Many Business Owners consider themselves knowledgably and close to the numbers in their business. This may include how much revenue they are producing or not producing each month and what profit, if any they are generating.
The unfortunate situation is that it’s not just about “adding up the numbers”; it’s about “adding up the numbers” and “what” and “why” the numbers added up this way. Being able to understand the message behind the numbers places the Business owner is a powerful and proactive position to see what’s behind the corner so they can plan and prepare themselves to ensure a profitable outcome.
It is critical that a business owner knows he/she is not just getting paid accurately but on a timely basis as well. The timing and consistency of a business’s accounts receivables is essential for ongoing cash-flow health.
Understanding what the future might bring and having a plan to respond to the good and/ or bad is essential for any business to run smoothly with a lot less stress.
The business owner must have the time to focus more time and energy on the core business and the customer, not bogged down by financial administration and paperwork.
If customers are not reminded to pay-up then Account receivables slow down. Conversely, when Account payables slow down, debt accumulates.
Numbers are the language of business and when the business “speaks” it’s important to be able to respond to what the business needs in a proactive manner vs. reactive manner.
Having a financial coach that guides and advises the business owner to be efficient with cash and how the business operation is run – money-wise is essential to keep tax amounts in check.
Paying bills is a necessary evil but it becomes an “evil” when money is just not available to pay the bills. Having the right amount of cash in the company system at the right time is essential for ongoing business success.
Like paperwork keeping the business owner from his/her core business, being consumed by CRA concerns is not what the business owner should be busy with consequently taking away from the core business.
Like paying bills, paying taxes can also be seen as a “necessary evil” but it doesn’t have to be this way.
Many business owners would say they “are not good with numbers” or “good with numbers” but still don’t understand what their business is telling them it needs. Know what is required and create wealth!
Just like Account payables, the government needs to be paid its GST on a regular basis. Not having to worry about this and having the money available to do so is critical.
Not having to stress about where the money is going to come from to pay bills is essential, so the business owner is able to focus on the right things at the right time.
Cash is the oxygen of business and not having a constant cash flow running through the business is not what the business owner wants at the end of the day.
If these questions apply to you check out our service packages.
Business owners are regularly surprised by what they are not aware of in terms of money and being left on the table. Understanding how to optimize the money created in the business builds momentum in being able to sustain ongoing business profitability.
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