Take the First Step - Get a Financial Assessment
You've made a big decision - this year, you're taking your business to the next level. You want to get a loan, launch a new product, and hit the $1M target by December 2021.
So you pull your financial reports for 2020 and.... full stop.
Are these numbers right?
Did I ever tell my CPA about that new credit card?
Should I have gotten a bookkeeper?
Do I have enough money to launch a new product?
Can I get a loan with these numbers?
This is the moment every entrepreneur faces, possibly multiple times a year. You're filled with new ideas and ways to grow, you're confident you can make it work, but the reports aren't backing you up.
This is the story we hear over and over. Being insecure about your financials is one way to slow down progress, but the good news is that it's avoidable. And with one step, we've found a way to address this. A Financial Assessment
Last year we had the privilege of completing a Financial Assessment for a product company. They'd been open for less than 2 years, but had quickly become a $2M company. With such a short time frame for this amount of massive growth and popularity, there were bound to be some financial areas that had been overlooked.
What did we do?
We combed the reports, looked for bookkeeping errors, identified missing data, and analyzed their workflows. Then we provided a detailed three part Financial Assessment Report that included:
A list of revisions for their current team.
A list of financial recommendations to help them reach their goals.
Suggestions for who they would need to maintain their goals and oversee financials.
What did we find?
Our assessment team prioritized two areas - what could prevent growth, and what were the inaccuracies. These items ranged from inventory to sales tax to double entries for AR. We gathered those findings into a report and put together a few proposals to let them know we were here to help fix things as well.
How did it turn out?
Our Financial Assessment Report gave them everything they needed to proceed. As a bonus, they were able to enlist our team to complete those revisions, implement new workflows, and manage their bookkeeping on an ongoing basis. Their monthly CFO meetings have been instrumental as well as they strategize into 2021.
In the end we were blown away with how confidently they're forging towards their current goals! With financials they trusted, they had entered a new era of their company and the possibilities seem endless.
And it all started with the Assessment.
What should you do?
When you look at the horizon, and set your objectives for the year, what do they include?
If you're looking to apply for a loan - your books may need to be optimized for a lender.
If you want to sell someday - the time to reposition your company's value is now.
Before you reach this cross roads, consider a Financial Assessment. Make sure you're on the right track for YOUR goals, and we'll make sure nothing stands in your way.