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Archive for the ‘Business Ownership’ Category
Wednesday, February 24th, 2010
We’ve all complained at one time or another about the economy, the competition, whatever is causing problems for us financially. But it seems like everyone is pointing fingers now without being willing to do something about it. Whenever a sale goes south, their first answer is, “Well, these are hard times. What can you expect?” That’s no way to grow a company!
As a virtual CFO, I’ve come to the conclusion that it’s time for business owners to stop blaming and start coming up with new ideas. I know it’s tough out there - I’m a small business owner, too! But I also know that at some point, looking outward for “guilty parties” while never looking inward for answers only makes matters worse.
If you’ve been stuck in a downward spiral of blame, it’s time to stop. Get yourself a good virtual CFO (yes, I’m going to plug my services here!) and build a realistic plan. Be creative and figure out a way to bring your numbers back to a satisfactory level.
Negativity may be human nature (well, sometimes), but it isn’t a trait upon which businesses are shaped.
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Sign up for a copy of my FREE report: 9 Ways to Increase Your Cash Flow.
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FinancialFutureCFO: Protecting your company for the future.
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Tags: Blame Game, Business Owners, cash flow, Conclusion, Creative, Downward Spiral, Economy, Guilty Parties, Human Nature, Pointing Fingers, Realistic Plan, Satisfactory Level, small business owner, virtual CFO
Posted in Business Ownership | No Comments »
Tuesday, February 2nd, 2010
Take a really good look at the state of your company right now. Are you happy with the way it’s organized? Is your cash flow adequate? Are you comfortable with the way paperwork and invoicing is handled?
If you said “no”, don’t worry — you’re probably in the majority.
Most business owners, especially those with very few employees, aren’t completely satisfied with some aspect of the state of their companies. And that’s perfectly okay… as long as they’re willing to make 2010 the year of change.
If you know it’s time to take charge of your business, I’d like to help you. Send me an email at scott(at)FinancialFutureCFO(dot)com and we’ll arrange a free telephone consultation.
It’s your business. Give it every chance of succeeding for this year and beyond!
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Concerned about cash flow? Then sign up for my free report, 9 Ways to Increase Your Cash Flow.
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FinancialFutureCFO: Protecting your company for the future.
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Tags: Business Owners, cash flow, Email, free consultation, Free Telephone, Invoicing, Paperwork, Send Email, Telephone Consultation
Posted in Business Ownership | No Comments »
Saturday, January 30th, 2010
While media reports would have us believe that practically no businesses will expand during 2010, we all know that’s false. There are plenty of companies of all shapes and sizes that will grow in one way or another, whether through a merger, the creation of an additional corporate entity, etc.
Quite honestly, this pleases me greatly. Not just because I’m a virtual CFO, but because I’m a believer that sometimes you really have to take calculated risks. Of course, the CPA in me knows that those risks have to be undertaken very, very wisely.
If you’re considering an expansion, do yourself, your employees, your vendors and your customers a favor. Surround yourself with a group of talented professionals — financial managers, legal gurus, business coaches, marketers. That way, you’ll have a much better chance of expanding the right way.
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Concerned about cash flow? Then sign up for my free report, 9 Ways to Increase Your Cash Flow.
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FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Believer, Better Chance, Business Coaches, cash flow, Corporate Entity, CPA, Financial Managers, Gurus, Marketers, Merger, Shapes And Sizes, Talented Professionals, virtual CFO
Posted in Business Ownership | No Comments »
Tuesday, January 5th, 2010
If you’re a business owner, I’m going to guess that even if you’re operating in a “lean” way, you probably still have places where you can make small changes. And those changes can lead to tremendous savings in the long run.
What are some changes you can start undertaking today?
1. Send Out Invoices on a Schedule
The longer you delay in sending out invoices, the longer it will take you to receive your money.
2. Don’t Allow Clients to Be Late with Payments
Adopt a zero tolerance policy when it comes to getting paid. Call your client the day after a payment is due. Be cordial, but firm, when inquiring about your payment.
3. Assess Buying in Bulk Versus Buying “On Demand”
Big box retailers like Costco would have you believe that buying in bulk always equates to savings, but depending upon the size of your operation, it may just be a waste of money and space to store reams of paper or boxes of sticky notes. Evaluate how much you actually use your supplies. This will help you determine how to make wiser purchases.
