Leading with Questions: Why Socratic Questioning Can Change Your Business For the Better

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Perhaps you’ve heard the term “Socratic Questioning” before, or even the “Socratic Method.” We’re revisiting the term today as a business value driver where the right questions can lead to critical thinking that helps a company spot its opportunities for growth.

The concept itself is therefore about digging deeper into your company and brand’s strengths and weaknesses, asking the open-ended questions that can identify helpful gaps and find solutions for each. In that same breath, these solutions will strengthen the financial health of your business— the ultimate bottom line.

What does Socratic Questioning look like?

The questions this method asks were, as meant per the philosopher Socrates, to discover underlying ideas and truths that only come out when probed or provoked.

In business, we can ask these questions to our management teams, our finance team, our stakeholders and our customers to understand just how well the business is performing and what could be done better. Below are some thought-starters to get the ball rolling. Feel free to interchange certain terms for your use:

For stakeholders:

  • What are your thoughts on our current business plans?
  • Would love to hear more of what you have to say about this matter?
  • What are some solutions you’d like to employ to combat this issue?
  • In your opinion, what are some potential disadvantages to our new idea?
  • Are we prepared with crisis plans?
  • How do you feel our latest developments align with your strategic goals for the company?
  • From your past experience, what does “success” look like for this project and what are some key performance indicators we can follow?
  • What would need to happen from our end in order for you to feel comfortable with this project? 
  • What is your feedback on our latest development? What ways can we be better next time?

For internal teams:

  • In what areas do you feel the team is succeeding?
  • Where do you see room for improvement?
  • What factors are best contributing to your performance level?
  • What responsibilities do you find most challenging, and why?
  • In what ways do you feel the team can be more productive? What steps can get us there?
  • If there was one thing you could ask the company, what would it be and why? 
  • What has been the most rewarding part of your work?
  • Where do you see yourself in 5 years?
  • Are there any barriers you can think of that are impeding us from meeting our brand vision?
  • What are some ways we can help keep the team engaged and motivated?
  • How would you describe our corporate culture?

For customers:

  • What do you look for in a company and what values do you have as a customer?
  • What brought you to us and what would help keep your business?
  • What are some positives you can share about your experience with us and where can we improve?
  • What other features, products, or services would you be interested in as a consumer?
  • What did you think of the price tag for our product or service? What would you need to see improved if we were to increase it?
  • What, in your opinion, is “too expensive” for this type of service?
  • Would you recommend us to others? Why or why not?
  • How do you feel about the marketing or advertising for our company? Anything you would change?

Focusing on Growth and Financial Health

In the world of business, asking the right questions can stimulate critical thinking and problem-solving and can be a powerful tool for businesses looking to improve their strategies. By asking questions that challenge assumptions and encourage deeper analysis, businesses can gain new insights and identify opportunities for growth.

In general, Socratic questions can be broken down into clarification questions (“could you explain further? why or why not…?”), assumption questions (“what is an example of… ? What are some ways…?”) and probing questions (“in your opinion, how would you…? What did you think of..?”).

No matter the question, the goal for a business using the Socratic method is to establish a footing in understanding the financial gaps and opportunities the brand is facing.

With stakeholders, it’s important to understand just how to keep them happy and in line with the business perspective. With internal teams, the questions are meant to keep employees inspired and feel part of the future of the brand. With customers, it’s best to see just what can be done to retain them and what can be done to attract the new. When all three groups are kept appraised of, the brand can continuously grow and develop.

This is where a financial analyst, consultant or CFO comes in.

The answers to these questions will help reveal exactly what your business is doing well and what can be done better. A financial and business expert will consider the stakeholder opinion, identify what areas of your business are missing an opportunity, what does the competition charge and offer in comparison and where can we cut costs and listen to employee ideas for improved productivity.

Your fractional CFO can also help you decide which ideas, pitches or strategic direction is able to be expanded upon. For example, if an employee is suggesting to hire more talent to benefit the team, your CFO can help you see if the action is indeed feasible and within your budget. If customers unanimously agree services can charge more if a certain feature is added, you can work together on a business plan to enact those decisions and initiate a price increase.

AE Tucker is Here to Help

AETucker Consulting can help you ask the right questions to achieve the best results. We help your company address the correct audiences, analyze their answers for the most fruitful solutions and see what gaps we can close to help your business thrive. If you’re ready to ask some questions, please reach out at: Andrew@AETuckerconsulting.com or call 704-651-2216.

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Is Fractional Leadership Right For Your Company?

As the term fractional executive continues to gain popularity, many business owners are left wondering what it means and if it’s the right move for their company.

With the economic-induced uncertainties and the need for agile leadership, more and more companies are turning to fractional executives to access high-level expertise without committing to long-term contracts.  This trend is expected to continue as companies seek to remain competitive in an ever-changing business landscape by leveraging experienced talent.

What is a Fractional Executive?

A fractional executive is a highly experienced and skilled professional who works part-time for an organization on an as-need basis.  They bring a wealth of knowledge and expertise to the table and can help drive growth and success for mid-market companies and start-ups.  With their flexible and cost-effective approach, fractional executives can provide invaluable support in areas such as strategy, finance, operations, and marketing.

For companies experiencing rapid growth or a major change, the need for experienced executives who can provide strategic guidance and leadership is becoming increasingly important.  However, not all businesses have the resources to hire a full-time executive.  This is where fractional executives can be a real game-changer.  They can provide high-level expertise and support on a part-time or project basis, ushering in much needed guidance.

Additionally, fractional executives are experienced professionals who can fill various vacant roles within a company, ranging from CEO to CFO, COO and CMO, depending on the specific needs of the company.

Demystifying Support Roles

With so many buzzwords in the industry, it can be challenging to determine which level of experience and dedication is appropriate for your company’s needs.  Let’s see if we can clarify the differences between a fractional executive, consultant, interim executive, and advisor.

Fractional executives provide part-time executive leadership to companies that may not need a full-time executive.  There typically is no end date to their role.  They may take on specific projects or responsibilities, such as developing a new product line or managing a particular department or spearheading a new initiative.  Truly, they are the right-hand guide to a CEO and owner, represent your company and can lead your teams.

Interim executives, like fractional executives, provide temporary leadership to a company during a period of transition or change.  This may include filling a vacant executive role or leading a company through a merger.  The roles are usually a full-time position. 

