Masterlist

Keep tabs on your money so you spot problems before they blow up. Regular financial reviews help you stay profitable, manage cash flow, and avoid those 'where did all the money go' moments.

• Review Cash Flow and Balances
  Check how much money you have versus what's going out. Running out of cash kills businesses even when they're profitable on paper.

  • Check All Bank Accounts
    Log into every business account and write down the current balance. Compare to last month to see if you're growing or burning through cash.
  • Add Up Money Received
    Total all the actual payments you got this month from customers, whether cash, checks, or transfers. This is your real revenue, not just what you invoiced.
  • Add Up Money Spent
    Total everything you paid including payroll, supplies, rent, utilities, insurance, and loan payments. Seeing where the money goes helps you figure out if you're spending too much.
  • Project Next Month
    Look at upcoming jobs and bills to estimate if you'll have enough cash next month. If it looks tight, plan now to delay expenses or collect money faster.
• Chase Unpaid Invoices
  Track who owes you money and actually collect it. Money sitting in unpaid invoices doesn't pay your bills or employees.

  • List Everyone Who Owes You
    Pull up your invoices and write down every customer who hasn't paid yet. Include how much they owe and how many days past due they are.
  • Contact Overdue Accounts
    Call or email anyone more than 30 days past due. Politely remind them and ask when they'll pay. The longer you wait, the less likely you'll ever collect.
  • Offer Payment Plans
    For customers who can't pay everything at once, set up a payment plan where they pay you in chunks. Some money beats no money.
  • Decide on Collections
    For seriously overdue accounts where the customer won't respond or pay, figure out if you need to send to collections, file small claims, or write it off.
• Analyze What Makes Money
  Figure out which jobs are actually profitable and which ones waste your time. Focusing on the good work grows your business faster.

  • Calculate Revenue by Service
    Add up how much you made from each type of work this month. Separate things like installations, repairs, and maintenance so you can compare them.
  • Calculate Costs by Service
    Estimate what each type of work costs in materials, labor, and your time. Don't forget to include what you pay employees or yourself.
  • Find Your Best Work
    Compare revenue to costs for each service type to see which ones leave you with the most profit. These are the jobs you should be chasing.
  • Consider Dropping Losers
    Think about whether low-profit services are worth offering. Sometimes you're better off saying no to cheap work and focusing on jobs that actually pay.
• Cut Unnecessary Expenses
  Look at what you're spending and find ways to reduce costs. Small cuts add up to serious savings over a year.

  • Review Big Expenses
    Look at your largest spending categories like materials, fuel, insurance, and rent. These are where you have the most room to save if costs are out of control.
  • Compare to Last Month
    Check if any expenses jumped compared to last month or last year. Big increases might mean waste, theft, or price hikes you can negotiate down.
  • Cut What You Don't Need
    Find subscriptions you never use, duplicate services, or expenses that don't help you make money. Cancel anything that's not earning its keep.
  • Negotiate Better Deals
    For major expenses like insurance or supplies, call and ask for discounts or shop competitors. Being loyal costs money—sometimes you gotta switch to save.
• Plan for Big Purchases
  Look ahead at large expenses coming up so you're not scrambling for cash. Planning gives you time to save or arrange financing.

  • List Upcoming Large Expenses
    Check your calendar for big payments in the next 3-6 months like insurance renewals, equipment purchases, or tax payments.
  • Calculate Savings Target
    Figure out how much to set aside each month to afford these expenses. Divide the total by months remaining to get your monthly savings number.
  • Set Money Aside Now
    Transfer money into a separate account for these upcoming expenses. Keeping it separate stops you from accidentally spending it on day-to-day stuff.
  • Research Financing
    If you can't save enough in time, look into loan options or payment plans now. Getting financing early gets you better terms than panicking at the last minute.