A Smart Business Doctor Success Story

A Construction Case Study

Construction Contractor's Financial "Books" are a Mess!

The Challenges

At the conclusion of a Business Assessment, Smart Business Doctor and our client, concurred, the accounting and "books" of the business were in terrible disarray and were contributing to cash flow problems, late payments to vendors and poor collections of receivables.

Staff focus was on re-creating new Profit & Loss Statements and Balance Sheets to get a strong grip on what the true "financial state of the business" was from a financial perspective.

The staff reconciled all bank statements and credit card statements for the past two years, and basically, performed an audit that allowed our client, to more clearly understand, a true picture of their financial position.

This was the first time in many years the "books" were accurate and in a state of credibility, allowing our client to begin making sound financial business decisions to correct and guide the direction of the company.

The Solution

Now that the client had a precise picture of finances, Smart Business Doctor was then, able to create a financial strategy to develop cash flow management plans, accurate Accounts Receivable aging reports, and Accounts Payable aging reports.

This opened the door for our client to step back and start to strategize where the best use of their cash flow needed to be dedicated. For example, what bills needed to be paid first, what bills could be paid taking advantage of discounts, what customers needed to be contacted for delayed payments, and most importantly, allowed Smart Business Doctor to create effective credit and collection policies, whereby, they stopped becoming a "lender or bank" for their customers. This placed our client into a stronger position to be able to start using excess cash flow for growth and being able to take on a more aggressive bidding and estimating strategy.

The "ripple effect" of having the financial house in order...allows our client the ability to approach lenders for better banking structure, improved Lines of Credit, with better interest rates, that added stability and security to the clients foundation.

Smart Business Doctor was able to create Key Performance Indicators (KPIs) allowing the client to have accurate, "flash" reporting at their fingertips to make fast decisions and to be able to see, immediately, if anything was getting track, and make adjustments to correct immediately.

Once the financial structure was built and improved our client was able to focus on other areas of the business that needed attention.

Clear "Peace of Mind" was provided to our clients by just knowing, with confidence, where they stood financially.

From there, we began looking at budgeting and business planning, that never took place before in the company.

Specific training of key employees and the job duties of the Owner of the business, helped the company to become more focused on their goals and developed, well needed, organization in the office that was poorly lacking.

The Results

Having a strong financial system contributed to the Owner’s of the business having more confidence in their decision making, assisted them with better tax planning and allowed the client to take a more proactive position in growing the business without guessing.

Smart Business Doctor staff, used efficient techniques, and proven processes to get to the root of the problems that existed in the client’s business.

Proprietary strategies were used to save our client’s money, allowing Smart Business Doctor and the Owner to assess each department of their business in an economical way.

"When Smart Business Doctor first conducted the 'Business Assessment' I really did not think my business had very many problems, once I saw, the type of tools I was missing to track my financial status, it was a real eye opener as to, how far off track my business was. The Smart Business Doctor project director, who provided us with the systems and controls to help us take our company to a high level of professionalism and credibility was amazing. Their consult absolutely changed the morale and integrity of our office staff, and assisted in building a more trusting relationship with our bank...thank you, to all the Smart Business Doctor geniuses that saved my company."

Larry and Sylvia M. New Jersey


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