Consultants, while also providing expertise to companies, typically work on specific projects or initiatives for a set period.  They consult your teams and are not embedded within your company.  They may specialize in areas such as marketing, finance, or operations, and often work independently or as part of a consulting firm.

Business advisors typically work with companies over a longer period, providing guidance on strategy, operations, and growth.  They often act as a sounding board for executives and offer ongoing support throughout the business lifecycle.  However, they do not lead teams within the organization, are not full time nor part time, and do not represent your company.

Understanding the differences between these external support options can help you make more informed decisions about the type of expertise your company needs at any given time.  Whether you’re looking for ongoing guidance or short-term project support.

Hiring fractional executives comes with benefits, too!

The benefits of hiring a fractional executive are numerous. They can provide valuable insights and industry knowledge, help develop and implement growth strategies, and provide guidance during times of change or crisis. Additionally, they can offer a fresh perspective and unbiased opinions that may not be available from within the company. They can oversee high-stakes initiatives, fill a vacancy or help you define the role for the first time.

By hiring a factional executive, especially in terms of a CFO role, companies can benefit from cost savings, a fresh perspective, leadership, experience, and multi-disciplinary expertise.

Leadership roles, such as a fractional CFO, are in high demand.  They will help a company use their money more effectively by providing their services on a part-time basis.  Fractional CFOs are can be paid on a project basis or hourly rate, which means businesses only pay for the time and expertise they need.  This can be a cost-effective solution for businesses that need high-level expertise but don’t have the budget for a full-time executive.

Fractionals can bring a fresh perspective to a business, offering new insights and ideas that can help a company overcome challenges, grow and improve financial health.  Additionally, a fractional CFO can provide leadership and direction in the financial decision-making process and provide a wealth of experience to the table, having worked with a variety of businesses and industries.  Their multi-disciplinary expertise can help organizations achieve growth in various areas of the business.

Flexibility is also a key to working with fractional executives as they can adapt to a business’s changing needs.  They can work with a company on a short-term or long-term basis depending on specific needs and requirements.

Another key benefit is access to a network of professionals.  Fractional executives have a vast network of contacts in various industries.  This means they can help a business connect with potential partners, investors, customers and professionals such as bankers, attorneys, CPAs, brokers and more.

An external fractional CFO can offer unbiased advice without being influenced by internal politics or personal relationships.  This objectivity can lead to more informed and effective decision-making.

When is the Right Time to Hire A Fractional Executive?

As businesses navigate the challenges of today’s economy, the need for strategic guidance and specialized expertise is more important than ever.  Fractional executives offer a unique solution, providing all the benefits of an experienced executive without the high cost of a full-time hire.  With fractional executives, businesses can enjoy the flexibility and scalability they need to succeed, while benefiting from an objective perspective and mentorship from seasoned professionals.

Knowing when to hire a fractional executive can be a challenge. In terms of hiring a fractional CFO, many companies experience these clear warning signs:

  • Financial reporting is becoming more complex and time-consuming.
  • Cash flow is not managed and monitored effectively.
  • A major change or challenge, such as a merger or acquisition, expansion, or product launch is looming.
  • There is a gap in financial forecasting or budgeting.
  • Lack of sales or inconsistent or unpredictable revenue streams.
  • The organization is lacking a true business plan and not able to focus on strategic planning.
  • Company growth has stalled or declined.
  • Hiring and finding finance and accounting talent is challenging.
  • Company expenses are skyrocketing.
  • Competition is becoming fierce.
  • The company owners are seeking to sell the business or acquire another company.

As a business owner, having access to financial expertise and support is crucial for making informed decisions and achieving long-term success.  A fractional executive can serve as a trusted guide, providing insight and advice to help fund growth, improve profitability, avoid risk, and plan for a successful exit strategy.

Kick-Start the Search Process
For those companies in need of fractional executives, take the time to define your needs and goals.  This will help you narrow down your search and find someone who can provide the specific expertise and support you need.

However, finding the right talent can be tricky. It’s important to look for someone who aligns with your vision, personality, and goals.  Look for someone with relevant experience and a proven track record of success and even experience in your industry.  This will ensure that they have the necessary skills and expertise to help your business grow.

Networking and referrals can also be useful in your search for a fractional executive.  Reach out to your professional network and ask for recommendations.  You can also ask other business owners in your industry for referrals.

AE Tucker is Here to Support Your Business

At AETucker Consulting, we specialize in providing CFO and business advisory services to help growth minded businesses achieve their goals.  As a fractional executive, Andrew Tucker works closely with clients to identify opportunities for growth, streamline processes, and optimize financial performance.  Whether you need assistance with financial planning, budgeting, or forecasting, or exit planning, Andrew can provide the guidance and support you need to succeed.  Contact me to learn more about how we can help your business thrive. Please reach out at: Andrew@AETuckerconsulting.com or call 704-651-2216.

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Create, Monitor, and Stick to a Company Budget: Achieving Financial Stability

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As a business owner, it’s important to plan for financial success in the year ahead. One key step in this process is the disciplined approach to working on an annual business budget.  It may seem like an obvious year end ritual; however, many business owners neglect this crucial step. Don’t let that be you!

Companies that regularly create and stick to a budget are more likely to be financially fit and meet their financial goals. A budget allows you to plan, identify areas where expenses can be cut, and ensure that you have enough cash flow to cover your expenses. When you assess where your business stands today, then develop budgets, financial models, tax strategies, and cash flow forecasts, you can be ready for any strong economic headwinds and adjust your sails accordingly as you pursue your business goals.  

Budgeting Best Practices: How to Start

As you begin to create your business budget for 2024, it’s important to set clear revenue goals. This will help you determine how much money you need to generate in order to cover expenses and achieve your desired profits. To set your revenue goals, consider factors such as market trends, past performance, and industry benchmarks. It’s also important to be realistic and set goals that are challenging yet achievable. By setting clear revenue goals, you can create a more accurate and effective budget for your business in 2024.

Use Past Data

Creating a solid business budget requires a thorough and honest review of your 2023 budget and actuals. This will help you identify areas where you may need to adjust your spending or revenue expectations for the upcoming year. Additionally, consider any changes in the market or economy that may impact your business, and factor these into your budget planning.

Target Expenses

With economic uncertainty, skyrocketing costs, and supply shortages, it’s more important than ever to identify your fixed and variable costs. Fixed costs are expenses that remain the same regardless of your business’s level of production, such as rent, payroll and insurance. Variable costs, on the other hand, fluctuate based on production, such as materials and labor. By accurately identifying these costs, you can create a budget that allows for growth and profit.

