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…
As a year like none other draws to a close and we enter a new year with hope for brighter days and more “normalcy,” I’d like to offer you three gifts to help you get and keep your business on track and aligned for growth.
If you’re not receiving a Statement of Cash Flows from your accountant, it’s time to ask.
You can run a business at a loss, but not without cash – it’s the lifeblood of any business.