4. Negotiate with Your Vendors
If you work with vendors, why not give them a call and see if you can lower your rate? Even if it just adds up to a few dollars each time you make a purchase, that’s a few dollars you can use for something else.
5. Hire Professionals When You Need to Get a Job Done Right
I know, I know… your daughter is a “marketing guru” even though she’s only 18 and just started college. Plus, she’ll work for room, board and a cell phone. But are you really making a wise choice in putting her in charge of your marketing? Instead of scrimping on professional services, choose the best you can afford. Typically, they’ll come with a guarantee as well as a better outcome!
FinancialFutureCFO: Protecting your company for the future.
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Tags: Box Retailers, business owner, Buying In Bulk, Cell Phone, Costco, Guru, invoices, Job, Lead, lean operations, marketing, Marketing Professional, Paper Boxes, Professional Services, Reams Of Paper, Small Changes, Sticky Notes, Undertaking, Waste Of Money, Wise Choice, Zero Tolerance Policy
Posted in Budgeting, Business Ownership | No Comments »
Friday, January 1st, 2010
So… have you put together your financial resolutions for 2010?
I know it’s already January 1, but it’s not too late to start thinking about how you want to position your business to do better this year than you did last year.
Personally, I think all businesses should make sure that their fiscal resolutions for next year include:
- Stricter bookkeeping measures. (If you haven’t been good about keeping information, it’s time. No one likes a government audit, but it’s even worse when you’re disorganized.)
- Tighter hiring policies. (I’ll do a little self-serving PSA here to encourage you to consider bringing a virtual CFO on board!)
- Smarter outsourcing choices. (Are your vendors and virtual employees giving you value for your investment?)
- Greater understanding of budgets. (Even the smallest business needs to have monies budgeted.)
- Better cash flow measures. (Do you find yourself unable to meet payroll or pay bills because your cash isn’t “flowing” in a predictable way? There are probably numerous ways to make that happen that you aren’t trying!)
What am I missing on the list? If you have business-related financial resolutions for 2010, I’d like to hear them.
FinancialFutureCFO: Protecting your company for the future.
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Tags: Bookkeeping, Budgets, cash flow, Choices, government audit, January 1, Measures, Monies, outsourcing, Pay Bills, Payroll, Psa, Resolutions, virtual CFO, Virtual Employees
Posted in Business Ownership | 1 Comment »
Saturday, December 19th, 2009
The new year always brings with it fresh starts…
For instance, maybe you’re ready to retire from business ownership. Maybe you want to start a new company in a totally different industry. Or maybe you’re just not sure that being an entrepreneur is for you anymore. Whatever your desires, you have to decide what to do with your existing business.
Generally speaking, you have a few alternatives: stay the course, close your doors or sell your business. If you choose the last one, you want to make the most profit off it… but how can you know if 2010 will be the “perfect” year to sell your business?
While there’s no crystal ball to tell you whether or not it’s the ideal time to make such a major change, you can increase your chances of reducing your risks by contemplating a few items:
1) The first quarter of the year is usually a decent time to sell a business regardless of the economy. Many people “resolve” to become business owners around the new year. (Financial institutions know this, too.)
2) If your heart isn’t into your business any longer, it might be a good idea to walk away sooner rather than later. Even if you don’t make the profit you wanted on the sale of your business, it’s better than allowing a company to linger.
3) Depending on the industry you’re in, you could be in a great position as a seller. And if you have a solid customer base, your company will be all the more attractive to a buyer.
4) There are many people out of work right now. Though that’s terrible news on one hand, it can be a very good situation for sellers of companies. Plenty of job seekers are making the decision to work for themselves; thus, they’ll be looking for opportunities to own a business.
5) You may be able to sell your business to someone already involved with your company who is ready to stop becoming an employee and start being an employer.
Whatever your choice, make sure to talk it over with your CFO before finalizing your decisions. He or she will be able to provide you with some insights and assistance to maximize the way you go about handling your business in 2010.
FinancialFutureCFO: Protecting your company for the future.
