Are You Running Your Business -- Or Is It Running You?
Are you an owner or manager who is responsible for the operations of a business? Do you feel frustrated that you or your staff cannot regularly create useful financial dashboards or reports so you can manage proactively? Does it seem like every report you request is a special project that consumes accounting staff resources, when it should be routine to receive those reports to operate profitably? My Firm believes that privately-owned businesses can receive useful financial information at a realistic cost. With these reports, you can monitor your business progress towards its profitability, cash flow, owner distributions, and value growth targets. With this information, your business should generate more cash now, and in the future when you dispose of your interest in your business. Well run, profitable businesses are worth more. That is important, because chances are your business is one of your largest investments to fund your retirement years.
To me, financial information is useful if:
If you are actively involved in your business, you know the key information you need better than anyone else. This may include receiving non-dollar financial data, such as knowing the number of units produced each day. We can help you to define your key needs.
Also, we can help you to identify and track other financial metrics which will make your business attractive to current owners -- and to prospective buyers in the future. See Useful Accounting Services for common trend metrics I use with my clients.
In many instances, your staff and computer systems may already have the capability to provide you with useful financial dashboards or reports. Unfortunately, your staff and the software vendor might not know how to make that happen. In those cases, we may be able to help.
See Why create targets and compare to results for ideas about how USEFUL financial reports can generate cash now, and in the future when owners dispose of the business.
You might be surprised to find that your recurring accounting department costs do not increase appreciably after your business implements the systems and software resources to provide you with useful financial information. You might even decrease your time at work since your business is operating more profitably! By identifying trends sooner and proactively taking action to maximize profits, you'll probably enjoy your business more.
Please call Jim Blowers at (518) 344-6087 if you would like to know more about increasing the chance of generating more cash now, and in the future, by receiving useful financial information to manage your business to help you improve the business's profitability, cash flows, owner distributions, and value creation. The initial consultation is free!