Even though it’s an annual event for every company, planning for the next year often seems like an overwhelming task. To make it more manageable, I’ve mapped out ways to smooth out the top three stumbling blocks businesses face when planning for the coming year.
Many owners feel out of the loop and wonder if they know everything there is to know to optimally pilot their company. To run your business with a forward-looking perspective, there is no substitute for the experience, insight, and expertise of a CFO.
The EOS provides a simplified, yet wholistic, approach to business success that breaks goals down into 90-day increments.
Golfing captures my focus and makes me think; it can be challenging, relaxing, and rewarding all at the same time, while having fun and enjoying the company of great friends and colleagues. In these, and many other ways, golf mirrors business.
Although a company’s financial situation is my starting point, my work is not just about profitability and cash flow. I care about the business as a whole and, while understanding the sensitivity associated with a client’s money, I want to also be able to speak to issues beyond those that are financial.
Recognize that giving yourself the opportunity to recharge your batteries and truly re-create is more a necessity than a luxury.
As a business owner it’s important to know your numbers. Without them, owners are ill-equipped to make sound financial decisions or confidently chart a course for growth.
To run a financially healthy company, you must know your numbers. This fundamental practice is paramount to understanding your current financial position and how it may impact your future growth objectives.
If yours is like most companies, you typically prepare annual budgets, or profit plans, for the accounting year. But with short term changes in the business climate still a reality of our future, it’s difficult to project for an entire year. Your profit plan also needs to consider the near term.
Successful cash flow forecasting requires that you understand how cash flows through your business and that profit is not the…