As we have continued to discuss how you will write your business’ comeback story as the economy bounces back from the COVID-19 pandemic, we’ve touched on figuring out where you are financially and the measures you can take to cut back on spending and give yourself some cushion moving forward. Now I want to move on to the hardest-hitting parts of the recovery planning process: the “how” and the “who.”
Every homeowner knows that certain jobs require specific tools. A screwdriver won’t push a nail into a board, and a hammer won’t put the screws into a picture frame.
Likewise, good financial management – not to mention the kind of recovery planning that will set your business up for success when the economy bounces back – requires tools of its own. So, what are you using?
Well, for starters, you’re going to want to focus on financial metrics, operating metrics and cash management. Analyzing trends in your revenue, profit, and other key metrics will give you a great start towards planning for a healthy future.
And of course, if numbers just aren’t your thing, it’s always a good idea to ask for help. Which brings us to…
Let’s get real with each other for a moment. You’re clearly capable – you run your own business! But that means your focus is being pulled in a million directions at once. A lot can get overlooked. This is where it helps to have a second set of eyes.
You see, having a financial management sidekick means you get the no-fuss, hard-facts data that you need in order to make good decisions for your business, including accurate numbers, clear reporting, and tools for strategic planning.
In fact, working with a great CFO is a lot like driving with a GPS; you can just focus on driving forward, confident that you’re going to get where you want to go, never stressed about what’s coming next. A CFO can also help you navigate the investments you can make right now that will give you and your business a much-needed boost down the road.
Even though we’re just beginning to come back together after the isolation of the pandemic, there’s no reason you should have to work alone to keep your business above water. If you could use a helping hand in your recovery planning, let’s talk.