Sign up for updates and notifications!

Sign Up Here!

Practical Process

We offer full framework consultation or you may need assistance with just one area. Please contact us for information on how we may assist you with managing your practical business processes.

 

We offer additional support to help you maintain the processes that you have developed.  Please visit our Support page for more information.

Practical Process Support

 

Reviews

PARTNERS

OFFICE 2016

Blog

Consulting and Services.

Evaluating Your Company's Financial Health: Financial Management Tips Part 2

Leijun Campbell - Thursday, August 25, 2016

Last time, we provided you a checklist of things to have in place for healthy financial management. This week, we want to continue our discussion on financial health for your business.

 

Why is it important to know your company’s overall financial health and to do checkups regularly? A good financial process will assist you in making broader financial decisions as well as day-to-day decisions.

 

 



Consider the following items when evaluating your company’s financial health:


1) Review your Profit and Loss and Balance Sheet reports – Include any additional key players on your team in these reviews. Be sure they understand these reports so they can offer input.


2) Start all monthly/quarterly meetings with a financial update - This keeps key team members in the know and helps explain targeted goals. Have a consistent time and place as well as know who really needs to be in the room for each meeting.


3) Be aware of Sales Goals and Sales Pipelines - Have these in writing with clearly defined benchmarks. Comparing sales from last year to this year can also help you keep track of any increased revenue.


4) Know the costs for your business - Have an understanding of how your company spends money and where cutbacks may be needed. Refer to your yearly budget and consult experts. Sound financial information is beneficial when you are figuring prices and selecting what vendors you can afford.


5) Continue planning for the future - You want to constantly be innovating new ways to add value to your company and customers. Know your key services and products. Keep track of the ones that are most popular/profitable and analyze why they are successful. Your documented financial management processes can also help you grow your business when you are ready to try new ventures.


Financial Management Part One

Leijun Campbell - Tuesday, August 09, 2016

 

Financial Management is an important Practical Process that should not be treated as an afterthought. You should never be haphazard in your planning and strategies because one major error in accounting or sales can deeply impact your company’s past, present or future.


Here are some important facts you should consider for keeping your company financial healthy.


1) Have a specific bank account for your business only
2) Have a one specific credit card for the business only
3) Have a designated software for financial record keeping, i.e., Quickbooks, Freshbooks, etc.
4) Have a designated financial point person. If this is not your avenue of expertise, hire a reliable trustworthy person to assist in this arena.
5) Have a documented financial process in place
6) Have a system for filing financial paperwork
7) Have a budget – this is a crucial step in the planning

 



Look out for part two of this series later this month.

 

To have tips and lists like this sent directly to your inbox, click HERE!

 



Recent Posts


Tags


Archive

Practical Process with Principle

We offer additional support to help you maintain the processes that you have developed. Please visit our Support page for more information.

We have over 25 years of experience & 10+ years in small business management. Read More

Please feel free to contact us directly at (704) 277-5481

or Leijun@campbellbusinessservices.com

Follow Us

Email Sign Up

Website designed by Sidekick.