In a recent episode of the Construction Champions podcast, host Ron Nussbaum sat down with Luke Boyenger, CEO of Cruzumi CFO and Advisory, to discuss a critical yet often overlooked aspect of construction business management: financial expertise.
The Value of Financial Guidance in Construction
Breaking the Misconception
Many construction business owners believe they don't need financial expertise if they're:
Already profitable
Have cash in the bank
Running a successful business
Luke Boyenger challenges this mindset, comparing financial guidance to professional sports coaching.
The Golf Coach Analogy
Just like a golf coach can:
Quickly identify swing problems
Make minor adjustments
Dramatically improve performance
A fractional CFO can:
Analyze financial statements
Identify improvement opportunities
Unlock additional profitability
Financial Impact: More Than Just Numbers
Profitability Potential
Consider these eye-opening insights:
Improving net profit from 5% to 7% can mean:
Significant bottom-line impact
Increased business valuation
Better exit strategy
Example: On a $20 million business, a 2% improvement means an additional $400,000 in profitability.
Cost vs. Investment
Hiring a Full-Time CFO:
Salary range: $213,000 - $354,000
Additional costs for benefits, taxes
Limited industry-specific expertise
Fractional CFO Advantages:
Lower cost
Specialized construction industry knowledge
Performance-driven approach
Key Takeaways
Why Construction Companies Need Financial Expertise
Accurate financial reporting
Identifying improvement opportunities
Strategic business growth
Potential exit strategy optimization
Links
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Conclusion
Don't view financial expertise as an expense, but as an investment in your business's future. A fractional CFO can be the game-changer that transforms your construction company from good to great.
Remember: The right financial guidance can help you build wealth, leave a legacy, and take your business to the next level.
Keywords: fractional CFO, construction financial management, Luke Boyenger, Ron Nussbaum, Construction Champions Podcast, cash flow management, financial planning, profitability, business growth, strategic decisions
Why Construction Companies Need a Fractional CFO
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