004 - Six Key Components of Financial Management On Your Architecture & Construction Project

Incurring financial problems on a property build-out is a terrible feeling. One of the worst stories I've heard is a couple whose 12 week renovation took 52 weeks, and cost 3.5x the initial budget. Many a project have gone bust due to financial issues, faced enormous additional costs, or cost two to three times the initial budget or worse - but this is completely avoidable with some understanding and planning.

In this video we show the each the basic skills of proper management of the Financial Process for a Renovation or New Build.

As an Owner Manager, it is your prerogative to ensure that the financial management side of your project is fully handled – which means you need to understand the nature of the Architecture and Construction Industry, as well as the flow of money, and the key tools to understand for managing your projects. We will cover the flow of money in a different video.

The Six Key components to manage on the financial side of your renovation project:
• Budgets
• Cash Flow
• Leveling
• Cost Tracking Reports and Invoicing
• Contingency
• Retention

Read on Substack: https://arcobee.substack.com/p/six-key-components-of-financial-management?s=w
Read on LinkedIn: https://www.linkedin.com/pulse/six-key-components-financial-management-your-architecture-construction-/?trackingId=XeQ%2B9OFuYijjXe71WnAjdA%3D%3D
Watch on Rumble: https://rumble.com/vzab0h-004-six-key-components-of-financial-management-on-your-architecture-and-con.html
Watch on Odysee: https://odysee.com/@Arcobee/004
Watch on YouTube: https://youtu.be/5R20A-7001o