There are 7 deadly Financial Diseases that limit your business’s potential.
On one side of the scale your financial systems can be a burden. On the other side it can provide your business with a unique competitive advantage. Your financial systems should be an organizational asset not a liability. If they are not, then I would strongly suggest that you quickly seek ways to reposition them into the asset category.
Financial systems are a collection of living organisms that must be fed, cared for and sometimes operated on. Financial systems never stay stagnant for long. Your business needs change, your processes change, the software tools change, regulations change and people change. Over time all systems become outdated, fail to meet the current business needs, become unreliable and inefficient or fail to provide protection to the organization.
Too many small businesses fail to address system/process issues until they reach a crisis stage. Most business owners view their eco-system of financial gathering, collection, and reporting as a necessary cost, rather than a strategic advantage. Besides offering accurate and timely information to manage your business, the right systems can also provide customer value and respect.
In summary, do you know just how healthy your financial systems are? Has your business ever had a financial checkup? Periodic financial reviews are a cost effective business strategy. They can uncover issues before they become major problems. Usually those close to the operation are too busy with their daily tasks to evaluate the entire processing cycle.
Give me a call; it is never too late for a financial checkup.