcoming year, building an effective budget is critical. Rather than considering it an optional practice or not putting much consideration into the budgeting process, landscape companies need to approach this process with intentionality. āI would advise landscapers to really understand the purposes […]
Imagine youāre a landscape technician working on a hot day. Thereās sweat dripping off of you, and youāre trying to write a note on the customerās paper bill. Chances are youāre writing the shortest note possible and, in your hurry to get on with your route, the note is illegible as well. This causes the […]
If you offer recurring services like lawn care and landscape maintenance, your company has the opportunity to improve your cash flow by implementing monthly installment payment plans. Rather than only invoicing customers after completing a service, this payment model allows you to spread bills out across the 12 months of the year. āIt helps in […]
Accounts receivable is considered an asset on your balance sheet, but if your company is struggling to collect payments from clients, it can quickly turn into a headache. āāCash is kingā in any business,ā says Andrew Trower, CPA and founder of Andrew Trower & Associates, P.S.C. āDelayed invoicing increases the time it takes to collect […]
While staffing is typically the biggest challenge that landscape companies face when ramping up for the busy season, this isnāt the only hurdle businesses have to overcome. From low cash flow to weather events out of your control, spring can be a stressful time period, but it doesnāt have to be. Cash Flow Constraints […]
