Are you getting the financial support you need to thrive?

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Hi, this is Judi Otton from GrowthCast and I’m here with your latest Fiscal Fitness Tip of the Week. Are you getting what you expect from your finance department? Now to all use super small business owners out there who are saying, I don’t have a finance department. You do. You probably have a part time bookkeeper. You probably have an accountant that you see maybe once a year for tax prep and you’re probably fulfilling some of the CFO functions. So let’s talk about what you should expect to get out of your finance department. And if you’re a bigger company, of course you may have dozens of people providing this and much more for you. First of all, you should be getting regular financial reporting. Regular monthly financial reports that show what happened in the most recent period. That show what happened in the past. In addition, if you have anything new going on, you’ve opened a new location or you have a new initiative, you may want things like daily or weekly sales numbers. So regular financial reporting is number one. Number two, you should have some future planning being put in place. This means a budget of course. But if cash is at all tight for your company and that’s true for so many of us, you should be doing some cash flow forecasting as well. Probably weekly. Finally number three is you should have some support in ‘what-if’ planning. What if I launched that new initiative? What if I create a new product? What if I hire, what if I take on that big job or customer? What’s it going to look like for my business? You should have the support to put together a picture of what that looks like. So if you’re not getting these three things from your finance department, however that’s comprised, please give me a call. My number is at the end of this video. I’m Judi Otton and with GrowthCast and I’ll be back next week with your Fiscal Fitness Tip of the Week.