For example, a patient who meets with their health care professional or enters the ER, an appropriate diagnosis, treatment, and outcome depends on:
Taking an accurate and complete patient history.
Understanding the symptoms.
Collecting and comparing results from objective tests and procedures.
The process is similar for a small business, whether it is healthy or under stress.
CHECKING ALL YOUR "FINANCIAL" VITALS
A financial health checkup is a valuable tool that helps an owner establish priorities, allocate resources, and make well-informed decisions based on facts and objectivity instead of intuition and hope. Every business needs to include a regular examination of its vitals. That not only helps ensure your business is on track, but also helps avoid any surprises.
Cash Flow:
I check on the timing of your payables and receivables to increase control of cash going in and out of the business.
As you project your cash flow, I can illustrate your cash flow trends for the year, by ensuring you have access to cash flow, such as a reserve fund or line of credit, to cover shortfalls.
Balance Sheet:
I can analyze and keep a handle on year-over-year changes to your balance sheet, including assets, liabilities and inventory to ensure they are trending favorably. I'm always look for ways to improve your balance sheet.
Expenses:
By tracking your expenses from month to month and year over year, I can establish expense control procedures.
Sales:
I will thoroughly examine your revenue sources and any trends or shifts in their composition. An important gauge of the business’s financial health is the cost of sales and whether it’s going up or down.
Business Plan:
After a review your strategic initiatives for performance and effectiveness, I will be able to determine if the proposed initiatives are being executed. I can understand what’s working and what’s not working, and why. I will make any necessary adjustments to their execution.
Operations Management:
After reviewing all functions and processes, I will be able to answer the following crucial questions:
Are resources and staff being used optimally? Can efficiencies be improved by outsourcing certain functions?
Schedule a Financial Wellness Checkup today!