Planning for Profitability in the New Year

As a business owner, sometimes it’s tough to know where to turn your attention. Many aspects of your business demand it – people, products, processes and profit. As we prepare to enter a new year, what should you focus on first? The element that keeps it all going – PROFIT!

Often, business owners don’t have a clear understanding of their financials, yet as the primary decision maker for the company, financial statements can help you understand how to become more profitable. Here are some top reasons to pay attention to your financial statements:

  • Your financial status affects every aspect of your business – avoid unwanted surprises!
  • You need to know whether you are on track for tax time and make adjustments along the way as needed.
  • Accurate cash flow forecasting and management is dependent on understanding your financials. 
  • Keen interpretation of your financials is the foundation for the creation of a profit plan.
  • Treasures may be hidden in those documents that would enable you to borrow less, invest in new equipment, or hire additional staff.

It should go without saying that accurate books are essential to giving you the data you need to keep tabs on the numbers.  The Minerva Group can help by cleaning up your books and showing you how to navigate your way through your financial documents.

We are experts at helping business owners get a handle on their financial statements so that they can build a profit plan that gets results. We do this by performing an in-depth financial assessment of the health of your company, using your past financials as our guide or creating financial statements based on your books.

We also help in a variety of roles – from keeping your books clean and up to date and preparing and filing your taxes, to developing and implementing a detailed, strategic blueprint for growth. We take it a step further by acting as your accountability partner, helping you achieve your profit plan for the company.   

We’d welcome the opportunity to connect with you and help you get a handle on your financials. Contact us today to learn more.

Getting to Your Profit Plan by Understanding Your Financial Statements

Marcus Lemonis, CEO of Camping World, is the starring entrepreneur of the hit CNBC show, The Profit. If you’ve ever watched the show, you likely enjoy the entertainment value it affords as Lemonis invests his own money in small businesses that are struggling.

Lemonis goes through a vetting process before making an investment in a business. That process includes understanding the company’s people, products and processes, as well as getting a look behind the curtains at the company’s financials.

What strikes me more than anything about this process is how, more often than not, the business owners on the show are clueless about their financials.

Sometimes the owner is savvy enough to have an accountant who has put the financial statements together, however, rarely is the business owner able to flawlessly navigate their way through the statements.

One of the main reasons why understanding your company’s financials is so important is that it allows you to do one of the most important things for your business, and that is, to create a profit plan. You don’t need to become an accountant or a CPA to read a financial statement, but you do need to keep tabs on the numbers in order to run your company and achieve your profit plan.

The Minerva Group can help by showing you how to navigate your way through your financial statements.

Imagine having the ability to collect more cash each year. The secret to doing this might just be hidden in your financial statements. Uncovering those hidden treasures could help you:

  • Improve your cash flow
  • Borrow less
  • Invest in new equipment
  • Hire staff to help grow your sales

There’s really no shame in not understanding how to read a financial statement. The real missed opportunity is not doing something about it.

We are experts at helping business owners get a handle on their financial statements so they can build a profit plan that gets results. We do this by performing an in-depth financial assessment of the health of your company, using your past financials as our guide or creating financial statements based on your books.

We also help in a variety of roles – from keeping your books clean and up to date and preparing and filing your taxes, to developing and implementing a detailed, strategic blueprint for growth. We take it a step further by acting as your accountability partner, helping you achieve your profit plan for the company.

We’d welcome the opportunity to connect with you and help you get a handle on your financials. Contact us today to learn more.