- Posted August 24, 2014 by
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Increase Your Bottom Line by Refactoring Your Financial Plan
Every business needs policies and procedures to make sure the business is run smoothly and efficiently. Those same policies and procedures will insure everyone is on the same page and to minimize the possibility of fraud.
A major stumbling block is that many business owners take the position that they know their business better than anyone else so they don’t need guidance.
But often companies just do not understand of many of the things that are affecting their business financially.
If that is the case, the business will benefit greatly when they have an evaluation of their financial situation with an expert about their financial system. Improving the company’s bottom line happens when you define issues unseen by management and take the necessary steps to bring them in line with sound financial practices. Refactoring.
Three steps every business should take are;
1. Create a mission statement.
2. Define their areas of expertise. Pinpoint what areas they do best and sets them apart from their competition.
3. Create a draft business plan then go thru the sections of the plan and research and evaluate each one.
During this process they will usually find they would benefit from professional guidance.
Care should be taken to see that the professional has Integrity, a great reputation and is experienced. This process can be done by asking for references, determining who some of their clients are and checking their LinkedIn profile as well as searching their name in Google.
In the final selection process, meet with the CFO-CPA Financial Advisors and see if you are impressed with their knowledge and ability to listen to you and respond to your questions.