Now that the client had a precise picture of finances, Smart Business Doctor was then, able to create a financial strategy to develop cash flow management plans, accurate Accounts Receivable aging reports, and Accounts Payable aging reports.
This opened the door for our client to step back and start to strategize where the best use of their cash flow needed to be dedicated. For example, what bills needed to be paid first, what bills could be paid taking advantage of discounts, what customers needed to be contacted for delayed payments, and most importantly, allowed Smart Business Doctor to create effective credit and collection policies, whereby, they stopped becoming a "lender or bank" for their customers. This placed our client into a stronger position to be able to start using excess cash flow for growth and being able to take on a more aggressive bidding and estimating strategy.
The "ripple effect" of having the financial house in order...allows our client the ability to approach lenders for better banking structure, improved Lines of Credit, with better interest rates, that added stability and security to the clients foundation.
Smart Business Doctor was able to create Key Performance Indicators (KPIs) allowing the client to have accurate, "flash" reporting at their fingertips to make fast decisions and to be able to see, immediately, if anything was getting track, and make adjustments to correct immediately.
Once the financial structure was built and improved our client was able to focus on other areas of the business that needed attention.
Clear "Peace of Mind" was provided to our clients by just knowing, with confidence, where they stood financially.
From there, we began looking at budgeting and business planning, that never took place before in the company.
Specific training of key employees and the job duties of the Owner of the business, helped the company to become more focused on their goals and developed, well needed, organization in the office that was poorly lacking.