Inflation is driving up the cost of goods and services. Additionally, salaries and payroll expenses are likely to increase over time, so it’s important to factor these into your budget as well. To ensure that your budget is accurate and effective, consider using historical financial data and consulting with industry experts. By carefully considering these factors and taking a collaborative approach, you can create a budget that sets your business up for success.

Monitor Cash Flow

The cash flow statement is an important tool used in the budgeting process.  Your cash flow statement provides valuable insights into the movement of money in and out of your business. By analyzing the cash flow statement from the previous year, you can identify patterns and trends in your business’s finances.  The cash flow statement can also help to identify the months when your business has higher cash inflows and outflows, allowing you to plan accordingly.

Reduce Debt

A key step in the budget planning stage is assessing company debt. This will give you a better understanding of your financial situation and help you make informed decisions when it comes to allocating funds. Understanding your debt obligations is key to making decisions regarding investments, expenses, and revenue projections. By taking a thorough look at your company’s debt, you can identify areas where you can reduce costs, negotiate better terms with lenders, and optimize your cash flow.

Assessing your company’s debt will also give you a better understanding of your company’s financial health. You’ll be able to see how much of your revenue is going towards debt payments, and whether your debt load is sustainable in the long term.

Plan for Investments

Capital expenditures are expenses that are used to acquire or upgrade physical assets such as machinery, equipment, or property. These expenses are essential to keep your business competitive and efficient. By planning for capital expenditures in advance, you can ensure that you have the necessary funds available when you need them. This will help you avoid unexpected surprises and ensure that your business is well-prepared to succeed in the long run.

Additionally, planning for capital expenditures can help businesses to avoid unexpected expenses and prevent disruptions to their operations.  It’s important during the budget process to allocate generously towards capital expenditures, especially if your goal in 2024 is to scale the business.

Reduce Tax Burdens

As you prepare your business budget for the upcoming year, it is crucial to consider the impact of taxes on your financial planning. Neglecting tax obligations can lead to unexpected expenses, penalties, and even legal issues. By accounting for taxes into your budgeting process, you can ensure that your business stays compliant with tax regulations while maintaining financial stability. This involves analyzing your income, expenses, and deductions to estimate your tax liability and setting aside funds for tax payments. By doing so, you can avoid last-minute scrambling and gain peace of mind knowing that your business is financially prepared for tax season.

Build Resilience During Emergencies

Every business owner knows that emergencies can happen at any time. Losing a major client, facing a recession, or needing to replace equipment and technology can all take a toll on your finances. That’s why it’s crucial to plan for contingencies when preparing your annual budget. Experts suggest setting aside 10% of your annual revenue as a good benchmark to help weather difficult times, but also ensure the long-term success of your business.

Be Transparent

As a company leader, you understand the importance of creating and sticking to a budget. However, ensuring that your entire team follows the budget can be a challenge. Be transparent about the company’s financial goals and challenges. Make sure everyone is aware of the budget and understands the consequences of not sticking to it. Ensure that the budget is achievable and realistic. Set clear targets and milestones and communicate them to your team.  Keep track of expenses and check in regularly with your team to ensure that they are meeting their budget goals. Use reporting tools to create transparency and hold everyone accountable. Don’t forget to also celebrate when your team meets or exceeds their budget goals.

Leverage Fractional CFO Leadership

Budgeting is a crucial task that requires a lot of time, effort, and expertise. Planning and sticking to a budget is essential for the financial health and vitality of your business. However, creating an accurate and effective budget can be a daunting task, and mistakes can be costly. That’s why seeking professional advice when creating your company’s annual budget is highly recommended.

Fractional leadership can provide valuable insights and assistance in creating a budget that is tailored to your business’s specific needs and goals.

AETucker Consulting works with business owners and management of small to midsize privately held companies to develop and implement strategy, improve cash flows, increase company value, and provide successful business transitions. 

Contact me to learn more about how we can help your business thrive.

 Andrew@AETuckerconsulting.com

 704-651-2216

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Help Your Business Find Its Voice: Value Propositions Explained  

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2024 is just a few months away and, as we head into a new year, it’s a good time to think about what it is that makes your business your business. What part of your brand stands out in its industry?

The best way to answer this question is conducting a differentiator value proposition (DVP), a marketing strategy that is all about a company setting itself apart from competitors by highlighting what it is they do that others don’t.

This is essential not only for the health of a business but also its ability to thrive. When a business is able to zero in on the key reasons they should be who the customers buy from, they can efficiently target their audience and goals as well as drive sales and ultimately growth.

Below is a break-down of a successful DVP:

Identify What Makes You Special

How well can you tell someone what makes your business special?  Can you put your thumb on it?

Business owners usually start their business to address an unmet need in a certain industry. For a successful DVP, it’s time to dig into the roots of how the company addresses the need and why they are better than any other company at doing so. Think about what technology or method you use to achieve these results.

An example of the proper DVP brainstorm is filling in the blanks in the following:

“Our company is able to solve ____ for our customers in the ____ market because we offer ____  through the application of ____.”

By the end of the exercise, you should be able to pinpoint:

  • The competitive advantage you offer your customers through your product or service
  • Who your target audience is — what is their demographic, their purchase behavior or their generational footprint?  In industry jargon, you need to develop your Ideal Customer Profile (ICP).
  • What makes your products or services relevant no matter the climate?
  • Why should your customers choose YOU?

Honing in the Numbers

What many often forget is that unlike a marketing tagline or slogan, a DVP is all about putting words to action. In other words, you need proof.

It may take time to get the numbers you need to prove why your business is the best of the best, but statistics, data and especially customer stories go a long way in developing the trust of a new customer (who doesn’t love a good story?). For example, is your service able to be completed twice as fast as others in the market? Do you have 100% satisfaction among customers? Does your product last 3 years longer than others?

Whether it be sending out customer surveys, collecting quotes from other established companies, conducting customer interviews in person, testing your products against the statistics shared by a competitor and proving their competitive advantage, or getting endorsements, work to get the numbers you need to position your differentiator value proposition effectively.

Understanding What Makes a Unique Value Proposition

In 2015, Microsoft proved that we now have the attention span shorter than a goldfish: you can lose a customer’s attention in about 8 seconds.

