After going through financials of so many of our clients, we found one thing very common“They were running their business on thin ice”Their businesses were so badly managed that little increase in expenses blew up their profits and cashflow.
Basically the companies were run in survival mode not in progressive mode
You know when you are in that mode, for instance:
- Scrambling for money at the last moment to make salaries and vendor payments
- Making last minute customer call to collect the money
- No time for thinking ahead and designing the future of the business
So how to switch to progressive mode?
- First thing first you need to have a progressive mind set and you need to accept the fact that you are the reason that business is in such a shape. Once you accept this, things start improving
- Instilling financial discipline in your company. For instance, building up some reserves. These reserves will come handy when you want to grow your business.
Typically it takes three to four months to build such culture and requires financial expertize which in-house accountants do not have.
At Soatech, we specialize in instilling financial discipline in the business