Tune Your Business
As a business owner, you often have to wear many hats while trying to manage your business. You may be feel overwhelmed and are having to make those difficult decisions each month just to keep your business afloat. If either scenario has occurred, it becomes difficult to prioritize what you need to do to keep your business on track in order to meet your goals and objectives.
In order to achieve or maintain profitability and financial wellness, you need to continually tune your business to receive the maximum return on your investment and value. Maintaining or increasing your value is especially important, if you are considering selling your business your business down the road.
As a business owner if you find yourself in a hole, the first thing you have to do is stop digging. RK Fischer & Associates can help you and your business get out of the hole and back on the road to achieving long term profitability and financial health. We will financially and operationally assess each area of your business and help you understand what and where changes need to be made in order to meet your long-term business goals and objectives. We will provide you with recommendations that will help you maintain or achieve profitability. We will also work with you and you staff to help implement the necessary changes. Once you complete the changes, it is important to set the proper metrics to measure your performance. Having these will help you monitor your business going forward and make the necessary changes.
No matter the size of your buisness, we are able to meet the needs of your specific business. If financing is critical, we can work with you to try to obtain financing through one of our third party financing partners, if you are not able to qualify for a traditional loan through a bank.
If you have greater than 50 employees, let us know and we can provide you with a quotation. In most instances the price will not exceed this price unless you have more employees or areas that you need involved in the assessment.
Tune Your Business Solution Packages
Our Tune Your Business Solutions are focused on businesses that have been in business a minimum of 3 years and have 2-3 years of financial statements.
Remember financing is available for our solutions through Meridian Credit Union, Pickering Branch. If you would like invest in ensuring your business has the best chance of success whether you are looking to start, grow, or tune your business, extended payment terms are available to you. We can offer payment terms up to 6 months depending on the amount, but you are able to apply for a loan through Meridian Credit Union for up to 3-5 years if required.
Though our pricing is based on size (employees), please talk to us first as industry and complexity of business plays a role. For example, a business 25 employees in a retail where the owner is responsible for all areas of the business would most likely fall in the first pillar versus a manufacturing business with several senior management that sell direct as well as through several channels would fall into the 3rd pillar.
All financing through any of our financing partners is based "ON APPROVED CREDIT".
Price assumes Assess Performance has been performed prior and that client is using QuickBooks® or Sage 50®, There may be an additional charge for “specialized” accounting packages.
There is a 6 month commitment on this price.
The price of this engagement changes based on the size of the organization as there are more individuals and more information that has to be documented, gathered, and analyzed.
A review of your prior financials will help us determine how your business is currently performing and the information uncovered will be used within the business assessment. For a financial review, we will look at 2-3 years of compiled financial statements from your accountant. If you are not incorporated or do not have compiled financial statements, we will need financial statements from accounting system as well as your tax returns for the previous 2-3 years.
The goal of a business assessment is to evaluate each area of your business to uncover what issues are keeping you from meeting your overall business goals. A business assessment will evaluate each of the following areas of your business in detail. Though this is not a financial "internal audit", the information that would be gathered and questions that will be asked would be similar.
- Human Resources
A detailed questionnaire will be provided to the business owner ahead of time, and they will need to determine who within their organization will provide information for each section. Sessions will be set up with owners, stakeholders, and relevant personnel in each area of the business. This information gathered will be analyzed to provide insight to the owner of the business and board of directors.
The business assessment will outline the issues we uncovered in the business with relevant analysis.There will also be a list of recommendations provided that the business will need to take to meet their business goals. The recommendations are prioritized in order of importance.
This engagement will take a minimum of a month to complete due to the number of steps involved and can take several months for organizations with a large number of employees to interview or with complex business processes.
A balanced scorecard translates what we uncovered in the business assessment that is required for your business to increase or return to profitability. The balanced scorecard becomes your action plan to move forward toward increasing or achieving profitability. A balanced scorecard looks at the following aspects within the business:
- Financial expectations
- Customer and Market requirements and expectations
- Internal Processes and Projects required
- Key tracking indicators to deliver the projects, customers and financial expectations
When you are looking to increase or return to profitability, it is important that you develop a financial budget. A financial budget will help keep your business on track and understand how much revenue your business requires each month to meet your expenses. While some business owners believe that a budget is constraining, a budget is nothing more than a forecast of expenses and revenue based on your plan. Budgets can help identify where a plan is deviating from expectations. You need to be able to identify and react to deviations to maintain profitably. Some deviations may be good, and others may be detrimental to you achieving profitability if not dealt with when they are found.
Manage Your Performance
Monthly Reporting Development/ Financial Coaching
There will be a session with the owner and key stakeholders to define the monthly financial reporting requirements for the business relating to tracking your ongoing performance. It will be important to see the progress each month to see how you are tracking toward increasing or achieving profitability. This engagement will include not only developing the reports that will need to be run on a monthly basis but will provide the metrics and ratios needed to determine how the business is performing.
The reports that will need to be run monthly will very much depend on your specific industry and business. An example of reports that will be required for every business will include:
- Monthly and YTD Income Statement
- Monthly Balance Sheet
- Cash Flow Statements
- Budget Variance
- Sales Forecast and Funnel / Pipeline
- Accounts Payable and Accounts Receivable Aging Reports
Monthly Reviews and Coaching
One on one sessions will occur each month for a half a day with the owner and any key stakeholders which will include:
- Review of the Monthly Reports (run prior by business owner)
- Identify concerns, issues, and variances
- Problem definition and the development of options for resolution
- Define accountability for resolution
- Update Balanced Scorecard
Our offices are located just outside Toronto within the GTA. We are able to provide many services to businesses across Canada remotely.
Our local service area includes: Toronto, Peterborough, Bowmanville, Lindsay, Kawartha Lakes, Orillia, Clarington, Oshawa, Whitby, Ajax, Pickering, Port Perry, Uxbridge, Scarborough, Markham, Aurora, Newmarket, Bradford, Richmond Hill, Vaughan, Brampton, Mississauga, Burlington, Oakville and surrounding areas.
Contact us if you are outside our local service area and require service in person.
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