Uncover Hidden Cash Using Proper Financial Systems with Cheryl Mucha

How can business owners gain better visibility into their finances and performance to make strategic decisions that will help their company grow? Understanding your financial numbers is key to running a successful business. By implementing accounting systems, analyzing expenses, and optimizing cash flow, entrepreneurs can make informed decisions to drive growth. With the guidance of professionals, entrepreneurs can gain clarity on their numbers and unlock new opportunities for success.

In this episode, Cheryl Mucha, the founder and CEO of CFO Your Way, a company that provides strategic financial expertise to growing businesses, discusses the importance of financial planning, analysis and systems for growing businesses, and how working with an expert like her can help business owners better understand their numbers, make strategic decisions, improve profitability and position their company for continued growth. Tune in to find out more!

Quotes:

1. “Just running in the hamster wheel does not move you forward.”
2. “You need that strong foundation. You don’t want it to collapse.”
3. “Stale and inaccurate data won’t improve anything; it’ll only send you down the rabbit hole.” 
4. “If you take the time to step back and really analyze what it is you’re paying for, there’s an opportunity to make changes and find those leaks.”

Takeaways:

• Track 3-5 key performance indicators (KPIs) on a monthly basis to better understand your business performance and identify areas for improvement. Focus on the most relevant KPIs for your specific business.
• Review your financial reports like income statements and balance sheets monthly to ensure accuracy and understand where you can optimize costs or cash flow.
• Research opportunities to consolidate high-interest debt, such as credit cards, into loans or lines of credit with lower interest rates to reduce monthly costs.
• Connect with professionals outside your main expertise area, such as accounting or finance experts, to get advice and ensure your business has a strong foundation.
• Analyze your debt costs and terms. Are there opportunities to reduce interest expenses through refinancing or debt consolidation?

Conclusion:

Financial planning and systems are crucial for any growing business. Implementing accounting systems, analyzing financial statements, and tracking key metrics provides business owners visibility into performance and opportunities to improve profitability. Additionally, surrounding a business with knowledgeable experts in areas outside an owner’s expertise helps elevate the company and free up the owner’s time.

Links Mentioned:

Website: https://cfoyourway.com

Guest Links: 

LinkedIn: https://www.linkedin.com/in/cheryl-mucha-cpa Email: cheryl@CFOYourWay.com

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