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Small Business 101: The Role of the CFO

CFO text on a black blockIt’s fairly common for small business owners not to have their finances completely ironed out. However, it’s extremely vital that owners know how they’re finances are doing at the least. Getting an accountant to help out is great, but having a CFO or chief financial officer would be better. With a CFO, you’ll have someone to focus on your finances, while you concentrate on making your small business successful.

What a CFO Could For You

When you bring a CFO into the fold, his or her job will be focused on strengthening your financials by doing the following:

  • Financial Forecasts – provide financial projections, including detailed budgets by department
  • Business Planning – make suggestions that would fit your budget and goals
  • Pricing – help create economic models for setting prices
  • Monthly Management Reports – these include current and past financial data
  • Rolling Cash Projections – will help you better respond to present and future business conditions
  • Yearly Operating Budgeting – will aid you in keeping track of salaries, operations and maintenance plans, and various expenses
  • Three to Five-Year Financial Planning – provide projections for revenue and expenditures in these periods, as well as establishing corresponding strategic objectives
  • Debt and Equity Negotiations and Management – restructure debts to resolve liquidity issues and create a payment schedule and budget for repaying debts
  • Mergers and Acquisition – this includes business valuation
  • Liquidations – more strategic reallocation of company property and assets

If You Don’t Have the Funds to Employ a CFO

If you lack the budget to hire a CFO outright or feel that you don’t need all the bells and whistles that a full time CFO could offer, you have another option. You could opt for a firm like Consero Global that could help with your business’ day-to-day financials such as bookkeeping and accounting and perform CFO consultant service.

When you outsource these, you’ll have more free time to focus on your business operations and making it grow. Put simply, the firm you’ll hire would be responsible for ensuring that all your financials are on track. Although this would cost you some money now, you’ll find that it’s well worth it as your business expands and become more profitable.

September 9, 2017 at 1:00 amMind of Money

Financial Tips to Make Your Business More Efficient

Business men reviewing finances on their phoneIt goes without saying: money is the lifeline of your business. Even if you are not a finance person at core, it is important that you know how to manage your finances. Doing so will help you understand where the business is going, find new areas for growth, and solve problems that you have not noticed before.

Managing the finances of your business, however, should not always be difficult. There are a lot of ways to take care of that capital or operations fund you have obtained via in-store financing options.

Below are some useful tips to help you out.

Have periodic reviews

This is one of the most important things you need to do if you want to streamline your financial operations. Doing this will give you an idea where your business currently stands.

Furthermore, the insights you get from these will help you create a better decision, especially when releasing funds for specific projects. You will need the help of an accountant and tax advisor for this.

Cut corners only when necessary

Again, only when necessary. Do not skimp on important matters, such as employee salaries, bonuses, and equipment upgrade. You may decide to stall the renovation if the profit does not go beyond what is set and expected.

You may encourage your employees to save electricity by turning off the lights and company equipment when not in use.

Make everything efficient

The operations itself should be efficient. Streamlining the way your business works can do a lot of wonders. For one, you may go paperless and choose cloud services. Use apps for technical work, such as finances and accounting.

These are only some of the things to consider to make your business financially efficient. Always work with the most reliable accountants and advisors.

September 8, 2017 at 6:52 amMind of Money

Give Your Health Care Facility an Edge in a Tough Market

A bottle of medication and a pair of glasses on top of a book A high level of competition in the health sector can pose a considerable challenge to your medical facility. As patients become more informed and demanding, you have to adapt to new standards. Otherwise, they will turn to other facilities that offer better services.

You can take proactive measures to retain an edge on the market and grow your client base.

Improve the Bedside Manner

Patients trooping to a medical facility are often plagued with crippling fears, many of which are self-inflicted. In the age of the Internet, it is common for patients to search for information that relates to their symptoms. Inability to distinguish between medical conditions, however, often causes them to draw the wrong conclusions.

As such, your staff members must be in a position to allay such fears and provide the patient with the proper diagnosis. Similarly, the attending staff, including the nurses, should adopt a pleasant air when dealing with patients. That would mean patience, sympathy, and professionalism.

Improve Service Delivery

If running an outpatient unit, you need to keep the waiting times short and comfortable. Time is a rare commodity, and many of your patients would look at your facility favorably if you can attend to them quickly and efficiently. It means having quick access to their health records when making a diagnosis and prescribing medicines.

Dragon speech recognition program, for example, can help improve your record keeping process. Rather than spend hours on end typing away at the computer, an attending physician only needs to speak into a microphone. The software converts the speech into text, with a high degree of accuracy. Such a move improves your record keeping abilities and frees up precious time.

As the competition hits up in the health sectors, you need to keep up and retain your competitive edge. These suggestions can help increase the popularity of your facility.

May 18, 2017 at 1:00 amHead of Health