Do you know your sales volume? Is your product line making a profit? Are you positioned to receive a return on investment in your business?
Understanding your business financials is one of the keys to running a profitable business.
As a business owner, you are the chief, and hence, the buck stops — and starts — with you. Business financials can become a confusing matrix of numbers if you’re not on-top of them. Understanding your seasonal sales numbers, working to create efficiency to improve your margins and keeping a healthy cashflow can be the difference between a hiring sign and a for-lease sign in your business window.
SBDC has a team of financial experts who will help you get clear insight about your business finances, so you’ll have a realistic, birds-eye-view of your businesses expenses and income — all which will help drive key decisions about hiring, marketing, product research, etc.
A few of our financial advising areas include:
Credit: A lender sees your credit is your financial reputation — if you don’t have credit, it’s working against you. Building business credit plays a crucial role in your company’s funding ability. Whether you operate as a limited liability company or corporation, your business has the ability to establish a credit file separate from you as an individual. We’ll help you repair poor credit, establish credit with vendors to increase lines of credit, and monitor your credit reports into the future.
Cashflow: Working capital is the fuel that powers small businesses. Understanding how to maximize cashflow will equip your business to maintain and grow your operation. Even in the age of digital currency, cash is still king. Having cashflow in your business will protect your business from unexpected financial turbulence – like a pandemic. We’ll help you develop a cashflow plan that optimizes cash coming into your business and minimizes unnecessary expenses.
Collateral: Before you receive any funding from a bank, a lender will scrutinize both you and your business to see if you’re a viable borrower. If you pass a credit check and you operate a healthy business, most banks will also require an additional, and tangible, guarantee that their loan will be repaid, i.e., collateral. We’ll help you understand how to leverage your assets for collateral, so your business qualifies for funding.
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