This episode of Building Your Multi Million Dollar Practice comes to you right after our launch of a new partnership with Omie in Brazil. Today we're going to be talking about using fiscal management and advisory services to solve the money problem for your SME clients. Listen to the latest episode to not only learn about how these services can change your clients lives, but also hear some punny coffee jokes.
Small businesses truly are the backbone to the economy; so why do so many shut down every year? While entrepreneurs are inspired individuals, often times they don’t have the skills needed to effectively manage their finances, which can have some bitter results. The number one reason businesses fail is cash flow, or lack thereof.
Every business owner wants financial stability, to increase profitability, and to have successful future growth. This is true for businesses of all sizes, but large corporations have always had easier access to resources that will help them achieve this. Small businesses don’t have an in-house CFO, but they do have you, their bookkeeper or accountant.
Providing financial information and strategic insights to your SME clients is the future of accountancy, but it’s also more than just a smart move for your firm. It strengthens your relationships with your clients, creates lifetime customers, and changes lives.
We can solve the money problem for small and mid-sized businesses through fiscal management and advisory services.
Fiscal Management is understanding the resources and assets of a business and knowing how to use them to:
- Properly create new opportunities
- Sustain and increase profitability
- Raise the company’s valuation
And Advisory Services are:
- Understanding and interpreting your clients’ numbers
- Creating performance benchmarks through budget and forecast
- Spotting and solving financial problems as they are happening
- Educating your business clients
The most critical aspect of solving the money problem is being proactive for your clients. And to do this, you have to understand how to leverage cloud accounting systems, real-time data, and smart tools to monitor and track your clients on a daily basis.