FINANCIAL SELF ASSESSMENT: Tips for Making Sure You're on the Right Path

Jan 12, 2023



I want to talk with you about how I help general contractors and restoration contractors when it comes to finances. I developed a simple two-page self-assessment to help you get an understanding of where you're at in terms of financial understanding and being able to use the numbers as a tool to get more profitable in your business.

So here's how it works -  Just click the link below this video, download the simple two-page pdf, and in the rest of this article, I'll take you through the assessment overview.  If you're completely stuck, skip the part where I ask you to complete the assessment and just book a free 30-minute call with me. I'll demystify and simplify the process for you.

Step one is all about basic financial understanding. Do you understand the terms? Do you understand the components of a profit and law statement? Do you understand the balance sheet? Do you understand an AR report? Do you know what you're looking at, and do you understand the basic terms? I'm not trying to turn anybody into an accountant, but it is important that you have a strong understanding of the basics so you are able to use the information you'll be able to get from reports.  

The second section is all about setting up your accounting software so that you're able to collect information that you'll be able to use later to make great decisions.

The third section is about the bookkeeping discipline you'll need to have in place.  It's not a comprehensive list, but it includes some of the most important tasks that are often overlooked. Are bank reconciliations happening every month? Are credit cards being reconciled every month? Are you getting receipts, and are you job costing?

This fourth section is all about using the great data that you have available to you to really understand what's going on in your business and strategize in the spirit of becoming more profitable.

The fifth and final section is all about protecting the business. Internal controls help protect you from mistakes that can be really costly and will also help protect you from dishonesty.

Don't let yourself get overwhelmed.  The first step is to just download the assessment file and complete it - it won't take you more than 5 minutes.  The next step is to schedule a free 30-minute call with me. We'll discuss where you are and come up with a simple plan on how to make progress.  I'm looking forward to helping you improve your financial understanding and get more profitable! 


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