- June 1st, 2013
- John Dillard
- Virtual CFO, Business/Tax Consulting, Financial Planning, Business Loans & Money Management
Atlanta Virtual CFO… Staying the Course in a Down Market
Business & Financial Planning
There are a few issues which always need to be in the forefront of every business owner’s mind as they think about and plan for the future. Planning is hard enough as it is without being sensitive to variables which are prone to have a profound impact on your business. Keeping these items in your mind and viewfinder will help you constantly stay update on your whereabouts and how to get back on track to achieve your goals. That is where a Virtual CFO comes in being able to both help you articulate and document your goals as well as their implementation and your accountability. These steps will do much to help you achieve your business goals.
4 Requirements to Business Success
-Document your goals in writing. You are most apt to achieve your goals if they are clearly delineated and detailed. Absent a firm goal you constantly refocus on you are most apt to miss the mark of what you were shooting to obtain in the first place. Always remember “if you shoot at nothing, you are going to hit it every time”.
-Expect the unexpected as “life is what happens while you are busy making plans”. Your plans should allow for inflation, anticipate variances, and other unknowns which are bound to impact your decisions and daily operations. For example, it is prudent to always live below your means as life and business issues will frequently void the best laid plans.
-Always keep in mind a reasonable rate of return not expecting great rates of returns on your investments to always be consistent. Maintain an healthy degree of risk while not being too aggressive or passive in your investment style and decisions. Don’t make speculative investments trying to “hit the home run” as it is often the turtle and not the rabbit which wins the race. Maintain a consistent strategy of investing whether it be an up or down market. Be realistic with your investment goals whether they be dollars invested, rates of return, or anticipated age of retirement while always allowing for a bit of wiggle room for those unexpected expenditures.
-Stay current with your financial adviser, CPA, attorney, and banker being sure to know when to have meetings with each to ensure you are on the right track to take advantage of law changes, trends in the marketplace, and may of the other general tools available to an adviser to help manage you and your financial affairs throughout the years. As a general rule, I would suggest meeting with each of these professionals at least once annually and more often if the environment/situations change dramatically.
These tidbits will greatly assist you in staying on your toes as you plan the future success of your business and for your retirement.
“FAILURE TO PREPARE IS PREPARING TO FAIL. BE QUICK, BUT DON’T BE IN A HURRY. DON’T MISTAKE ACTIVITY FOR ACHIEVEMENT. THE PURPOSE OF DISCIPLINE ISN’T TO PUNISH BUT TO CORRECT. THINGS TURN OUT BEST FOR THOSE WHO MADE THE BEST OF THE WAY THINGS TURN OUT.”
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