Common Problems
Below are examples of common problems encountered by business owners who are unable to nurture their businesses.
If any of the problems sound familiar to you, read on and find out how I can help. The list is not extensive and, as a rule, if you have a problem relating to the management of your business finances - I can help.
"I find it very difficult to manage the cash in my business"
Effectively managing cash flow can make the difference between a business funding your lifestyle, or you having to dip into savings to keep your company afloat. Even businesses making large profits can run into problems when it comes to their cash.
I can ensure you are well aware of your future cash needs and, by planning ahead, help you to manage them.
"I don't know how much to charge my customers"
This is a common problem in business. The urge will generally be to under charge, as doing this will guarantee you can find a customer for what you do. However, if you do not price your product/service in line with the market value, or at least ensure your business brings in enough to pay you a reasonable living, you are doing yourself a disservice. Worse, your business may not survive!
I can help by ensuring you know how much you need to charge your customers, to make all your hard work financially worthwhile.
"I don't know how well my business is doing - if I do have financial information, I don't understand it, or it's way out of date"
Having up-to-date financial information is vital to any businessperson. It allows you to see how well your business is doing.
If your business is small, good financial information tells you if it is making enough money to provide you with the living you deserve.
If your business is larger you may need wider financial information to help you understand the more complex issues you will encounter.
Either way, it is important that: the financial information you receive is tailored to your individual business needs; you understand it; and it is current - otherwise it is useless to anyone but the taxman.
I can provide you with financial information appropriate to your needs, and key performance measures which concentrate on the areas of your business most important to its success (as defined by you).
'I don't have a clear plan. My business grows (or not) due to circumstance rather than design'
Many business owners shy away from having a clear plan for their business. There are a number of reasons for their reluctance ranging from a dislike of writing to just not knowing where to start.
However, having a clear, well thought through plan gives your business the best chance at success.
"I think I need to borrow some money, but I don't know how much, or how to present my business case to the bank"
Most businesses need some extra finance from their bank at one time or another. Whether it is money to start the business in the first place, to buy new equipment, to launch a new product, or simply to tide you over a rough patch, you will certainly need to approach your bank at sometime to ask for a loan/overdraft.
I have extensive experience in helping businesses work out how much money they need to borrow and what type of funding is best for them. I can also help present business information in a way that is most likely to be acceptable to the banks.