New Year resolutions for construction bosses
Over half (52 per cent) of construction owners and managers also want to spend more time improving their cash-flow management in the next 12 months. The findings suggest owners and managers are planning to dedicate more time to managing financial processes to keep cash flowing smoothly through their business and minimise the threats of bad debt and late payment.
Cash flow
The focus on cash-flow was mirrored by the need of 52 per cent of business owners and managers to develop the skills of their workforce in 2007. The ‘skills gap’ has historically been a major issue for businesses in recent years, and looks set to be just as important in 2007 with nearly a third (31 per cent) of construction firms planning to invest in staff training or further education in 2007.
David Robertson, Chief Executive of Bibby Financial Services said: “With owners and managers worrying about the need to get their cash in order for 2007, getting customers to pay on time and making the most of early settlement discounts, vowing to improve cash flow management is one New Year’s resolution that they would be wise to keep.
“As we head into the New Year, there has never been a better time for entrepreneurs to reassess existing financial structures and ensure the best possible cash flow solutions are being adopted.
“Although many owners and managers have expressed good intentions to spend more time with their families and work shorter hours, it looks as if next year will be another very busy one from a business perspective and I suspect such noble gestures will be pushed aside as 2007 progresses.”
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Susie Hughes
The Editor © Hardhatter 2007