GROWING A BUSINESS | NUMERICO LIVONIA, MI
If you’re not moving forward, you’re moving backward. Growing a business is the way forward, but there are many ways to do that. Among a long list of other options, you could:
- Attract new customers
- Increase your sales or transaction sizes
- Invest in marketing or digital advertising
- Open a new location
- Expand your product or service line
- Decrease your overhead
All these approaches are all directed to the same end goal: increasing profits—and that hinges heavily on the financial end of things. If you’re struggling with the money management side of how to grow a business, our team at Numerico can help. Contact, or call us at 734-359-7811. One of our experienced accountants will be happy to help.
CASH FLOW | CONTROLLING CASH FLOW
To make a concentrated effort towards growing a business, you need to have a firm understanding of your cash flow statement. This statement is a record of all the money you have coming in and out of your business, as well as where this money is coming from or going to.
When we talk with local businesses, one of the first things we like to do is a cash flow analysis, which is key to determining a business’ financial standing. Your cash flow lets you know if you’re generating more money than you’re spending or vice-versa. That way, you can identify any issues that may be holding your business back, such as inefficient operations.
IDENTIFY FINANCIAL ISSUES | TAX SAVINGS
You can’t move your business forward if you haven’t resolved your present financial issues. Identifying financial obstacles allows you to develop a solid strategy on how to proceed in the right direction.
One of the benefits of working with Numerico is that all our accountants are tax savings experts. We can help you find ways to reduce your business tax liability—which leaves more money in the bank to expand your business.
BUDGETING | BREAK EVEN ANALYSIS | KEY PERFORMANCE INDICATORS
Whether you’re planning on opening a new location or expanding your current product line, it all starts with professional budgeting. The last thing you want is unexpected expenses that eliminate the upside to your growth.
A couple of terms to know:
- Break even point – The equalization of total profit and total loss
- Key performance indicators (KPI’s) – Markers of success towards reaching your ultimate goal
We can provide you with a break even analysis and help you budget for the expansion and current pricing models to determine at which point your business will break even. From there, you can establish key performance indicators to help your team align with your vision and goals to exceed this number.
STRATEGIC GUIDANCE | COMPARE INDUSTRY STANDARDS
Before you begin planning your next growth phase, a particularly important part of the process is to consult with experts in the field. While you’ll be thinking about all your different ideas to expand your business, you need someone to assess the financial capability of pulling off such growth.
At Numerico, our highly accomplished certified public accountants offer strategic guidance, including consulting and budgeting advice, to ensure you are not just beating but surpassing the industry standard for your specific industry. Different industries call for different levels of growth and a professional business consultant from Numerico can help determine these levels.
NUMERICO | HELPING YOU GROW YOUR BUSINESS | LIVONIA, MI
Since 1980, we have provided business owners in Livonia, Farmington Hills, Westland, Novi, and the surrounding communities with financial, tax, and business guidance they need to increase and expand their businesses. Our team specializes in identifying and resolving financial issues for companies of all sizes.
If you’re growing a business in Michigan, contact us, and be on your way to successful growth!