BUSINESSES MUST HEED FINANCIAL NUMBERS.
Position | Growing businesses need to have strong comptrollers - Brief Article |
Nearly every business starts out small. As it grows, cash flow easily can become unstable as more inventory, additional employees, and larger receivables/payables enter the picture. What can owners do to stay viable?
According to Donna McGovern of Ideal Business Solutions, Westminster, Calif., and a part-time controller/chief financial officer to growing companies, unless business owners pay attention to their financial numbers, mistakes, poor decisions, and indecision can put a company's immediate and future growth in jeopardy. "Numbers do tell a story and if owners don't know what that story is, their future could very well have an unhappy ending."
Entrepreneurs are known best for their ideas, courage to take risks, and ability to make decisions. However, they sometimes lack the time or desire to decipher their financial numbers accurately. "Accounting data does seem like Greek to many, but reading it correctly is one side of their business that can't be ignored. These numbers, which are generally published in the form of income statements and balance sheets, can give off warning signs that alert business owners if a problem is brewing or if one already exists."
Financial numbers can paint a picture about a company's status or development. "They can inform business owners how many sales they need to break even, if their money is being wasted on inventory that sits on the shelf, or if what was paid for `bargain' items and services is costing more in the long run. Numbers also point out if expenses are going up while gross margin goes down or if creditors are being paid too soon, resulting in an unfavorable cash flow."
Having weak or unstable financial statements can cause a firm to be denied 30-day terms with its vendors. "This means a company could be unable to fulfill bigger orders to...
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