Finance

How to Identify Financial Gaps in Your Construction Business

All businesses have financial gaps, but how can you find and fill them? Read on for some of the common reasons and ways gaps can appear and what can be done about it.

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“Where are the financial gaps in your construction business?” That might feel like a loaded question, but it’s an important one for construction companies of any size to ask. Honestly. With multiple projects, contracts, change orders, and purchase orders it can be easy for things to slip or fall askew. And if closing out your books monthly feels like a mammoth task—you’re not alone.

So, we know there are gaps, but what now? Where to go from here? Well, Briq can help. With Briq, you can connect systems, automate tasks, work collaboratively, and get a clearer picture of your financial standing all in one place. Let’s look at where those financial gaps may be lurking and how Briq can help you fill them in.

Cash Flow Gaps

It’s a given. You will have a cash flow issue as a small business. It disproportionately happens to SMBs and construction companies. Unclear project data and delays in information coming from the field mean that you are projecting blind at times. Or at least with the lights off. Let us shine a torch. By implementing Briq, you can improve your business’s margin of error by 40% by using our intelligent dashboards.

The building won’t get built without many people on the ground, but the data that your business runs on does not need to go through multiple hands.

Data Management

Most financial gaps are thanks to missing facts and figures. When each team is working in their department’s system and sharing critical project information through email, by the time the report gets used it’s out of date. Cut the confusion and use Briq as your single source of truth. Combine estimates, budgets, projections, and actuals all into one comprehensive view to know exactly where you stand and how your projects are tracking.

Let’s Automate

The building won’t get built without many people on the ground, but the data that your business runs on does not need to go through multiple hands. With Briq, you can centralize your ERPs, CRMs, project management systems, eliminate inefficient tasks, and automate mundane double data entry. All of this will stabilize business overhead costs as the need for manual entries is diminished. You’ll be surprised at the amount of data you will collect and the speed work can get done when you automate tasks.

Plan for Surprises

We can’t plan for every eventuality, but we can try. Briq allows for planning workflows to be conducted on much more timely information, resulting in better forecasts. Your teams will have access to historical data and machine-powered predictions, so they can start scenario planning and run projections in half the time they are currently. Essentially, you will be able to make better and more accurate decisions faster.

It's given me a lot of trust –Chad Green, CEO, Bauen Studios

There’s no need to continue with outdated modes of working and prolonged lead times thanks to missing or delayed data. Bring all your information together in Briq and start running your business better. We’re biased of course. So, how about you hear it from one of our clients? Chad Green, CEO of Bauen Studios, a full-service commercial construction company based in Colorado, says of Briq: “It's given me a lot of trust for where Bauen is going because there's a lot of new information that I have access to now, giving me the ability to make a lot better decisions.”

Want to see what Briq can do for your business? Set up a call with our experts today.