Whether you are running an established small and medium-sized enterprise (SME), or you are in the early stages of forming your business, having a solid financial contingency plan is a must. Understandably, if you are just starting off with your new endeavour, you might not be necessarily thinking about developing your contingency plan — you’re all focused on growing your business.
It goes without saying that a company’s financial future may be jeopardised if its accounting system is not effectively managed.
Making a company more efficient should be a goal for every business owner. Business efficiency refers to the fundamental reduction of wasted resources used to produce output, whether the latter be physical products or services. As a result, efficiency determines how effectively a business converts inputs such as capital, labour, and materials into outputs like revenue, goods, and services.
It's difficult to deny the importance of properly managing your company's money. A study by CBInsights revealed that 38% of new enterprises fail because of a lack of capital and the inability to acquire further funding.
The finance hire is usually one of the first that many entrepreneurs will make. In order to grow the business, accurate, timely and well-managed accounts are a great contributor. In the beginning, though, most entrepreneurs are likely to try to take this responsibility on their own shoulders to save money.
Some areas businesses critically need to focus on are: Managing cash, Developing a data-driven work culture, Engaging in Lean Planning, Developing a strategy for recruiting and retaining talent as well as Networking and marketing products and services.
There are a number of very good reasons why you might be thinking of outsourcing your finance department or certain functions within your finance department, some are: 1) Want to free up time for self, 2) Tired of doing everything yourself, 3) Not able to hire someone full time, 4) Don’t want to hire someone on a payroll, 5) Need more expert financial analysis for growth, 6) Want someone who can provide future focused forecasting and 7) Help you with cost savings, investing better and make more informed decisions.
If you will not value your own time, who will? Staying in charge of a growing business also means you never let go of the hawk-eyed perspective of growth. Staying on top of how each department is effectively growing is essential for any entrepreneur. Will it be easy and quick for you to spot where you can you save costs and how you can optimise your business processes to save more money?
Running a start-up, small- or a medium-sized business is a lot of hard work. You are bound to be caught up in a multitude of business processes which can make it tough to focus on the core vision of your company. A key mistake most entrepreneurs make is not asking for help on time. Delegating certain jobs offer key advantages to you and your growing team.
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Your Outsourced Finance Department to fit your growing business needs
Perfect for small and medium growing businesses serious about their growth and achieving their potential. This program allows you to outsource your entire Finance Department without incurring any costs of hiring whilst maintaining a focus on giving you the holistic financial expertise to enable successful growth.
Perfect for small and medium growing businesses requiring an outsourced/virtual Finance Partner and/or for those experiencing difficulties associated with growth whether that’s cash flow issues or lack of clarity in financial decisions. This service gives you a better grip on your payroll, financial analysis and offers you support in understanding the financial performance of your business including which key areas to focus on. This service enables you to make decisions that will help your business financially.
Perfect for all businesses requiring bookkeeping and management accounting to gain valuable, actionable insights. Outsourcing your recordkeeping will free up your time to focus on your business.