Benay Informer 02/27/2023
A Financial Wellness DO: Monthly Reports Review
Every day you show up to excitedly do the things that keep your business unique, moving forward, and even growing. From helping customers, providing feedback to your staff and planning your next move, to brainstorming new ideas and forecasting trends. This is your vision, and these are your must-dos to make it the best it can be.
With all you have going on we know you are busy, and your schedule is full. If you think skipping a regular financial review in favor of one of your must-dos as a time saver, you might want to think again. Even if you have the most stellar financial team, setting a regular monthly meeting for YOU to review the numbers is imperative for your success. Trust but verify is one of our favorite sayings and it has served us well. It will for you too! So, whether you choose to review the numbers with your team at the office or solo with your fuzzy slippers on and a cup of your favorite pick me up in hand, it just needs to get done.
We find the easiest way to ensure your review time actually happens each month is by putting it on your calendar as a recurring meeting with yourself. While you have your calendar in front of you, go ahead and adjust the recurrence setting to continue over the next few years. After all, this will soon become something you look forward to once you see and feel the benefits.
Many people find success in business by relying on their gut instincts to make decisions. Though this plays a significant role in the creative and service part of your organization, monetary and fact-based choices are best made with your actual monthly numbers in front of you.
Each report should provide clear information you can use to analyze and consider the health of your pricing practices and costs of goods sold inputs, the effectiveness of your marketing promotions, staffing and outside labor costs, and where you are in your planned trajectory for growth. Looking at them as a whole will empower you to make decisions regarding subsequent purchases, when to leverage and when to repay debt, and where your strongest assets reside.
Must review monthly financials:
Profit and Loss (aka Income statement)
Cash Flow Statement
Accounts payable and receivable
Like a map leading the way to your next destination, your financial reports can and will lead you to the state of success you want to be in with your company. You can make them incredibly detailed or a brief overview, but you need to see them regularly! Knowing the details and status of your company finances allows you to avoid pitfalls and plan as best as possible for unforeseen events, and hopefully keeping a positive cash flow. If you are unsure what your reports mean or would like a second opinion, the experts at Benay are happy to help you. Reply here or schedule a time on my calendar to discuss your specific needs and goals.
Cheers to your success, Dawn
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