The financial support you need for your business depends on what stage of growth you’re at and the financial health of your business. Understanding where you are on the path to powerful profit will give you a great indicator of what tools you should be using and what level of support you may need to reach your goals.
Wherever you find yourself, investing in support and tools to help you stabilise, grow or automate allows you to make faster decisions that impact your bottom line. And it’s this profit that gives you the freedom to do more of what you love in your business and life.
Knowing where you are on your path to powerful profit also gives you a huge advantage over your competitors. You know exactly what your next step and investment priority should be, which will in turn increase your profit further.
Once you’ve determined your stage of business, here’s how you could implement the right tools and support to sky-rocket your financial success.
Passion to Profit
In this stage you’ve created something and people are buying! Whilst you may be tempted to use Excel or other spreadsheets to try and track what you’re purchasing or selling, custom software or apps are far easier to use and will give you a wealth of information. There are plenty of free or low-cost versions out there (Hnry is a new one I’ve heard about), but don’t be afraid to spend $25 per month on a basic package.
Also consider investing in basic bookkeeping training. This is going to give you a good idea what you need to record, and why.
Getting the foundations in place from the start is going to make it much easier when you start selling more and are growing faster!
DIY to Do what you love
Business is going well, but you know that it could be better. You’re clinging to doing #allthethings.
Having financial systems in place is imperative in this stage of business. Get it right now and it will avoid a re-do later. Easy to understand training with some 1:1 support will help you to feel confident you’re moving in the right direction. My Simple Start package will give you the basics, without overwhelming you or overcomplicating the processes.
(BONUS! Until June 30 2022 I am offering two special bonuses:
- a Pricing Strategies Guide (so you can chose the right strategy for you) and a
- Tax Professional Checklist (so you can get the most out of your time with your tax professional come June 30).
The price is currently $400 which includes a 45 minute consult with me to offer guidance and answer your questions.
Plugging holes to Savvy spender
Things are really chugging along nicely. You might have a waitlist or feel like you have a little too much work on your hands. You’re thinking about how you can dip your toes into scaling.
In this stage of business financial support, you’ll need includes a clear roadmap on how you can reach your business and lifestyle goals. It’s time to switch from reactive to proactive planning and understand how best to shape your business as it’s nearing capacity. I have recently created the Profit Health Check which will help you gain total clarity of how to make your business really work.
Having someone to support you validate your ideas or a bookkeeping system to help make BAS and end of year seamless will give you confidence that you’re heading in the right direction.
Beast wrangler to CEO flow
Here you’re making a profit but it’s at the expense of crazy hours for you and your team.
It’s time to invest in an accountant and grow your own internal credit control (debt collection) team.
Accountability to make sure you’re hitting your financial goals, or regular financial insight to continue your growth and momentum is important. Because you don’t have time to be the Chief Financial Officer (CFO) on top of all the other hats you wear!
My monthly subscription package Measure and Manage will help keep you focused and on track.
Finding the right financial support for your business really depends on where you are on the path to powerful profit. If you’re ready to sky-rocket your profit and move into the next phase, then contact me here. I’m looking forward to being part of your financial support crew to help you build a business and a life that you love.