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Most business owners know that they need to get more organized. The problem they run into is they do not have the time. Most are overwhelmed with trying to wear all the "hats" and keep their business afloat. Doesn't matter if they are a one man band or a twenty employee company. I've observed the same trends no matter the size.
I will use real life examples of two clients I helped. Due to the nature of the example and it involving their financial scene, I will make up names and locations.
Dr. John, located in New York, had an established business as a restorative dental expert. He helped people restructure their teeth. When I went into his office, there were some systems in place but not many. The financial scene needed to be cleaned up and the previous person was stealing from the business. The doctor didn't know this until it was too late because there wasn't a system in place for him to review the financial scene on a regular basis.
The financial scene needed to be cleaned up and the previous person was stealing from the business.
The initial step I took was cleaning up the books. This is usually the first move toward getting organized, as it's essential to know where your money is being going and we may need extra funds to invest in organizational systems or hiring not to mention we would like to recover the cost one invests in our services.
Knowing exactly where the money is going is vital knowledge to manage money better. I organized the books and established a detailed system to monitor financial data, providing him with reports that he reviewed on a weekly basis. Then together we created strategies which resulted in paying off $40K in debt and increasing gross income by 17% with other organizational systems we put in place.
...resulted in paying off $40K in debt and gross income increased by 17% with other organizational systems we put in place.
Tony, from South Carolina, was a remodeling contractor when we first met. He needed to get organized as well as hire some help. Similar to the other example, we started with the financial area. We took the books away from the CPA (there's a reason for this) and we started managing the Quickbooks ourselves. This allowed us to see what was happening and where we were losing money based on Quickbooks and other systems I implemented (like a project management software) to track production and identify red flags. This business grew tremendously while the owner and I worked together. His income went from $300K to $4m a year. We paid off over $140K in debt and grew the business and his number of employees.
His income went from $300K to $4m a year. We paid off over $140K in debt and grew the business and his number of employees.
Money is either lost or not made due to inefficiencies, overwhelm and lack of organizational systems in the business. Therefore, it is well worth the investment to have a professional come in and detect what isn't efficient or what is causing one to lose money and rectify it. The service will pay for itself.
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