Fix a Business
Services for Fixing a Business
As a business owner are you constantly finding yourself having to make one or more of the following decisions to keep your business afloat?
- Trying to determine which bills are most important to pay in order to keep your business afloat.
- Are holding off making payroll tax or HST submissions in order to pay your staff.
- Have receivables older than 90 days and wonder if you are ever going to be able to collect on.
- Owe money to the CRA and need financing to fund your business, but a bank will not loan you the money.
- You feel that things are not going as you had expected in your business.
- Not sure whether you will be able to repair or maintain your business premises or equipment.
- Seem to run short of cash on a regular basis.
Generally feel you should be making more money than you are and are not sure why you are not.
You feel like you are in a hole and need to figure out how to get your business back on track and in the black but are having difficulty determining where to start. When this is the case, it is crucial that steps are taken to in order to get you back on the road to profitability.
At Rudy Fischer,CPA, we are able to help you understand where the issues are within your business and put the right steps in place to get you and your business on a plan to work with so you can return to profitable state over a period of time.
Strategy & Planning Services
We provide the following services under strategy and planning for those who require help in fixing their business and returning to profitability.
- Business Strategy: Strategy is about defining where you want your company to go not necessarily how you are going to get there. If your business is in trouble, it is key to develop a business strategy to help determine what is required to get you past the current challenges and get you and your business to where you need to be to meet your future goals.
- Business Plan: A plan that updates and re validates your business strategy and adjusts/modifies all areas of the business for helping to anticipate future potential changes. It gets the owners and rethinking about the detail in their business model and will be required if you need debt financing. Don't wait until you are in a crisis to address developing a plan.
- Financial Model Development: The development of a mathematics based financial model of your business that allows the owner/operator determine possible outcomes. If you are currently not profitable, a model will help you with "what if" scenarios so you are able to consider options in order to make the bestdecisions.
Running Your Business
These services include many of the steps that you will need to help you get your business back on track and running smoothly.
- Chart of Accounts Modifications: Make modifications in your accounting system to accommodate a higher level of details and get your accounting system to deliver the relevant information required to make good decisions going forward. Your chart of accounts needs to match how you do business.
- Budgeting and Forecasting: Budgeting and forecasting are crucial for a business in trouble in providing confidence in your go forward plan. This is especially important if you are a "watch list" with your financial institution.
- Cash Flow Management: Intense running of your cash flow requirements based on your sales, collection cycle, purchase, payment cycle, and capital needs, as this is an area of concern when a business is experiencing a downturn. Now more than ever cash is "king".
- Product and Service Costing: Identify which costs should be shed and help determine where to refocus attention and resources towards improving your profitability.
- Pricing and Packaging: This is a time when you find you have products and services that are not short-term cash flow positive, you need to retire them or re-engineer them without significant investment to make them profitable.
- Business Restructuring: An engagement to help you structure your business so that it is more attractive for financing or investment. This is about matching your borrowing to your actual business requirements.
Measurement and Performance
As you work on fixing your business, it is more important than ever to measure and keep on top of how your business is performing. We offer the following financial consulting engagements to help you with understanding how your business is currently performing.
- Business Assessment: A business assessment engagement is a deep dive into every part of your business in order to understand how to compare yourself to industry best practices and to determine how to get back on track through recommendations for your specific business. We provide a free business performance assessment and 30-minute consultation to give you a cursory view.
- Productivity Analysis and Review: This engagement will help you maximize your profits based on your current resources which include people, services, materials, asset usage, and anything else that affects your profit generating capabilities in your business.
- Margin Analysis: Understanding your business profits from sales and the variations that may occur based on volume and / or product mix increase, decrease, or change.
- Risk and Sensitivity Analysis: The assessment of the outcome of your financial plan based on results achieved and determine and model the most likely outcomes based on the options to be considered.
- Profitability Analysis: This will take your margin analysis to the next level by considering all of the operating , sales, and administrative expenses.
- Management Reporting: This would include the development of management reporting tailored for your management in order to run the business more efficiently and effectively with a focus on improving the financial stability and improvement in performance.
Business Coaching and Advisory Services
While you work on fixing and healing your business, your might need to have business and financial guidance to make sure you are focusing and prioritizing the right tasks within your business to get back on track or you might just need periodic help to ensure you are staying on track. We are able to provide you with the level of help that suits you.
- Business Coaching: Based on questions about your business, an action and coaching plan will be put in place to help get your business back on track in the areas where you need the most help.
- Advisory Services: We offer 2 levels of service where you get get over the phone/online help when needed or onsite help that is defined by you for a half-day or full day on a monthly or quarterly basis.
- Executive Management Services: At times when businesses are in trouble, they can utilize outside help to come in and help management as a management team advisor on a part-time basis as long as isrequired.
Our offices are located in Southwestern Ontario, but we are able to provide services remotely across Canada. We do not provide business coaching onsite except within our local area, but provide other consulting services onsite that are a minimum of a day if you are located in Peterborough, Orillia, Clarington, Bowmanville, Oshawa, Whitby, Ajax, Pickering, Scarborough, Toronto, Markham, Aurora, Newmarket, Richmond Hill, Vaughan, King City, Brampton, Caledon, Bolton, Mississauga, Etobicoke, Oakville, Burlington, Milton, Hamilton, Guelph, Kitchener, Cambridge, Waterloo, and Windsor. Our local service area for onsite services under one day is Sarnia, Chatham, and London.
For services outside our service area within Canada who require onsite services, please contact me to determine how we may best service your requirements.
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Rudy Fischer, CPA, CMA | (877)504-2049 ext 102 | email@example.com