Most businesses start out pretty simple: a few customers, a handful of expenses, and an owner who busts their tail to provide a great service, awesome software, or an amazing product. The customers love it and business booms.
Then you turn around and you’ve got several dozen customers, more vendors than you can count, a handful of subcontractors, a few employees, and maybe even a small business loan. The whole “business” thing got complicated. Fast.
QuickBooks has been helpful, kind of, with keeping the chaos of it all somewhat organized but it can feel confusing and overwhelming to even open up the books. Who even knows what the difference is between a P&L and a Balance Sheet — much less a Statement of Cash Flows.
“Who even knows what the difference is between a P&L and a Balance Sheet — much less a Statement of Cash Flows.”
It can lead to confusion, uncertainty, and self doubt. You may wonder if you’re cut out for this entrepreneur stuff. It might even feel embarrassing that you can’t figure out left from right in all of the numbers nonsense.
What entrepreneurs and owners want is a simple way to understand their numbers so they can make better decisions.
Many of the clients I work with have realized that what they need is an interpreter and a plan: they need a virtual CFO (vCFO).
The top 3 indicators that it’s time to hire a vCFO:
More Hours With Less Money in the Bank
You’re clocking 50, 60, maybe 70 hours a week. Sales are up every month. Your clients love you. You’re investing in marketing. It feels like you’re doing all the right things. Yet your take home money is lower than you’d hoped, maybe even lower than ever before, and you don’t know why. You need someone to help you figure out what’s going wrong and put a roadmap together so you can achieve your goals.
Shark Tank Taught You That You Need To Know Your Numbers; You Still Don’t Have a Clue
You know you need to know your numbers. You know that your business is large enough now that it’s critical to understand what’s going on financially and you know that you need a solid plan in place to take you to the next level. But you don’t have a finance or accounting background and you don’t have the time or interest to learn that stuff. You realize you need a nerd on your team that can look at the numbers and show you what’s most important so you can grow your business.
Your Business is Crushing It; Investors and Banks are “Meh”
Your business is on point. You’ve seen some good success so far and you think you have a rock solid plan in place for growth. Yet when you approach investors or banks to raise capital, they tell you that there are holes in the model or that you haven’t thought through the financials enough. You’re frustrated and maybe even embarrassed. You’re just not sure what to do next to move the business forward. You need a partner that can help you understand the numbers and create a plan that you can use to level up.
If any of these situations sound familiar and you’re ready to get clarity on your business so you can move forward then get in touch for a free consultation. I’ll help you understand what options you can take to get a better understanding of your numbers and put a roadmap in place to achieve your goals.