As I talk to contractors who have encountered serious financial challenges in their businesses, one of the recurring reasons is a lack of financial oversight. As they begin to recite the litany of business mistakes and think about what got them into a financial mess, the top of the list, almost without exception, is a lack of financial oversight. Now, core business challenges are normally due to marketing or operational issues - not necessarily financial issues. Something changes in the way we source and retain customers (marketing) and sales start to decline. Or on the operations side, the cost of serving customers gets out of whack or overhead grows much faster than sales, leading to financial challenges. There are many reasons why a business struggles.
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