Your financial strategy is lacking so what can you do?
Many ventures are missing important opportunities because they have not thought through the best way to obtain and utilise financial information. The lag time in getting financial information can be a real frustration leading to poor decisions, lost opportunities and hampered investment. Without a thorough understanding of financial trends, business projections become unclear, a downward spiral.
Best financial practice means tailoring how you design and access financial information in a way that best meets your needs. This may put your existing financial service on notice, but for good reason. Business owners must insist that their financial support is ever present, a value add and is the absolute best that it can be. This is a game changer, the days of financial services being little more than a necessary evil or a reactive overhead are over.
So the question is, how do you create the right financial approach for your venture?
You do this by maneuvering finance as a key driver in defining service levels and the costs to deliver at the level that you need. This process will re-establish direction, improve financial intelligence, introduce better systems and set accountability. It is not rocket science, it’s simply a smarter way to work.
The following steps are a guide to divesting you from your current practices. You should never want to go back to the old way of doing things again.
Step 1 – Service level mapping
By beginning with service level mapping the aim is to help you deliver a return from the investment that you are making in your financial service. Don’t pay lip service to this aspect.
Step 2 – Unlock and sustain your advantage
Define and develop your financial accountabilities to free up enough resources to sustain your competitive advantage.
Step 3 – Model a role for finance
This will improve workforce performance, identify opportunities for self-development and reduce stress.
Step 4 – Unleashing the new financial paradigm
Introducing finance as a key driver will showcase yourself as an entrepreneur and you’ll be at the forefront of change, ideas and tactics.
Want to know more?
Peter Smith
Managing Director - New Era Management Services
CEO, founder of New Era Management Services and specialist lead for hundreds of successful finance and management projects Australia wide.
New Era Management Services works with owners and managers as a management and financial services troubleshooter. In addition to these once off services we offer the Your Business Success Program, One on One Coaching and Corporate Strategy. Our services: • will release the 10% of trapped revenue that you are giving away. • will provide a simple structure to implement your ideas. • will systemise your operations and help you get on to the CLOUD.
ASK ABOUT OUR FREE FINANCIAL TROUBLE SHOOTING STRATEGY SESSION
Call or email Peter Smith on 0427 841 096 or peter@neweramanagement.com.au