8 Steps to a Stronger Financial Foundation

//8 Steps to a Stronger Financial Foundation

8 Steps to a Stronger Financial Foundation

Most business owners are lousy at finance.  The brutal fact is finance isn’t your first love.  You just want it to work and not scare the heck out of you.  The good news is, you are in good company.

Finance brings up a range of emotions, from fear to frustration and everything in between.  Because money-centric emotions are the kind you tend to avoid, it becomes easy to settle for a second-rate financial foundation.  In the short run, it is simpler to focus on the things you like to do, like selling and innovating, than it is to troubleshoot your finances. Watch out, this will catch up with you when you least expect it.

When I speak with business owners these are some of the things I hear:

  • I hired the best person I knew, and I hope it is ok, but I don’t know
  • No, I don’t look at my financials, just my net income, sales and cash
  • If I am honest, I worry about what I don’t know, but most of the time I don’t have time to think about it
  • I know that if I have a solid financial tool box, I’d make better decisions, avoid roadblocks and find more opportunities but how do I get there?

How do you know what you don’t know?  Where do you start to build confidence in your financial systems? How do you assess your current financial system, so you know where improvement is needed?

At Mackey Advisors, we have a tool to help you answer those questions.  It is our Financial Factors Scorecard. ™ It is user friendly, and you don’t have to become an accountant gain insights from it.  The tool let’s you easily and quickly assess where your business is in 8 of the most important areas of Finance:

  1. Income Tax Management
  2. Internal Controls
  3. Financial Statements
  4. Cash Flow
  5. Budget & Forecast
  6. Financial Transparency and Buy-in
  7. Financial Analysis
  8. Owner Satisfaction

If you are curious to know where  you stand, click here to download the scorecard.  Instructions are included.  If you need more help, contact me at Mackey@MackeyAdvisors.com or 859-331-7755

About the Author:

Author, speaker and fearless leader of the Prosperity People, Mackey McNeill is a passionate entrepreneur dedicated to creating prosperity in the lives of her clients and within her community. She has merged over 30 years of expertise as a CPA and Personal Financial Specialist with her knowledge of internal alignment to create The Prosperity Experience: a planning program rooted in self discovery and financial self actualization. A sought after thought leader on the subjects of money and intention, Mackey has been quoted in The Wall Street Journal, The New York Times, TIME, Money, USA TODAY, Mint.com and Reader’s Digest, along with many other publications.

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