This means your DVP has to win them over in 7 seconds to truly seal the deal.

Let’s take a look at what consists of a proper DVP:

  1. Clear, concise and impactful— leave no room for questions 
  2. A customer should understand why your brand is different from all the rest
  3. A customer should see precisely why your product or service benefits their life
  4. There are no bold claims or opinions or marketing slogans— just facts
  5. It’s broken up with visuals and bullet points and able to be read in 7 seconds or less

Publishing Your Ultimate Message

One more gentle reminder: your DVP is not a slogan like Nike’s “Just Do It” or marketing ploy like “Never seen before results!”. This is a factual, clear and in-depth proposition as to why a customer should choose your product or service. It usually lives on the landing page of your brand website and takes a customer through the journey of your brand.

Convince them they cannot live without you, through facts, data and analysis that is digestible — and direct. Usually, the most effective propositions start off with a powerful headline, offer specific explanations, use bullet points to offer short, impactful snippets of data and employ visuals to share the exact use of the product or service.

Everyday we use countless products or services because they satisfy a need and are easy and convenient. What brands, products or services can you think of that have done a phenomenal job at defining their DVP?  Netflix?  Nike?  Uber?  Apple?  Amazon?

Working with a Trusted Fractional CFO

Identifying and defining your DVP and being able to ensure you track how well it brings in revenue can be a complex task. This is where your Fractional CFO becomes a crucial and valuable asset. With financial expertise and acumen, they can help you evaluate your product or service from a financial perspective and identify the unique features that can be leveraged to create a compelling DVP.

More importantly, CFOs like those at AETucker Consulting can source the gaps your business is presently experiencing and see where the miscommunication between customers and the business value begins. Once identified, your CFO can not only work to ensure your DVP reflects the current realities of your business, but also they can tell you how to get the proof of the numbers (see Honing in the Numbers section) and how to track them for future KPIs.

To this end, your CFO can develop a clear and concise differentiator value proposition for you that will resonate with your target audience, help you stand out in a crowded market, and help you establish yourself as a leader in your industry.

To learn more about AETucker Consulting and how we can be of service to ensuring your DVP is done right, please visit my website, aetuckerconsulting.com and schedule a complimentary and confidential conversation today. I’m a phone call, email or calendar invite away!

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Benefits of a Fractional CFO You May Not Know

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As a business owner, it’s important to have a clear vision for the future of your company.  When you think about where you want your business to be in three, five or ten years, you need to consider factors such as market trends, economic conditions, customer demands, and technological advancements.

Is revenue growth and profitability on track to take your company to your next milestone?

Are you looking to expand your customer base, or introduce new products or services, but not sure where to start?

Do you have plans to purchase a business or sell your own business, yet unsure of the timing and steps?

Whether you’re looking to optimize your financial performance, improve your cash flow, or prepare for a major business transaction, consider these reasons that it may be time to hire a Fractional CFO.

Improve Profitability

People, processes, and technology all link to the ability of a company to be profitable.  By providing expertise in financial management, a Fractional CFO can help improve your business’s bottom line by identifying and addressing inefficiencies in your financial operations and product and service pricing.  They can assist in helping implement expense-controlling measures, identify areas that are inefficient, where you can cut back, negotiate better deals with suppliers, and streamline processes to improve time management and eliminate waste.

Optimize Cash Flow

A CFO will put an effective cash management system in place.  By managing the cash cycle, the company improves collections, pricing, and terms; all adding to increased liquidity.  This includes managing capital, debt obligations, and ensuring the ability to invest in new projects.  A CFO can create a solid forecast, so you avoid being blindsided by the cash flow problems that accompany rapid growth.  Furthermore, they will establish collection policies, payment terms with customers and suppliers, monitor inventory levels, and invest excess cash in profitable ventures.

Guide in Decision-Making

Without accurate financial data and insights, it can be difficult to make informed decisions.  This is where a Fractional CFO can be a tremendous asset for your business.  They can help you analyze your financial statements, identify trends, and provide insights to help you make better decisions such as where to best make investments, expand the business, roll out new products and/or service offerings.  A CFO can provide objective and expert financial advice while building clarity around goals and action-plans to forecast and meet those financial goals, helping the business owner avoid costly mistakes.

Fund Your Growth

A Fractional CFO can help you access the necessary capital to fund your growth initiatives.  They can work with you to identify potential sources of financing, such as loans, grants, or equity investments, and help you prepare the necessary documentation to secure funding.  With their financial expertise and network of banking contacts, they can educate you on the best options for funding as well as help you take the necessary steps to increase your chances of obtaining the funding you need.

Mitigate and Manage Risk

CFOs, given their expanded role in establishing and executing strategy, have become well positioned to help ensure that a company’s risks are identified, assessed, managed, and integrated into the corporate strategy.  A CFO has a keen understanding of the scope of risks that the organization faces by identifying the risks and classifying them by risk type (financial, compliance, debt, liquidity, operational and security risk).  A Fractional CFO can help you establish internal controls, create financial policies and procedures, and ensure compliance with regulatory requirements.  By taking a strategic approach to risk management, you can minimize financial losses and protect your business from potential legal and financial harm.

Assist in the Business Sale

If you are planning to sell your business, it is essential to have a solid exit plan in place.  One of the primary benefits of hiring a Fractional CFO for your business transition is their expertise in financial planning.  They can help you create a comprehensive financial road map to identify areas where you can improve your financial performance, thereby making the business more attractive to potential buyers.  A Fractional CFO will assist in identifying potential buyers, assemble a team of experts (CPAs, attorneys, M&A firm), negotiate the terms of the sale, and ensure that the sale proceeds smoothly.

Overall, engaging the services of a Fractional CFO can be a game-changer for the business.  Whether it’s developing a financial strategy, improving financial management practices, managing financial risks, or planning for growth or a business sale, a Fractional CFO can help businesses improve long-term value.

AE Tucker Consulting serves owners and management of small to midsize privately held companies to develop and implement strategy, improve cash flows, increase company value, and provide successful business transitions when the time comes.

Let’s start the conversation today on ways I can provide strategic financial guidance.  Please schedule a discussion at a time convenient for you. Schedule–>

Andrew Tucker, CPA, CGMA, MBA

AETucker Consulting

Andrew@aetuckerconsulting.com

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It’s Time for Your Mid-Year Business Financial Check Up

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As we are deep in the month of June, it’s important for business owners to take stock of their operations and prepare for the next six months of 2023.  

