Your Virtual CFO
Accurate Info and Reports = your confidence to grow
‘Gut feel’ isn’t enough to get you through serious business growth. An easy way to overcome this is having simple, accurate and timely (easy to read – dashboard) reports to guide you to the right decisions. The question is what should they contain? Just printing out what comes out of your accounts system may not be enough. Also, what does the information mean and how can you use it to create improvements? Trying to work it out yourself or relying on a bookkeeper could mean you’re missing out on big opportunities.
An experienced person with insights into what financial information means can be worth a fortune, as well as provide invaluable education in how the numbers can work for or against you.
Have confidence your numbers stack up
To feel confident decisions will result in better profit and cash flow, you need to be sure the numbers have been crunched properly. Have all costs been taken into account? Are overheads set right, or could they be reduced to ease financial stress? Are you sure that new product/contract/job/resource will deliver profit? A lot more work and effort isn’t worthwhile if it doesn’t deliver onto your bottom line.
It’s well worthwhile to ensure viability before creating a load more work for yourself that won’t be profitable. A really good question to ask yourself is “Do I really know how much profit each product/service/job/project etc. actually delivers to the business?” You may know your overall profit, but if it’s made up of too many losers and not enough profitable lines you could be missing out on precious profit.