Bob kept contributing personal funds to his business which used to run profitably on its own. He didn’t understand what caused the change in solvency.
When he was in Chicago, it had run fine. But after opening and moving to a second location in Denver, the Chicago office quickly deteriorated requiring loans from him. “What had changed?” he wondered.
QuickBooks Online was the financial software his business had always used. But he didn’t know it or understand it himself and his Chicago players was often unavailable to help. He needed help fast to reverse the downward spiral and stop having to support the Chicago office. He needed to know how money was being spent and why Accounts Receivable wasn’t being collected and why it seemed QBO was no longer an accurate gauge of his business.
Bob chose me because he believed in my capability to run a small business through witnessing me actively working to improve myself and grow my own business. He felt I am a “go-getter” and respected my drive and determination.
After working to identify the problems in his business, I recommended his business switch CPA firms – not immediately but at the “natural” period at the end of tax season. I also suggested my time not be spent on the Denver office, which seemed to be operating fine, but instead exclusively on the Chicago office by working with the staff there to correct the coding problems and consult on their large payroll. We also began monitoring expenses and through advisory sessions we discussed where money was possibly being spent improperly, something he had been unable to monitor on his own.
Immediately Bob saw improvement by not having to contribute his own funds as frequently. Now he doesn’t have to work as hard and has much less self-imposed family stress.
Multiple locations shouldn’t mean multiplying your stress, knowing where and how to apply your efforts is key. You need:
- Honest assessment
- Remote Solutions
- Experience and drive to solve the issues
- Capable talent at the wheel