Conducting a mid-year business check-up is essential for ensuring the success and growth of your company.  This process involves reviewing your financial statements, analyzing your marketing strategies, assessing your employees’ performances, examining your goals and objectives, and determining if you need to make any adjustments to your budget or pricing strategies.

A typical mid-year review breakdown involves looking at all aspects of your business including: 

  • Financial Health: Are you meeting your financial goals?  How well are you performing against your budget (you do have a budget, right?)  How are your ratios and KPI’s vs. expected results? Dedicate the needed time to evaluate your cash flow and what areas of your business you’re spending too much on.  Your financial health at mid-year can foreshadow what’s to come so it’s crucial to resolve any financial issues.
  • Employee Wellbeing: How long has it been since you talked with your employees?  Is employee attrition/turnover high?  When was the last time an employee survey or evaluation was conducted?  Are you taking proper measures to make your team feel heard?  Do you need to re-evaluate your team structure?
  • Sales & Marketing Efficiency: What audiences could you be reaching that you haven’t yet?  Has revenue met your expectations?  How can you increase your ROI on your marketing expenses?  Are sales numbers growing, declining, or hitting a plateau?
  • Logistics and Operations: Are your products/services being delivered timely and accurately?  Have your margins changed/costs increased (i.e., service & installation costs)?  Have quality or customer satisfaction changed?  When did you last look at your suppliers?  Are they still good partners with your business?

This year, these points are more important than ever.  From global economic shifts to escalating inflation to higher payrolls and customer demands, 2023 has had its own set of unique challenges.  In result, business owners and CEOs like you are adjusting your pricing models and overall strategies to combat what continues to be a difficult economic landscape.

The 6 Point Business Mid-Year Assessment

Financial Health:

A financial health assessment should be done more than bi-annually.  Naturally, the mid-point of the year is a great time to help you identify any areas of concern and make necessary adjustments to ensure you meet your financial goals for the year.  Review your financial statements by analyzing the balance sheet, income statement, and, especially, cash flow statement to assess your business’s financial position.  Look for trends in revenue and expenses and identify any areas where results are not what you expected.

Your cash flow statement is a crucial tool for understanding how money flows in and out of your business.  Use this statement to identify any cash flow gaps and determine whether you have enough cash on hand to meet your short-term obligations.  Compare your actual financial results to your budget for the year. Identify any areas where you may be overspending or underspending and adjust your budget accordingly.  Review your outstanding debt and determine whether it’s manageable given your current cash flow and revenue.  Consider refinancing or consolidating your debt if it’s becoming a burden on your business.  Finally, look for opportunities to improve profitability by identifying areas where you can increase revenue or cut costs to improve your business’s profitability.  Have you considered renegotiating contracts, finding new suppliers, or developing new products or services?  This is the perfect time of year to assess all opportunities.

Inflationary Strategies:

Prices on almost everything have gone up.  Have you been adjusting your pricing accordingly?  Are you taking note of the pricing changes whether it be with your supplier, your deliveries, your sourcing, or cost of production?  Have you thought about creating long-term contracts with vendors, suppliers, or shippers so that the pricing isn’t impacted as much by inflation?  Are your customers staying loyal through your higher prices and are you being transparent with them through the process?

When you do have to raise prices make sure you communicate with your clients your rationale and that they have many other reasons to stay with you and are not motivated to price shop.

Employee Performance:

Mid-year employee reviews are a great opportunity to assess an employee’s performance, acknowledge their achievements, and identify areas where they can improve.  To make the most out of these reviews, it’s important to consider several factors.

Do you have clear expectations for the review process and have procedures to review their job responsibilities and performance goals?  Take this opportunity to review job descriptions and any goals or objectives set at the beginning of the year.  Discuss any progress they have made towards these goals, identify areas where they can improve, provide constructive feedback, and acknowledge their hard work and contributions.  Send out an employee survey to collect feedback and ideas so you can improve the workplace culture.  Good lines of communication will yield rewards.

Customer Satisfaction Measurement:

A mid-year review is a great time to measure customer service performance. When considering how to assess customer service at your company, you will quickly realize that there are quite a few different factors that you could measure. It might also become apparent that focusing on just one area at a time will leave major blind spots.

What is your customer retention rate?  Do you know if your customers are completely satisfied with your service, products, quality, and prices?  Do they see the value you offer, or could they easily be swayed to go to a competitor?  Customer surveys are an ideal tool to get honest, constructive input that you can quickly implement resolution strategies and reach out to customers to further build the relationship.

Marketing ROI:

A mid-year review of your marketing campaigns and programs can help identify what is working well and what needs improvement, enabling the company to make data-driven decisions and adjust strategies for the remainder of the year.  

Start by reviewing your original marketing objectives for the year and assess how well you have achieved them so far.  Are you on track?  If not, identify the areas that need improvement and prioritize them.  Analyze your performance metrics such as website traffic, conversion rates, social media engagement, and lead generation.  Identify which channels are performing well and which ones need improvement. Use this data to optimize your marketing strategies for the remaining months so you can be prudent with your marketing dollars, investing in the best marketing vehicles that will improve your brand awareness and lead generation.

Resource Allocation:

Meet with your Fractional CFO to review cash flows, your allocated funds, and your budget.  Where is your money coming from?  Where is your money going? What department spends the most and why?  Are there certain activities and expenses that aren’t adding value, or a product you sell that doesn’t meet your profitability and margin benchmarks?  Have you invested in programs, machines, equipment, etc. that can drive revenue in the long run?

There are many touch points in building a great business, so taking the time to truly be real and honest about your company’s performance in these key areas can impact the next six months and beyond.

Here at AETucker Consulting, we can help you get there!  Contact me, Andrew Tucker, for help with your mid-year financial check-up. 

I can guide you through an effective midyear assessment and provide action plans to keep you on course. I can be reached by e-mail at andrew@aetuckerconsulting.com or schedule a call on my calendar here -> .

I look forward to starting a conversation with you.

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Balancing Summer Vacations and Running Your Business

Are you busy finalizing plans for your fun summer vacation(s)?


If you are like half of American workers, you may be foregoing that much needed vacation. Consider these surprising statistics about today’s workforce.

