Building Scale
We interview successful Architecture, Engineering, and Construction (AEC) business leaders to learn how they use people, processes, and technology to scale their businesses.
Understand Why You NEED A CFO to Grow Your Construction Business with Daaxit’s Aaron Mills
In this episode, Aaron Mills, a CFO in the construction industry, discusses the common financial issues in a construction business, the concept of 'growing broke', and key financial KPIs. He also talks about the illusion of success, the importance of a strong management team and continuous learning.
Key Points
- Aaron Mills highlights the importance of financial clarity for AEC businesses, emphasizing that many business owners lack understanding of their financials due to over-reliance on accounting departments and CPA firms without strategic financial guidance.
- He introduces the concept of "growing broke," where companies expand rapidly without proper financial oversight, leading to potential losses despite increased revenue, underscoring the necessity of accurate financial reporting and strategic planning.
- Mills advises AEC business owners to implement regular financial planning and review, including setting yearly budgets and comparing monthly financials to those budgets, to ensure they are on track to meet their financial goals.
Chapters
| 0:00 | |
| 2:38 | |
| 7:32 | |
| 10:19 | |
| 13:30 | |
| 15:30 | |
| 18:29 | |
| 21:19 | |
| 23:08 | |
| 25:06 |
Transcript
Loading transcript...
- / -