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Tags: Business Economy, Business New, Business Owners, Business Ownership, Business People, CFO, Crystal Ball, Customer Base, Decent Time, Desires, Doors, Economy, entrepreneur, Financial Institutions, First Quarter, Heart, Job Seekers, New Year, Perfect Year, Sell A Business, Sell Business, Sell Your Business, Selling A Business, Selling Your Business
Posted in Business Ownership, Business Plan Exit Strategy | No Comments »
Saturday, October 10th, 2009
 There’s a commonly-held misconception that a work-from-home situation is… well… anything but professional. There’s an overriding image of the work-from-home man or woman trotting around in his or her most stained apparel, with papers scattered all over the place.
It’s not the most attractive image, is it?
Ironically, many work from home pros have a good sense of humor about this misconception. They just assume, “Hey, it doesn’t matter what anyone thinks.” But it DOES matter, especially when it comes to getting bigger clients, powerful investors or, in today’s economy, sizeable (or sometimes even small) loans.
Imagine you’re working from home but want to expand your business and need some money to do so. (Maybe you’re thinking about leasing or buying office space; perhaps you simply want to build an office addition onto your house.) You set up a meeting with a banking representative. He or she is highly skeptical about your business; after all, you “just” work from home.
Now imagine that, instead of coming to your business meeting alone, you come in with another person — your company’s CFO. Do you think your chances will have improved on getting the loan you want?
Having a CFO on your side — even one who works on a part-time basis — can be a boon, especially if you’re a small fish playing in a big, big pond. It’s all about perception.
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FinancialFutureCFO: Protecting your company for the future.
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Tags: banking representative, buying office space, clients, expand your business, home addition, investors, leasing office space, loans, office addition, use a CFO, work at home, work from home
Posted in Business Ownership, small business | No Comments »
Saturday, August 29th, 2009
 Your business has grown to a “critical mass”. You know you need to hire someone to help out with your financials and future planning, but you’re stopped by two aspects of doing so:
a) The expense you worry you’ll incur taking on another person or person(s).
b) The concern that you will have to change the way you’re handling your financial business processes.
Obviously, point (a) is a bit moot. Any employee or consultant you bring into your organization is going to “cost” you; however, he or she will ideally be able to more than pay for him or herself in the long run.
Interestingly, point (b) is actually a very strong reason that many entrepreneurs don’t even consider looking into hiring a full-time or virtual CFO. That’s because if the CFO finds that processes aren’t up-to-par, they’ll have to be changed. That takes time, money and energy.
Thus, far too many business owners simply decide they’d rather NOT know the correct way to run their businesses. Instead of contacting a CFO, they choose to “hope away” their worries. But this self-deception eventually leads to bigger problems, including:
1) A possible legal/financial mess down the road.
2) A loss of profits due to inefficient methodologies.
3) Any number of missed opportunities.
Avoidance is never a good business approach. (Would you recommend it if you were mentoring someone else?) Hire our team as your virtual CFO partner or hire someone else… but HIRE above all else. You really cannot afford to pay the price of burying your head in the sand, as doings so leaves you embarrassingly vulnerable.
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Tags: at a loss, business processes, entrepreneurs, financial business, financial mess, financials, legal, loss of profits, small business, virtual CFO
Posted in Business Ownership, virtual CFO | No Comments »
Friday, June 5th, 2009
Despite the economy, franchises are still a hot opportunity for the right individuals. Of course, not all franchises are growing, but many are predicted to be profitable for the foreseeable future.
If you’re considering franchise ownership, it’s imperative to get a CFO’s advice. Even if you’re not planning on keeping the CFO as part of your executive team, tapping into his or her knowledge base will be well worth your investment.
From a practical standpoint, CFOs can help you in many arenas as you determine which franchise is right for you, including, but certainly not limited to:
- - Evaluation of franchise business models.
- - Determination of business plan.
- - Budgeting strategies.
- - Financial planning and analysis.
- - Cash flow projection.
- - General business advice.
 Purchasing a franchise is a significant step toward accomplishing your future goals. Even if you’ve owned businesses in the past, depending upon the type of franchise you choose, you could be stepping into unknown territory fraught with possibilities… and challenges.
Let a CFO help you navigate the waters and bring you to shore smoothly and safely!
Tags: budgeting strategies, business models, business plan, cash flow projection, CFO advice, CFO as executive team member, financial analysis, financial planning and analysis, franchise ownership, franchisees, franchises, general business advice, hot franchises, investment, types of franchises
Posted in Business Ownership | No Comments »
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