This article originally appeared in the Construction Financial Management Association publication – It provides examples from the construction and CFO perspective, however, it’s concepts apply to all businesses. 

You’ve just completed checking over a new subcontractor’s construction expenditures on a large hospital project. You had reservations about using a new subcontractor on such a visible project, but the construction manager was able to persuade the CEO about the firm’s capabilities. Now, you’re beginning to see cost overruns that you will need to nip in the bud if you are to deliver the project within budget. You get up from your desk to pour yourself another cup of coffee before tackling the next task. There’s still a huge amount of work you need to get done before the end of the day, but you pour the steamy brew and pause for a few moments to gaze at the people around you. [Read more…]