Whether you’re starting a business or are already established, finances can be tricky. You can operate your business without having a knack for the financial side of operations, which is fine because that’s what financial planning services like what we offer at Transformational Finances are for. If you’re not sure you need assistance with financial planning, we have five reasons that might change your mind.
Set clear financial goals
If you don’t have any goals then it’s difficult to find something to work for. While setting goals might sound like a labor-intensive and time-consuming thing to do, it doesn’t have to be. If we asked you how much money you wanted to make this quarter, your immediate response is your goal. This can be a specific dollar amount, a benchmark you want to achieve such as buying a specific piece of equipment. Our team can help you quantify that goal and set a plan to get there.
Manage cash flow
It’s important to keep track of your cash flow. Think of it this way, if you have many coming to you personally (outside of business), you’re probably not going to throw it somewhere and forget about it. Even if you have multiple savings accounts with a bank or a cash stash in your house, you have a system as to where your money goes. Your business is no different. A team of financial planning experts can help you allocate your cash flow to designated locations to ensure that you know the location of every penny that you’re bringing in.
Similar to managing your cash flow, it’s important to know where your money is being spent as well as how much of it. Proper money management includes building a budget and deciding how much of your money will be put toward each item in that budget. An important thing to remember about budgeting is that there shouldn’t be any money left when you’re done. Even if you’ve fully distributed your funds across your budget, you should have a savings account or petty cash fund to put money into. Decide how you’re going to spend every dollar of your budget every month. Financial planning services can help you build a budget and learn how to distribute those funds.
Roadmap for growth
Growth doesn’t happen accidentally or without a plan. Our financial planning services can help you plan your route to growth with checkpoints along the way. If you want to start small with short-term growth, we’ll help you chart your path to your goal. If your goals are much larger and you are trying to put together a long-term growth plan, we’ll make sure that you have the tools and knowledge that you need to properly get there.
Your employees and customers put a lot of trust in you. When your finances are in order, you can feel more comfortable with being completely transparent with both groups. First, your employees will feel better about the state of the company and the direction it’s headed. Additionally, your customers can feel more comfortable putting their trust in the product or service that you’re providing. A failing company is usually failing for a reason and it’s often a red flag to customers because they don't want to buy a product or service from a company that might not be there in six months. If you can provide a level of confidence in your sustainability and growth, they’ll feel more comfortable with what you offer.
Contact Transformational Finances
Schedule a consultation with Transformational Finances today to learn more about how we can help you with our financial planning services. We want to work with small businesses that have big ambitions and are looking to grow into something larger. Contact our team today at 310-407-2824 or send a message to get started.