recordings and sessions

BSCAI Virtual Summit - Finance - 2023
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Summit 2023 Recordings

Quality Assurance and an Inspired Workplace

Session 1: Economic Outlook: Hard or Soft Landing?

Michael Gregory, CFA Deputy Chief Economist, BMO Capital Markets

For building service contractors, the question of an economic outlook—whether it’s a hard or soft landing—holds significant implications. A hard economic landing typically refers to a sharp downturn or recession after a period of strong growth, which can lead to reduced construction projects, tighter budgets, and increased competition for available contracts. In contrast, a soft landing is a gradual slowdown that allows businesses to adjust without a dramatic drop in demand or revenue. Building service contractors must be attuned to these economic indicators, as they dictate project availability, funding, and client spending habits. By closely monitoring market trends and economic forecasts, these contractors can strategically position themselves, ensuring adequate preparedness and resilience irrespective of the economic trajectory.

Session 2A: Best Practices for Capitalizing Your Business

Daryl Pace Vice President Finance & Information Technology Bee-Clean Building Maintenance

For building contractors, capitalizing their business effectively is crucial for sustained growth and success. Regularly reinvesting profits back into the business, maintaining a healthy cash reserve, and continuously monitoring financial metrics can also ensure fiscal stability. By being proactive and strategic with capital allocation, contractors can navigate market fluctuations and seize growth opportunities when they arise.

Session 2B: How to finance your growing business

Benjamin Van Vlerah Senior Vice President, The Huntington National Bank Commercial Regional Manager for Illinois and Wisconsin Middle Market Banking

An SBA loan offers numerous advantages for businesses. They typically come with lower interest rates and longer repayment terms compared to traditional loans, making them more affordable over time. Their flexible eligibility criteria make them accessible to a wider range of businesses, and they often provide valuable mentorship and guidance resources to aid in business growth.

Session 3: Finding the Right Fit for you Finance Team

Thor Sandvik –Kidways LLC –Business Consulting, Fractional CFO/Controller, Administrative Outsourcing

As businesses grow, financial complexity often follows, making the hiring of a controller or CFO crucial. When financial operations become too intricate for current management, or when strategic financial planning is needed for expansion, it’s time to consider such a hire. Finding the right fit involves seeking candidates with relevant industry experience, a proven track record in financial leadership, and the ability to align with the company’s long-term vision.

Session 4: Practical Finance Job Costing Handout

Pat Sullivan, CBSE, MahlerClean

Without precise job costing, contractors risk underbidding projects or incurring unforeseen expenses, which can erode profit margins and jeopardize the financial health of the business.

Session 5A: Financial Dashboarding

Gerry Henley, CFE, Launch to Growth

Lagging numbers, like revenue and profit, provide a retrospective view of a company’s financial health, reflecting past actions and decisions. In contrast, leading numbers, such as sales pipeline data or customer satisfaction scores, offer a glimpse into the future, helping businesses anticipate trends and adjust strategies proactively. For building services contractors, balancing insights from both these metrics ensures they’re not just reacting to past performance but also positioning themselves for future success.

Session 5B: Audits and Attestations

Tiffany Woodley, CFO, Woodley Building Maintenance Kansas City, MO

Attestation services involve an independent party reviewing or examining financial documentation to verify its accuracy and compliance with certain criteria or standards. These services can result in a formal report or opinion on the reliability and correctness of the information presented.