| Are You Ready to Hire a Finance Consultant for Your Business?

Posted in Finance at 9:00 AM by Loftis Consulting

As a business owner, it will eventually come to the point that you will have to ask yourself if you are holding the business back by not getting skilled help to grow your business. The following list will detail the signs or indicators that you are ready to take the next step of profitably growing your business.

 

Top Signs You Are Ready to Hire a Finance Consultant

 

  • You are losing sleep from worries about managing the day-to-day. As the business grows, the owner, meaning you, need to step away from the day-to-day and focus more on how to grow the business from new products and services, the branding and overall customer experience as well as expanding operations. The day-to-day of the business such as finance and accounting should not take you away from the core of your business – – the customer experience and revenue growth.
  • You hate the day-to-day work and want to focus on other aspects of the business that you enjoy such as marketing, sales and new product or service development. If you hate accounting and finance, then what you get out of it will not be helpful and may even hurt the business. Most people will not put effort into something they hate.
  • You are overwhelmed with the day-to-day. You cannot do it all and no one expects you to. As an owner, your time is valuable and should be focused on growing the business, not day-to-day tasks. For example, if you the owner sweeps the floors of your retail store every night but could pay someone $10/hour to do it instead and free up time for you to generate new business of $1,000 a day would you do it? Of course. Then why would you look at other normal but necessary business tasks any different such as operations, finance and accounting work.
  • You can afford the investment. The use of a finance consultant is an investment in the growth and health of your business. There are consulting service plans that can fit most budgets but you need to know what you can afford and your specific needs so that you only pay for what you need.

These signs should lead to the right decision for your business. If you have any additional comments or questions, please post here. Also, check out these other articles on hiring a part-time CFO (Chief Financial Officer).

 

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