You can run a successful business and not truly understand the financial metrics of your business.
Whilst the business is performing well, this may not be a concern.
However, when it comes to making informed investments, understanding why performance is dropping off or building a growth plan, having financial awareness, and understanding the detail of your business finances and financial reporting is key.
Are you asking yourself these questions?
Why has my profit increased?
Can I afford to hire a new member of staff?
Why do I have no cash, but my profit is high?
Have I taken too many dividends?
How can I improve my cashflow?
Should I be looking at my P&L, Balance Sheet, or Trading Account?
Understanding your business and the mechanics beneath it will make it easier to understand how to make it more efficient and make more money.
Management decisions rely on a good understanding of the financial implications for a business. This service is aimed at the business owner who wants to fully understand and interpret their numbers, increasing the chances of building on the foundations their business has.
Benefits of Financial Awareness Coaching include:
Enabling you to better understand your business
Better management and monitoring of your cashflow
Making more informed decisions
Ensuring accuracy in your financial reports
Customising your reports to ensure you capture the right information
Formatting your reports in a way that makes decision making easier
Gaining a better understanding of the financial implications of decisions
Accessing regular independent financial advice
Reviewing your reports and record actions to be achieved before the next meeting
Being held accountable to achieve progress between meetings
Identifying any current issues that need to be addressed
Accessing the collective experience of our team, systems, services, and products
It is key that business owners understand the financial implications of any decision
Improved financial awareness will enable you to grow your business and/or your profitability in a controlled way. So, if you are don’t understand how cash and profit differ, the key information in your annual accounts or your profit & loss reports then this service is perfect for you!
A bi-monthly meeting is prepared for you, and we’ll meet via video or at our office. The focus of each meeting will change and evolve depending on your personal needs and objectives:
Develop an understanding of your key financial reports
Learn how to report on profit and cashflow
Gain outline knowledge of key accounting concepts
Support you to produce your own customised reports going forward
Understand how to better manage your debtors and creditors
Discuss and implement automation, replacing current admin tasks
Identify how to monitor income and expenses throughout the year
Work towards solutions in current areas of financial weakness
Identify weaknesses / areas to work on between meetings to get better results
Understand other information that should be captured regularly and how (debtors, stock, creditors etc)
Everything starts with a conversation,
how can we help?