Signs your business needs more cash and what to do about it
You started your business because you’re passionate about the products and/or services you offer to your customers. The accounting, measurements and metrics weren’t the first things on your mind. But now that you’ve put your product out there and you’ve grown a bit, you’re feeling the crunch and want a better understanding of what’s happening.
You’ve likely been in business for a little while. You might feel like things are going ok but you also have a feeling that things could be better. You’re just not able to pinpoint what the issue is or how to fix it. If you’re lying awake at night worrying about making payroll or which vendors you need to pay now and which you can put off for a bit, you might be experiencing a lack of adequate cash flow in your business.
Cash flow.
I’m sure you’ve heard this term over and over as a business owner. You might even have a bookkeeper and/or accountant who gives you financial statements every month. Your business might be making a profit on paper. But you’re feeling the crunch of not having enough cash. Cash flow in your business is simply the cash you have available to spend. It describes the cash coming into and going out of your business. It’s different than the profit you show on your profit and loss statement. And understanding it is crucial to the success of your business.
Businesses that have adequate cash are the businesses that are successful. If you can’t pay your employees or vendors, your business isn’t going to survive very long. If you don’t have cash to invest in advertising, new products or other vital items you need to keep your business growing, your business has a higher likelihood of failure.
It doesn’t have to be this way though. I work with business owners all the time to help them look at their business and see it’s strengths and weaknesses. We figure out what’s going right and then develop a plan to tackle the things that aren’t going so well.
That’s where I come in. As a Virtual CFO, I can help you figure out what the strengths and weaknesses of your business are and help you develop goals to address any weaknesses identified.
So what’s a Virtual CFO?
All successful big companies have a Chief Financial Officer whos in charge of overseeing the financial activities of the company. Many small and medium-sized businesses can’t afford to hire an in-house full-time CFO right away. And that’s where a Virtual CFO comes in. For a fraction of the cost of an in-house CFO, a Virtual CFO can partner with you to help you identify pitfalls in your business before they negatively impact it. You’ll have a financial expert that can answer your questions and help you make decisions so you can grow your business. We look at how you can increase revenue, decrease costs, and have more CASH profit in your business.
I use a proven system that looks at your business in detail every month. From this review, I help you develop steps that tell you exactly what you need to do each month to generate more cash flow and grow your business. You’ll stop worrying that you can’t pay your bills and you’ll start seeing more cash in the bank so you can make investments to keep your business growing.
No more looking at financial statements and trying to figure out what they’re trying to tell you. No more Excel spreadsheets and formulas and metrics that don’t mean much because you’re not sure what to do with the information. You’ll have a clear path and you’ll see a return on your investment in my services. Your business will start doing better than you ever thought it could.
Sound interesting? The first step to working with me is to schedule a free call where we can get to know each other and see if we’re a good fit to work together.
Do you think a CFO would be helpful for your business? Let me know in the comments!
Ann Hooper is a Certified Public Accountant and she works with business owners to help them have successful businesses. She’s previously worked in accounting roles in Fortune 500 companies, state government, and public accounting and enjoys using her financial expertise to help businesses succeed. In her free time, she likes to go on adventures in her neighborhood and beyond with her dog Izzy. She loves to travel, read and find good hiking spots to explore.
