A great financial strategy is critical for any small or medium-sized business startup. Having a plan in place can help you set attainable goals, work your way through your planned strategy, and effectively achieve said goals.
Not every management team is qualified to handle financial essentials during the startup phase of a business. Let’s take a look at some of the ways your team can successfully organize a financial plan and how OSMEAC Solutions can help you expedite the process.
Choose Your CFO Wisely
A great CFO is a must when it comes to starting the foundation of a financial plan. Your CFO is responsible for being the captain that guides your business to success.
Keep in mind that not just anyone can perform a CFO’s job. When searching for a candidate, make sure your CFO:
- Has years of high-level finance experience
- Has real-world experience
- Is a team player
- Completely understands your business’s long-term goals
Hire a Qualified Accountant
You will need to create financial projections before the financing step of your financial strategy. A qualified accountant can help you record your projected income, projected expenses and provide a balance sheet that will help you gain the financing you need to put your plans in place.
An excellent accountant can get your business’s records in the right position to be the building blocks of your financial success.
Review Your Strategic Roadmap
Before officially hitting the road, you’ll need to know where you’re going. Planning your long-term strategy will help you create a roadmap that leads you to achieve your big, annual goals.
At the beginning of your planning process, get together with your fellow leaders and ask yourselves these important questions:
- What new equipment do you need for a successful year?
- Do you plan on a fast or slow expansion?
- How much staff do you need to hire?
- What are your financing needs?
Once you’ve assembled your team and started to figure out your main goals for successful operations, you can seek the financing you need to help you achieve your goals and keep you on the right financial footing.
You need money to make money. So, gaining financing early on in your business’s lifetime is essential. An experienced financial team can help you determine exactly how much financing you’ll need and provide you with the financial statements and documentation you’ll need to convince the right financial entities to help you achieve financial growth.
Always Monitor Your Bottom Line
Finally, you will always need to clearly understand your business’s financial situation. Knowing how to read financial statements is a must, and having a team of bookkeeping professionals on your side can help you stay on top of your finances and pivot before a minor issue becomes a major problem.
Need Help Perfecting Your Financial Strategy? Lean on OSMEAC Solutions
If you’re ready to kick your financial strategy into high gear but don’t have the time or funds to hire full-time experts for the job, OSMEAC Solutions can help!
We are a team of financial experts that provides our services to national businesses on a contract basis. Whether you need a fractional CFO, a temporary bookkeeper, or an accountant that can prep your financial statements, we have someone on our team that can help.