Your Virtual CFO – Four Key Elements

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.

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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.

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Get Early Warning Signs = Key Performance Indicators (KPIs)

‘Non financial’ information is what drives profit and cash flow results. For example, if you want to achieve a certain level of profit, how many leads do you need to get in? How many quotes/proposals do you need to do? What level of sales conversion do you need? All this action needs to occur for dollars to drop into the tin at the end of the day. When losses are occurring and the bank account is empty, it’s way too late.

You want to know well beforehand, what will be the impact of poor activity levels. That way you can avoid the stress of losses and negative cash flow. A simple KPI system will provide ‘Early Warning Signs’.

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Boost Efficiency, Operations & Processes = Save Money & Time

All activity in a business needs to be optimised to ensure maximum efficiency. Every wasted minute, resource and space is costing you money and time. Often it’s not easy to see this when you’re too close to the action and have been for a while. It really pays to have a ‘logical brain’ on board to analyse how things work and find ways to save time and money.

Time equals money and every dollar saved goes straight onto your bottom line.

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