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3 Critical Financial Hurdles to Overcome
By: StructureM on Apr 7, 2021 11:57:00 AM
Every business faces the question: How do you create sustainable, consistent income, financial stability and growth in an ever-changing economy?
StructureM partner and financial expert Jeff Prager, owner of the CFO Project, has helped numerous business owners overcome challenges to gain lasting profitability.
He recently shared valuable insights into key areas businesses must master to achieve long-term financial success.
You may recognize your business facing these three financial hurdles right now:
1. You’re Working Hard, But Not Putting More Money in the Bank
It’s an age-old dilemma: Your business requires more money to operate, yet somehow, working additional hours and taking on more projects doesn’t add up to more profits. Why isn’t your bank account growing?
This issue may have you losing sleep, and it’s more common than you might realize.
It may seem like your business has a profit problem, but usually, it’s a cash flow problem instead. There’s too much cash flowing out compared to what you have in the bank.
This can lead to difficulty paying bills and paychecks—but it can be solved with strategic short-term and long-term planning.
2. Your Financial Reports Aren’t Telling You How to Drive Profits
Business owners are experts in their chosen field—but usually, that field isn’t finances. Unless you’re a CPA or a numbers geek, you may find financial reports confusing or frustrating, because they don’t necessarily make it clear how to sustainably grow your company.
The fact is, financial reports don’t tell you the whole story about your business, because they focus on the past, not the future. They show you what has happened, but they don’t explain how to increase profits or improve cash flow.
For that, you need strategic planning. To create strategies that work, most business owners need guidance that bridges the gap between their accounting reports and their long-term growth plans.
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3. You’re Struggling to Master Your Cash Flow
One of the biggest, most frustrating situations business owners face is a maddening catch-22. To grow the business, you need more money, and to get more money, you need to grow.
Many people attempt to solve this problem by working harder, longer hours; taking on more projects; and streamlining expenses. But these efforts will only get you so far before you hit a wall and can’t go further.
Strategic planning can help you to identify ways to bring in cash faster than you’re spending it. When you solve the cash flow problem, it's easy to solve all your other problems because you can bring in the expert help you need.
Get Strategies that Solve Financial Challenges and Help You Grow Your Business
There’s no need to stay stuck in the cash flow trap—not when you can get expert guidance to grow faster and be more profitable.
At StructureM, we make it simple to beat your financial hurdles. We help you to create a customized growth plan that’s right for you, so you can enjoy a profitable, sustainable business. Apply for a free coaching session to get started.