What’s new in your business?

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What’s new? If you’re like a lot of the business owners I work with, you’ve developed or are developing a new product or service or entering a new market, which is fabulous and super exciting. But you can really go further faster and be much more successful with help from a fractional CFO and here are three reasons why. First of all, launching a new product or service is just like launching a new business. You really need to do some business planning and I’m sure you’ve thought through what the revenue would look like, but have you thought through all of the costs associated with that revenue? Doing initial business planning and then doing ongoing contingency planning is really critical to your success. Second of all, it’s likely that you’re going to need new equipment, new space, new staff, possibly inventory. How are you going to fund these things? A CFO can help you find the best, most appropriate and most cost effective source of funding. I had a customer recently open a new location in the middle of the pandemic and we put together a funding package that worked really great for them and they’re up and running and being hugely successful. It’s so fun to see. Finally, finally you want to keep track of how you’re doing as you go. Are you meeting your goals and your milestones? Are your costs what you thought they would be? You can put together a fabulous plan, but something is going to be different. You want to keep track of the ongoing issues, ongoing cash flow, ongoing profitability, and make sure that you’re meeting the mark. So if you have started something new, I would love to hear about it. So brag about your new business baby in the comments below and share with all of us what you’re up to these days. This is Judi Otton with GrowthCast and I’ll be back next week with your Fiscal Fitness Tip of the Week.