  • According to a recent poll, 46% of American workers, take less paid time off than they are offered, per the Pew Research Center. 1
  • According to Project Time Off, Americans forfeited 705 million unused vacation days last year alone. 2
  • Today’s workers are concerned that time off will slow down their career advancement or derail a deadline-driven quota or project.
  • According to Indeed.com, on average employees typically receive only 10 to 14 days of PTO (Paid Time Off) after one year of service. 3

Ironically, studies show that taking time off actually can help managers and employees feel recharged, rejuvenated, and ignite a renewed passion for work. Additionally, taking time away from the job is linked to physical and mental health benefits as well, such as lower stress, a positive outlook on life, more motivation, and overall physical vitality. 4

On the flip side, you may be experiencing the conundrum of receiving multiple summer vacation requests from your employees. When you run a small business, every team member counts and often wears multiple hats, which makes it difficult to manage even one key employee out for vacation. As a business owner, how do you balance honoring requests for time off and avoiding employee burnout, all while meeting business demands– especially during peak summer vacation times? Here are some best practices to follow:

Clearly communicate PTO policies. 
As a business owner, you can’t just offer an attractive PTO package, your company culture must support employee vacations, and your policy must be easy to understand and use. Being overly lenient or not having a strong PTO policy at all will make it difficult to operate your business, especially during peak vacation season. It’s best to create and consistently follow a written vacation policy that explains how vacation time is accrued, any peak times in your industry, and when vacations may not be feasible. In your employee handbook, make sure you have concrete details of how your employees can earn vacation, personal and/or sick time. Clearly state when the plan resets every year and how your company plans to handle carryover of any unused hours.

Implement tracking tools.
It is important to have a clear and easy to manage PTO system, one that your employees understand and that is easy to monitor. Make sure you have the necessary tools and ability to ensure that you have adequate coverage while team members are taking PTO, especially during the summertime. There are many hassle-free systems that can centralize time off requests for admins, managers, and other employees. This could mean providing online tools or apps so your team members can quickly book their time off and check on the remainder of vacation days.

Set a notification deadline.
Whether it is one month or six, a deadline for notifying HR or management of a planned vacation is a must and should be spelled out in your vacation policy further. Plus, if other employees will be picking up the vacationing team member’s duties, this will give your staff time to get a list of essential tasks in order such as gaining access to files and any open projects they may have to hand off. Communicate clearly about your PTO requests and expectations. This way employees know what to expect before putting in their request. You may approve submissions immediately or you may have PTO come on a first come first serve basis. Get feedback from your staff to see what works for their lifestyle and their family’s particular situation.

Cross train your employees.
This is essential when you run a small business and is a best practice at any time. One of the best ways to prepare for peak vacation season is to always have team members training for other positions within your company. Managers should set clear expectations around project-based work and make sure that employees leave behind specific instructions for teammates doing fill-in work with all the necessary files and contracts to meet deadlines. If you have multiple employees taking vacation at the same time, it’s a good idea to have a back-up plan in place. This could mean hiring temporary workers or even asking some employees to work overtime.

Once you have a handle on an effective PTO policy, cross trained employees, and vacation-time tracking system, let your employees enjoy their hard-earned time off with these steps:

Promote a healthy work life balance.
Try strategies to incentivize employees to plan vacations around slower periods. Get creative with the busy summer vacation season when employees do want to take vacation (and you know they do!). Consider implementing a compressed work week, offering summer hours like flex Fridays, or allowing employees to work from home. Create an environment where vacation time is seen as an essential piece of employee well being, and mental health within your company’s culture. You could also consider incentivizing vacation time by offering rewards or bonuses for employees who use their accrued vacation days–strategically. This can motivate employees to take time off, while still meeting performance and target goals.

Be a role model.
Lead by example by encouraging senior executives and even yourself to take vacation time. This can help remove any stigma or reluctance to take time off and inspire your employees to follow suit. This does not mean taking your laptop on vacation, it truly means unplugging, spending time with family, and recharging. By the way, employees who never take or refuse to take time off could be a risk to your business.

Aspire to be an employer of choice.
A well-designed PTO policy demonstrates how your company values its employees. This can help in attracting and retaining top talent as PTO policies are key factors that candidates consider when choosing a job offer. Vacation time is essential to helping reduce employee burn out and stress which is linked to poor morale, productivity, and job satisfaction. When employees have time to recharge, they can return to work feeling refreshed, energized, and ready to get back to work. As an employer, it is up to you to quell the fears of your staff if they’re worried about falling behind on a project or job security.

According to Glassdoor, mandatory vacations are becoming a new trend in the workplace for many companies that are dedicated to retaining talent and improving their workplace culture. 5 By creating PTO policies and guidelines that motivate your team to enjoy time away from work, your company can continue running smoothly during the summer PTO request surge. Your company and your employees will thank you for it.

Business Guidance That Delivers Results

From strategic business advisory to operational efficiency, AETucker Consulting provides guidance, resources, and expertise to help companies operate at peak performance. For a complimentary consultation and to learn more, please visit us our website to learn more about our service offerings to business owners here or schedule a one-on-one discussion with me, Andrew Tucker, about your company goals.  It’s good to have a chat with someone new!

Schedule your discussion here  

Sources

1. https://www.businessinsider.in/tech/news/nearly-half-of-american-workers-dont-take-all-of-their-pto/articleshow/99155455.cms

2. https://www.inc.com/laura-garnett/705-million-vacation-days-went-unused-last-year-heres-why-to-take-yours-according-to-science.html

3. https://www.indeed.com/career-advice/career-development/average-vacation-time

4. https://www.allinahealth.org/healthysetgo/thrive/importance-of-taking-a-vacation

5. https://blog.giftogram.com/mandatory-vacations-a-growing-trend-with-incredible-benefits

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Why Your Business Needs a Fractional CFO

Leading a company in today’s economy comes with significant opportunities and challenges alike. According to Forbes magazine, fighting against inflation, customer retention, changing business models, and talent wars are some of the top challenges CEOs and companies are facing today.

As a business owner, overcoming today’s challenges while reaching your business and personal goals requires resources that are not necessarily available within your company. The good news is that with the support of a Fractional CFO, owners can better manage risk, plan strategically, prepare for future acquisitions, and improve overall business value.

So, what does a Fractional CFO do?

A Fractional CFO is a seasoned financial professional who provides financial expertise and support on a part-time basis to small and medium-sized businesses. This person is very much like their full-time counterpart except they work part-time and have other fractional or consulting work to do.

You may also hear the terms Part-time CFO, Outsourced CFO or Virtual CFO.

