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Recognizing an opportunity and bringing a solution to market can be an exhilarating and profitable experience. But growth comes with the danger of inadequate financial systems failing to sustain your business through the challenges ahead. Finding out what you are missing is critical for continued growth.
MLA is experienced in helping business owners see what they’ve been missing. We can help you identify what could trap your business and do something about it.
We’ve identified 7 Pitfalls that can trap your growing business and the questions you need to ask to avoid them. Here are the first 2.
Good leaders have a feel for their company, but that sense can also blind you to growing problems. As your organization scales, you can only look in detail at certain aspects. The problems that trap your business start small.
“How do I know the true state of my business?”
The answer is, “You probably don’t.” Most business owners lack the financial expertise or the objectivity to find what they’re missing in the details.
This requires more than an audit by your accountant. An accountant looking at your books can’t tell you what’s not there and may not have an incentive to ask.
An outside business financial advisor will take an objective, experienced look at your financials and tell you what you’re missing.
As your financial records come up to date, lapses in regulatory filings may come to light. These lapses are compounded by changes in employment and tax law. Discovering an unpaid tax or compliance obligation can feel like the end of your business.
Staying current isn’t the same as staying competitive. The other providers in your space have to comply with the same law, so you just have to find a way to succeed within those constraints.
“How does legal compliance affect my industry and product?”
While your lawyer or accountant can tell you what the law says, building those requirements into your business model is a separate challenge.
When regulatory issues threaten to hold back your success, an experienced business advisor can help make your case to the government or a financial institution, strengthening your position as a business owner.
An MLA fractional CFO or strategic advisor can help you recognize these threats. And we have the experience and expertise to help you avoid them. Contact us to learn more.
Wondering what else you might be missing? Download our 7 Pitfalls That Trap a Growing Business whitepaper.