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The best businesses have sound financial plans, manage cash flow and have the ability to be financially agile to keep pace with sales and operational needs. This applies to growing businesses and those that are downsizing. Sometimes it is difficult to focus on the financial end of a business when operational and sales challenges and opportunities occur daily.
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Every business needs proper balance between each operational area in the company. Many small to mid-sized businesses cannot afford the financial expertise they need.
OnCallPSN Principal Advisor, Rob Drummond, says, "Many businesses fail to understand how much they may be costing themselves by not sourcing experienced financial help."
Rob adds that small and mid-sized businesses may face many financial challenges, including financial structure, managing cash flow versus profit, debt structure, proper budgeting and forecasting, and having a firm grasp on costs.
Successful accounting practices and procedures help businesses become more profitable. Rob says sources of increasing profit are debt structure, financing alternatives, collection periods and practices, payment periods and practices, cash management, and contract negotiation.
OnCallPSN and its expert advisors understand the accounting and financial issues relevant in today's business world:
- Cash Flow: Critical to a business's ability to grow.
- Managing Growth: Optimizing business value is dependant on growth, but growth requires a company to manage multiple tasks simultaneously.
- Financing: Financing a business is complex, as each business have different needs.
- Acquisitions: Finding the right acquisition, negotiating the optimum price, executing the proper due diligence, and planning for acquisition transition are critical to a successful acquisition.
- Selling a Business: Proper preparation is key to optimizing the value of a business being sold. Taking the appropriate steps at the right time will pay back many times is crucial in the price a seller receives.
- Taxes: Businesses must be in legal compliance and stay up to date on changing tax laws and understand how to take advantage of laws with the proper tax support.
- Accounting Systems: Having the proper accounting software, coupled with well thought-out policies and procedures are key to a successful operation.
- Budgeting and Forecasting: You cannot optimize a business's potential without quantifying where a business should be versus where it is and where it is headed. Managing a methodically produced forecast helps you be proactive to changes in your business environment and helps you stay ahead of the curve.
- Cost: Unless a business knows its cost of products and services, it will never be able to contain or reduce them, set appropriate selling prices, and optimize the bottom line.
- Downsizing: Managing a company during times of economic distress requires all the skills a business can obtain. Reacting fast to unexpected negative change or the loss of a major customer could be the difference between failure or recovery.
- Startups: New businesses face more challenges than those operating from experience. With the right support, strategies and planning, these challenges can be turned into valuable and profitable learning experiences.
OnCallPSN can help businesses overcome problems or simply improve their accounting and finance practices by providing experienced financial management and accounting support to small and mid-size companies that cannot afford a full-time, seasoned Chief Financial Officer. OnCallPSN, through its Principal Advisors and world-class Service Providers, can support your efforts while saving you time and money.
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