{"id":1017,"date":"2021-09-06T21:57:05","date_gmt":"2021-09-06T21:57:05","guid":{"rendered":"https:\/\/www.b2bcfo.com\/?page_id=1017"},"modified":"2021-09-06T22:54:20","modified_gmt":"2021-09-06T22:54:20","slug":"five-tips-to-improve-your-companys-financial-performance","status":"publish","type":"page","link":"https:\/\/www.b2bcfo.com\/backup2023\/five-tips-to-improve-your-companys-financial-performance\/","title":{"rendered":"Five Tips To Improve Your Company\u2019s Financial Performance"},"content":{"rendered":"\n\t

\"\"Improve Your Company\u2019s Financial Performance \u2013 Your Company\u2019s Financial Pains<\/h2>\n

Investor and billionaire Warren Buffet once said, \u201cOnly when the tide goes out do you discover who\u2019s been swimming naked.\u201d<\/p>\n

I think it\u2019s suffice to say that the tide has gone out in our financial world and it\u2019s easy to see who\u2019s been left out to dry. The country has just been shocked out of a 10-year economy boon where money flowed freely and success was effervescent. During that time, problems in your company\u2019s finances were most likely hidden because of the tremendous cash flow that was coming in. Financial statements were not exact and operating budgets were not meaningful \u2013 and they didn\u2019t need to be. Unfortunately, times have changed and your company\u2019s financial \u201cpains\u201d are now seeing the light of day.<\/p>\n

Five Tips To Improve Your Company\u2019s Financial Performance \u2013 Five Common Pains<\/h2>\n

As a seasoned chief financial officer (CFO), I\u2019ve found there are five common \u201cpains\u201d business owners feel regarding their financial well-being. Here\u2019s a brief look at what may be ailing your company\u2019s fiscal health in today\u2019s economy:<\/p>\n

    \n
  1. Cash Flow \u2013 Companies either can\u2019t produce it or their capital lines have been cut. As a business owner, you probably tend to work in the business instead of on the business, which ultimately hinders your cash flow. Most businesses are not able to forecast their cash flow, which reduces their ability to anticipate shortfalls in the future and correct them.<\/li>\n
  2. Lack of Timely and Accurate Financial Statements \u2013 Often times, financial statements are created by an outside Certified Public Accountant (CPA) and mostly used for tax preparation. Instead, you need meaningful, accurate and timely financial statements that are created with the purpose of helping make business decisions and validating those decisions.<\/li>\n
  3. Key Financial Indicators \u2013 How do you know things are going according to your plan? You need a dashboard, just like your car, to tell you the speed of the company, if you\u2019re close to overheating or if you need more gas. Your key financial indicators will tell you what\u2019s in the pipeline and if your products and sales are doing what they should. In today\u2019s economy, you don\u2019t have the luxury of reaction \u2013 you need to be proactive with knowing where you are today.<\/li>\n
  4. Lack of Operating Budgets \u2013 You need a budget that is realistic and meaningful. Your budget is used to drive pricing and profitability. In today\u2019s ever changing environment, you may need several variations of your budget. Your operating budget is your measurement tool for success.<\/li>\n
  5. Outdated Systems and Processes \u2013 Proper systems and processes help tighten everything up and make your company run efficiently and effectively. You need to make the most use of everyone\u2019s time and do things the fastest, most effective and efficient way possible. Many businesses are struggling with uncollected accounts receivables. When was the last time you reviewed vital financial procedures for credit, billing and collection?<\/li>\n<\/ol>\n

    See how one of our B2B CFO\u00ae professionals can help<\/a>.<\/p>\n

    photo credit: This little piggy via photopin (license)<\/p>\n","protected":false},"excerpt":{"rendered":"

    Improve Your Company\u2019s Financial Performance \u2013 Your Company\u2019s Financial Pains Investor and billionaire Warren Buffet once said, \u201cOnly when the tide goes out do you discover who\u2019s been swimming naked.\u201d I think it\u2019s suffice to say that the tide has gone out in our financial world and it\u2019s easy to see who\u2019s been left out…<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","cybocfi_hide_featured_image":"","footnotes":"","_members_access_role":[],"_members_access_error":""},"class_list":["post-1017","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\nFive Tips To Improve Your Company\u2019s Financial Performance - B2B CFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.b2bcfo.com\/backup2023\/five-tips-to-improve-your-companys-financial-performance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Five Tips To Improve Your Company\u2019s Financial Performance - 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