In a nutshell, a Fractional CFO provides support for management by helping define and develop goals, processes, and procedures, implement financial strategies, analyze and prepare financial statements, and manage cash flow. Oftentimes, they assume a leadership role in the company as well.

Here are some reasons why your company would want to enlist the services of a Fractional CFO.

  • Achieve Consistent Business Growth

Even if the financial data reveals the company has been growing steadily, how do you take the business to the next level of growth? A Fractional CFO gives you the senior level advice and oversight that your business needs without the cost of a full-time person. Fractional CFOs provide key business advice through a financial lens and can help uncover reasons if your business has experienced a growth plateau. They can assess the strategic initiatives needed to propel your business while leveraging your industry expertise. This outside perspective gives balance and strength to you and your management team and is tremendous in building future growth and value.

  • Manage Cash Flow

CEOs that I speak with are concerned about the constraints on their cash flow due to the rising cost of supplies, services, personnel, and the overall impact of inflation. The lack of healthy cash flow can have significant consequences if your organization does not have someone who can help you strategically plan to avoid a cash crunch. If your cash flow is getting tighter or you have a new contract which is bigger than you have handled before, it may be time to bring on a Fractional CFO. You need to know well ahead of time if cash will be tight and what your options are to infuse cash into your company.

With an eye on your financials and operational data, a Fractional CFO can create a cash flow forecast and predictable models to better manage your cash and negotiate your position with lenders or investors. Optimizing working capital is one of the ways in which a business can increase cash levels in a short period of time. A Fractional CFO can help analyze your cash flow statements to determine potential cash flow improvement and forecasting cash flow by reviewing cycles of accounts receivable, payable and inventory.

Remember, a big reason many businesses fail is due to lack of proper cash flow oversight.

  • Prepare Accurate and Timely Reports

Chances are you have a very reliable bookkeeper or accountant to help you manage the books. A Fractional CFO can take a deeper dive into your financial reporting. Monitoring financial documentation is necessary for effective debt management and budget allocation and provides insights into key areas of spending. Tracking and monitoring your financial information with timely reporting can ensure your business is running effectively while knowing exactly where you spend and earn your money (Cost and Profit drivers). Preparing and monitoring financial reports on a regular basis can help you make more informed decisions while being prepared for future uncertainty.

  • Expand Business Relationships

A strong foundation for any business is the relationships it develops with other professionals. These people may be investors, lenders, bankers, or other stakeholders. A Fractional CFO can provide the necessary expertise to help establish and maintain good relationships. Having a network of trusted experts will improve your odds of obtaining loans, attracting investors, or finding lenders willing to provide the funds for a potential business expansion.

  • Keep Up with Change

If your business is going through changes or the industry you serve is constantly evolving, you need a financial champion to provide relevant and timely information to help you make strategic business decisions. A Fractional CFO can work closely with you and your team to identify and measure the key factors that are driving your business performance. He/she can properly advise you on expanding your business, offering new products or services, and how to operate against your competition. Fractional CFOs work with clients from across various business sectors and industries, providing a breath of experience and knowledge that would otherwise not be inaccessible.

  • Guide and Resource for Tax Planning

Working with your tax preparer, a Fractional CFO can help you with tax planning and preparation. They can also help you identify tax-saving opportunities. Your part-time CFO has the expertise to identify tax deductions as well as offer guidance on overall spending.

  • Support in M&A Deals

For companies who are selling, raising capital, or acquiring other businesses for growth, a Fractional CFO plays a vital role at every stage in the deal process. The beginning stages of a deal include extensive due diligence, where a CFO helps solidify the story that will be presented to stakeholders on expected outcomes. Whether on the buy-side or sell-side, the CFO considers financial questions about pricing expectations, value add, and risk. Once the company has found potential acquirers, the CFO is key at negotiating on your behalf, making sure your company achieves the best deal possible. Once a deal is complete, a Fractional CFO helps make important decisions about the financial and operational structure. During the negotiation phase, a CFO becomes one of the chief mediators. The ultimate goal is to maximize synergies and derive as much value from the deal as possible.

  • Add Significant Value to Your Business

A Fractional CFO can be the lifeline to your business. As your business advisor and financial champion, I help business owners make informed, data-backed decisions, improve cash flow, raise capital, achieve growth, implement systems, improve company financial performance, and transition the business at the maximum price. Examining the company’s unique challenges and future goals, and utilizing financial data, we can build a roadmap for long-term success.

From serving as CFO previously, working in a wide range of industries and experience with companies of different sizes, the client gains the benefit of deep financial insight and expertise that ensures the company is operating at top performance, cash flow is healthy, expenses are effectively managed, and opportunities are seized.

To learn more about AETucker Consulting, please visit my website, aetuckerconsulting.com. If you want to have a complimentary and confidential conversation, I’m a phone call, email or calendar invite away!

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Cash Flow Management Advice for Your Business

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Today, there are more than 30 million privately held businesses in the U.S. However, two out of every three new businesses will shut down during the first 10 years.  Why? A recent study by U.S. Bank drilled down and discovered that 82% of the time, poor cash flow management or poor understanding of cash flow contributes to the failure of a small business.

Healthy cash flow isn’t simply earning more than you spend, nor is it about sitting on a pile of cash. It’s about ensuring your organization has sufficient cash flow to capitalize on new opportunities such as making investments in your company’s technology or infrastructure, hiring new talent, or expanding operations.  It is also about having cash reserves to weather a crisis or economic downturn that negatively impacts your business.

Managing cash flow effectively will ensure you have the cash inflow you need to pay your employees, vendors, and other suppliers so you can get your products and services to your customers on time.

Proper cash flow management is a key strategy that every business owner must master for long-term financial success. First, let’s get a handle on just what is meant by the term cash flow. 

Generally speaking, it can be separated into two categories: cash inflow and cash outflow.  Cash inflow refers to the amount of money that is coming into your business and is being generated when you sell your products or services. Cash outflow, as the name suggests, is the money going out of your business. Regular expenses and debt payments would fall under the cash outflow category.

As a strategic business advisor and fractional CFO, I help implement and improve the cash flow management process for my clients.  In this article, I share cash flow management advice that will strengthen your business and protect you from unexpected financial emergencies.

