Raleigh, N.C. — Tom Kort, a consultant with FMI Corp. here, will speak at the 2007 American Fire Sprinkler Association Convention & Exhibition in late September in Phoenix, Ariz.
In “Financial Management for Non- Financial Managers,” Kort will discuss why the management of financial resources is as important to a contracting business as managing its people and jobs.
According to Kort, “Poor financial management skills result directly to lost revenues and lost profits — two things no one in the construction business can afford to be without.”
During the educational session, Kort will help attendees learn how to be better equipped to detect and handle potential financial problems; to make more profitable decisions; and to monitor the fiscal wellbeing of the firm.
The focus will be on measuring cash flow and working capital, creating financial metrics to assess financial performance, driving financial performance through planning, and best practices in financial management.
During his second session, Kort will share the findings on FMI's study of “Why Large Contractors Fail.”
While FMI researchers agreed that external economic conditions and the nature of the construction industry were significant factors in a company's demise, they also found other internal root causes were typically present.