Day: April 30, 2014

Turn Your Financials into a Powerful Management Tool

How many of you have seen the ”Dave” Staples commercial? It shows “Dave” serving in all the positions of his company, asking “Dave” when “Dave” needs help.

As business owners we serve in so many capacities, it is difficult, if not impossible to do everything well. When we get pressured, we get stressed. Negative stress (yes, there is positive stress) can cause exhaustion and illness often follows. Most of us have experienced that sinking feeling when we realize we are “in over our heads.”

When it comes to our financials we try really hard to get everything not only in the system, but in the right bucket. Time is often our enemy. Invoicing gets behind which can cause a cash flow crisis. The ‘taxman cometh’ and we might not be ready.

Whether we do our own books or have them done, we are ultimately responsible for the result. Although responsibly managing the ‘books’ was probably not the reason we started our business, it will be one of the primary reasons we succeed in business.

It all starts with organization. Chaos has no place in a financial system. It starts with a Chart of Accounts that actually matches the business and more importantly you, the owner. The second step is imputing good information and most importantly getting the data in the right place. Once these steps have been taken, you can then produce various reports on a regular basis. Those up-to-date reports can provide the information needed to find the answers to the following questions and more:
  1. Are my products/services priced to make a profit?
  2. What is labor actually costing me?
  3. What are my true production costs?
  4. Are my overhead costs under control?
With this financial information, you are now empowered to make key strategic business decisions based on fact not hope. Having access to these answers put you in the driver’s seat of your business. That control alone can bring down your stress level. Take action today to get control. If you need outside help, get it. Make sure if you get help with your financials, you stay involved in the process. Learn what you need to know about financial management, so even if you choose not to do it yourself, you can inspect what you expect and know it is being done correctly.

This week’s tip brought to you by Nancy Barnett and the Denver Metro SBDC.

Has your business been affected by the recent floods?

Across Colorado several businesses have been affected by the recent floods. The Colorado SBDC Network is here to help your business with the recent disasters including wildfires and floods. If you have questions, concerns, or need guidance please contact your local SBDC for assistance through the disaster loan applications, long term planning, insurance navigation, physical and economic loss estimations, business preparedness and more.

The NEECCO SBDC and several others across the state are partnering with the SBA Disaster Assistance to host Business Recovery Centers.

Greeley will have the Recovery Center at the Greeley Chamber of Commerce on September 26th (9:00 am- 6:00 pm) , 27th(9:00 am- 6:00 pm) , and 28th(9:00 am- 1:00 pm) .

A Colorado Lending Source Success Story

Special Times Limousine is Hudson, Colorado’s only locally owned and operated limousine and luxury sedan service. When owner Kevin Labonte realized South Weld County and Northeast Adams County were renting limousine and luxury sedan services from the Northern Suburbs and Denver, he knew he was entering a sizable market. As the company continues to grow, they now serve the Denver-metro areas as far south as Castle Rock, Colorado. Mr. Labonte offers affordable pricing on general local transportation for those “special times” using only the most dependable trained staff of chauffeurs with high-class customer service.

With help from Jesse Esparza from the Denver Metro Small Business Development Center, Special Times Limousine received financing under Colorado Lending Source’s direct-micro loan, the Colorado Main Street Loan Program. The funds assisted with start-up costs, and the purchase/renovation of a custom limousine. They currently have 4 vehicles and employ a staff of 9. With the capital provided, the company has expanded into new markets and has formed viable partnerships with other industries and several chambers.

For more information about Colorado Lending Source loans, you can contact Nicole Christianson at Nicole@clsloan.org, or call 303.657.4813.
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