Start with Consistent Financial Reporting

Your financial reporting and models should include a Balance Sheet, Income Statement (with projections), and Cash Flow Statement. These key financial tools should be monitored faithfully every month.  The income statement solely will not uncover weaknesses in your company cash flow. Sure, a company may show a profit on the Income Statement, but without healthy cash flow, it cannot survive.  After all, you pay your employees, bills, taxes and yourself from cash flow, not profits.

The most effective way to track your company’s cash flow is through a Cash Flow Statement. It enables you to get an overall view of money that has come in and gone out of your business’s bank account, and basically to understand your company’s cash position (whether it is positive or negative) every month. The first section of the cash flow statement is cash flow from Operations, which includes transactions from all operational business activities.  Cash flow from Investing activities is the result of investments made in the business (think long term and fixed assets such as equipment and vehicles).  Cash flow from Financing provides an overview of cash used from debt and equity.  Below is a snapshot of a sample cash flow statement or report:

Figure 2: QuickBooks provides a Statement of Cash Flows report.

Create a Cash Flow Forecast

Cash flow forecasting involves estimating your future sales, expenses and investing activities (again think equipment and vehicles). Not only does a cash flow forecast help give you advanced notice of any problems that you may encounter in the future, but it also makes sure that you have the cash on-hand needed to fend off unexpected situations. It puts you in a better position to capitalize on opportunities and helps your business continue to scale and evolve over time.

These negative and positive cash flow swings don’t have to catch you off-guard because chances are there’s a pattern. If you perform a cash flow analysis, where you study your business history to identify trends, you can spot cash flow swings ahead of time and start preparing earlier.

Determine Your Borrowing Needs

By far, one of the most important ways to make sure you have a handle on your cash flow situation is to gain as much insight as possible into the money that you’re borrowing – and why.  Most businesses need to take out loans for the needed capital for starting their business and operations and for further growth and expansion. However, pay careful attention to borrowing too much or borrowing from sources that are too expensive. If you have too many loans with a high-interest rate, you may be paying more each month than that money is actually bringing into your business. If you start to miss a payment or two, those interest rates could increase even further – causing you to take on additional debt just to stay afloat.

Maintain Cash Reserves

Cash reserves are important because they can help you protect your businesses by providing cash flow in the event that unexpected expenses arise or revenue drops. An emergency fund can help you cover expenses without having to get a loan or stacking up credit card debt. Additionally, having significant cash reserves provides a company the ability to make a large purchase— whether it be new equipment or real estate.

Monitor Your Receivables

Managing your accounts receivable to maximize cash flow is a critical aspect of operating your business successfully. By monitoring your accounts receivable, you can address an issue immediately if a payment is late. Sometimes it may be a simple oversight by your customer.  It could also indicate a recurring trend; in which case you might need to decide on applying stricter credit terms or ending the business relationship altogether.

Some strategies to collect quickly on invoices include immediately sending your invoice after services or product is delivered. In addition, most accounts payable departments tend to make payments on weekly or biweekly intervals.  The more time you give your customer to make their payment increases the likelihood your cash flow will remain steady.

Consider your terms.  Credit terms are generally set as due upon receipt or due in a number of days, such as net 15 or net 30. You may need to consider specific factors about each customer; primarily, payment history. Giving your customer longer credit terms may positively affect the relationship but could negatively impact your cash flow. 

Think about this – do you want to become a “bank” for your customers?

Improve Your Inventory Management

If you sell a product, your cash flow cycle depends on your inventory. You spend the cash you have to buy your inventory and that inventory turns back into cash when it sells. Consequently, your cash flow can easily be reduced by poor inventory management. Specifically, issues with stocking your supply and customer orders can lead to fewer sales which hurts your cash flow. Instead of buying more of what doesn’t sell, get rid of it—even if you need to sell it at a discount. This is where an inventory management software is beneficial.  Meticulously track and manage your inventory flow, and you’ll have a firm grasp on your cash flow. There are many strategies you can take to manage inventory to boost cash flow. A business advisor can point you to some effective solutions and software.

Request an Upfront Deposit  

Especially when you’re working with new customers, consider getting an upfront deposit before you begin to work on a  project. That helps with your cash flow and also reduces the risk of miscommunication (discussing pricing and costs upfront will make sure both you and your client are on the same page.) Last but not least, deposits tend to scare away bad clients — the kind who would only hurt your cash flow in the long run anyway.

Consider Leasing Instead of Buying

Business owners can often avoid the large up-front costs of new equipment and other capital expenditure by renting instead. Leasing equipment for a fixed monthly fee will allow you to make smaller payments that don’t eat into your cash reserves.

Remember to consider the costs of repairs and maintenance of equipment the business owns when weighing up the benefits of leasing vs buying. Many commercial lease agreements include servicing, so if you’re spending a lot on technicians’ fees, leasing may be a better option.

Keep Out-of-Control Expenses at Bay

Ballooning expenses are one of the main reasons why company’s face cash flow struggles. Take a look at all the business services you’re paying for and stop the ones that aren’t absolutely necessary, at least temporarily. Review every line of your Profit & Loss Report and assess high expenses, what you can cut and how you can negotiate better pricing with suppliers.

In general, look for opportunities to reduce your operating costs as much as you can, at least for a little while. It can certainly help ward off any impending disaster and allow you to get back on your feet through a series of strategic financial moves in the days and weeks to come.

Work With a Financial Professional

Another one of the most common cash flow problems that business owners deal with in particular involves attempting to handle all aspects of this part of their business on their own. A financial professional with deep business experience that you trust not only will they be able to help you come up with an effective cash flow management strategy, but they can also put together essential documents like a cash flow statement and cash flow forecast data as well. The former paints a vivid picture of where you stand today, while the latter helps you see what you will achieve if you stay on the current trajectory.

The Bottom Line

Healthy cash flow is the result of operations that run efficiently and smoothly. While implementing some or all of the above steps should help you increase your business’s cash flow, you’ll also want to make sure you’re making the right decisions regarding your marketing, customer service, product or service development, and new customer acquisition.

If your business is experiencing cash flow problems or you want to talk over budgeting or other cash flow tips, reach out AETucker Consulting for a consultation.  A growing business needs accurate and timely record-keeping and reporting. But if your needs have grown beyond basic bookkeeping and you need financial insights, accounting management, KPI tracking, and analysis, it’s time to hire a professional.  AETucker Consulting is here to help!

Please contact me via email at Andrew@aetuckerconsulting.com and check out my website www.aetuckerconsulting.com.

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