Business owners wear many hats; most are taxed with sales, marketing, finance, operations, and other demands of their business. Some owners are exceptional sales people and horrific bookkeepers, others are the opposite. Owners often neglect one of the most important aspects of operating a successful company, proper financial management. Proper financial management begins with the ability to produce accurate and timely financial reports. It is also paramount that you are able to analyze, interpret, and make future decisions based off the numbers.
People naturally fear what they don’t know or are not familiar with. Unfortunately, many businesses fail each year due to negligence of financial management. We always encourage our clients to take control of their business and its future by looking at and understanding what is happening to their company financially. The clients who take action–succeed!
As a business owner, you need to build a solid team of professionals who are interested in your success. Part of that team will consist of business advisors, CPA, and a banker-someone who can help you understand the financial components of your business. These individuals will help you interpret your company’s story by identifying successes and areas for improvement. They also may help you build a plan to improve the performance of your business. You, the business owner, will play a key role in the planning process and will ultimately put the plan into
action and monitor the results.
If you are not currently looking at your P&L and balance sheet routinely, begin to do so or you could find yourself on the slippery slope to closing the doors. Take action–begin the journey today! Call Jon at 507-344-7895 to have a free and confidential financial performance report conducted on your business. We will generate a detailed report of your company’s financial performance benchmarked against industry competitors. Then, we will then sit down with you in a one-on-one setting to interpret the results. Lastly, we will help you build a roadmap to
improve performance and get you in touch with the proper resources to bring it to fruition.
by Jon Herzog