Are you in need of a Business Makeover…
Financial management is the heartbeat of every business. Money comes in and goes out so it’s critical to ensure you’re following the right path to maintain a positive cash flow. As most businesses grow, their customer base the supply chain becomes more complex. Attending to the books and records while gathering and monitoring information from the financial data becomes more difficult.
Too many companies focus on developing their products or fighting off the competition and ignore the requirements needed daily business operations. Meeting needs for payroll, marketing, rent, insurance and other fixed expenses requires consistent cash flow. Many business owners rely on outdated or antiquated financial systems that encourage bad habits. These businesses end up committing at least one or more financial management mistakes. These mistakes result in a number of consequences such as poor decision-making, low productivity and a lack of competitiveness, and inevitably, a lack of cash.
Moving to a modern financial management system that’s integrated with other operational systems, a company can centralize business data and ensure access to correct, up-to-the-minute information. The ideal system should automate daily financial processes and eliminate reliance on spreadsheets. This will streamline the workflow and reduce the possibility of errors. Today’s latest cloud-based financial systems offer the ability to centralize data making it possible to automate and streamline management. A daily check on available cash will ensure the business can continue to operate in a productive way and continue growth.
Reason Your Business is Due a Makeover:
- Scattered business data – Information is not centrally located or readily available
- No Departmental Communication – Vital information is not shared company wide
- Spreadsheet nightmares – Spreadsheets control your forecasting instead of software
- Old financial data – You rely on old data and old techniques rather than new technology
- Outdated technology – You haven’t kept pace with technology and use old systems and Software
- Lack of Cash Flow – You find you are short on funds for payroll or other fixed expenses to keep the company going and growing.
- No forward thinking – You are consumed with current problems and can’t think to the future
Makeovers don’t have to be painful. But remember…. what you fix today will help you tomorrow.