A strong financial management system helps you manage cash flow, monitor performance and make informed decisions about your business. And yet, not many entrepreneurs feel comfortable enough with financial concepts to implement such a system themselves.
Your financial coach can help you learn the basics of financial management in a way that’s relevant to your business and build a system to help you manage your finances moving forward.
Financial management for Small Business helps you:
- understand the fundamentals of financial management;
- make sense of your financial data;
- establish a financial management system within your company;
- create a financial dashboard to monitor business performance;
- develop a cash flow tool to manage liquidity; and
- apply costing and pricing concepts to your product(s).
Here is our three-step coaching process for building a solid financial management system:
We meet with you to understand your business and objectives. During this phase, we also:
- assess your current financial management practices;
- provide you with a financial literacy workbook containing practical tools and templates;
- teach you key financial concepts; and
- create an action plan with priorities for your project.
You receive one-on-one coaching to learn how to:
- develop a financial dashboard to monitor performance;
- prepare a weekly cash flow tool to forecast liquidity needs; and
- apply costing and pricing rules to your main product.
We give you a final report summarizing your project with recommendations for you to consider as you start using your new system.
With our manufacturing facility layout, we’re now working more efficiently and have improved production capacity.
As a result of BDC’s support, our operational efficiency efforts were able to get all of our staff working together with a common goal.
BDC has been true advocate for my business and showed confidence in our growth potential. This is a bank that genuinely cares about entrepreneurs!