Is your business living paycheck to paycheck?

"77% of small businesses reported having just enough cash to remain operational, and 56% anticipated needing funding in the coming year."

Three quarters of the businesses in this survey said that they were doing the equivalent of living paycheck to paycheck. More than half said that they'd go broke if they tried to fulfill their operational goals (or even just to keep getting by over the course of the year!)

Are you one of them?

I don't know about you, but one of the reasons I started my business was to escape the endless treadmill of living paycheck to paycheck, at the whim of a boss that didn't really care about me or the life I was trying to build with that cash. But if you're running your business in a way that leaves you as desperately dependent on your customers as you were your boss... why?

Maybe more importantly to some of you, how okay are you with putting your employees' payroll in the hands of customers that way?

Even if you are, can you reach your goals with a team that doesn't trust you to deliver on your end of the deal you struck with them?

I get it. You started your business because you're good at something. Whether that's manufacturing, law, tax, coaching, or anything else, you have skills, stuff, or both that people want and need. But being an expert in your field doesn't mean that you can just manufacture cash out of thin air, does it?

So what can you do about that?

The same thing your customers and clients do by coming to you. Find an expert to help.

Finding an advisor that understands your financial needs and goals, and who understands finance and business the same way that you understand your industry, is the key. After all, why should your clients trust you as an expert if you won't find one to work with for your own needs?

Here you might say that it's obvious whether you're winning or losing - you can look at your bank account, after all, to see how much is there. But does that tell you how much better or worse things have gotten since last year? Does it tell you whether your cash flow is sustainable? Growing? Does it tell you whether you wasted 30% of your revenues on expenses that didn't actually help you make money?

I know I couldn't design an industrial part for CNC or write up a competent and legal real estate contract on my own. That's what I reach out to you for.

When you're ready to get your business off that cycle of living paycheck to paycheck, or if you just want to put it in high gear by making better use of your resources, I can help. Reach out any time.

Source: https://finance.yahoo.com/news/small-businesses-appear-optimistic-growth-130700876.html