S3E13: 3 Things To Do If Your Finances Don't Make Sense To You

Cash Flow with Pam Prior

Disclaimer: The content in this podcast is for informational and educational purposes only and does not constitute financial advice. Please consult with a financial professional to determine what may be best for your individual needs.

In our latest episode of the Cash Flow Podcast, we are diving into the crucial topic of cash flow and what to do if your business finances seem like a foreign language to you.

Here's a quick recap of the key takeaways:

1. Communicate Your Business Vision: As the business owner, you have an instinctual understanding of your company's revenue flow, customer types, and operational processes. It's essential to clearly communicate this vision to your bookkeeper or accountant, ensuring they understand the language and framework through which you view your business.
2. Identify Your Business Levers: Take the time to identify the key levers in your business—such as ad spend, employee expenses, and product/service pricing—that directly impact your financial outcomes. By articulating these levers to your financial team, they can tailor reports and analysis to align with your strategic understanding of your business.
3. Contextual Financial Reporting: Request that your bookkeeper provides financial reports in two vital contexts. Firstly, a 12-month trailing profit and loss statement to uncover trends and patterns in your business's financial performance. Secondly, compare your actual financial results with your earlier expectations or forecasts, allowing you to evaluate the effectiveness of the levers you've set in motion. It's crucial to remember that as the business owner, you hold the key to understanding and interpreting your financial data, and it's essential that your financial team provides reports and insights that speak your language.

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✨ About Pam: A friend in the foxhole, finance wrangler who guides you on the path to confident control of your money mindset and business cash flow. I know what you need to understand, and cut out the rest. You don’t need to BE a bookkeeper, you need to understand a specific set of numbers and how they shape your business.

Learn more about Pam at www.PamPrior.com.

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