Setting strategic goals is key to defining business objectives and highlighting the chain of actions needed to achieve them – but without a clear financial strategy, your business may not be able to afford to do what needs to be done.
Financial planning and analysis is a tool your business can use to ensure business decisions are in tune with your long-term financial goals – before you make them. It’s also how you maximize business value, plan to pay for strategic initiatives, and feel more in control of business operations.
But as a business owner, how do you know when it’s time to add a financial plan on top of your business plan?
Here are a some key indicators:
You’re putting in long hours every week
Did you know that 50% of small business owners work 50+ hours every week?
If this sounds like you, and you’re ready for relief, it’s possible the reason you always feel behind is a lack of financial clarity in your business. With a solid financial strategy in place, you won’t need to run yourself ragged because you don’t know where you stand – and better yet, you can better strategize to take action to improve productivity and efficiency, whether that means hiring more staff or investing in new equipment.
And it’s not just long work weeks that are a sign you’re working IN your business and not ON it.
- 70% of small business owners work at least one weekend per month
- Only 57% take vacations…and 67% of those check in every day
When your business takes over your life, it’s time to make a change.
You’re worried your business is going to fail
Statistically speaking, keeping a business afloat is a true accomplishment.
The numbers don’t lie.
| 20% of businesses fail within the first year | 50% of businesses don’t make it to year 6 | Only 40% of businesses become profitable |
And all too often, these failures are caused not due to poor management or a bad business plan – but because of money.
A financial strategy maps out your business growth and cash flow needs to keep your business healthy at all stages of your journey.
You’re not tax efficient
Paying more than you need to in taxes is a dead weight on your bottom line. Financial strategy often pays for itself with the tax savings alone.
You want foresight into the future
Financial planning and analytics gives you the power to answer “What if scenario” questions and map out realistic models for what can happen in the future, or better yet, what actions you can take now to achieve your desired outcome.
When used properly, your company’s financial data can provide incredible insight of what’s to come.
Get started
Let’s talk about the value of implementing financial strategy at your business with a complimentary 30-minute consultation.
