I realize that contractors don’t like me harping about knowing their numbers, and contractors as a whole don’t like accounting and bookkeeping. I also recognize I must sound like a broken record. However, 90 percent of the financial problems we see with contractors have something to do with numbers and usually involve poor financial information. I am dedicating this article to helping contractors understand why this problem exists and how to combat it. First, let’s discuss some causes of this problem prior to offering some ideas on how to fix it.
Try the following exercise. Take the numbers below and add one to each digit to come up with the next number series. Here are a couple of examples of the process: