Can Your Business Really Afford That Expense?
October 1, 2019
If you’re asking yourself if your business can endure a large expense, you’re not alone. Many businesses have been affronted by these decisions as they continue to grow and expand. The answer could be more straight-forward than you realize, especially if you consult our decision support services.
Clients often come to us with questions such as “Can I afford a new truck?”, “Should I buy that new equipment?”, or “Do I have enough money to afford an additional employee?”.
You can’t make a good financial decision if you don’t have a solid understanding of your current financial position. This is why it’s an important first step to reconcile your bank records and have your bookkeeping accurate and up-to-date.
Utilizing accurate and reliable data, we can help you make a well-informed business decision. If that first step is already out of the way, we can begin to assess your records immediately and inform you how that financial decision could impact your business. We can help you get your business running smoothly, so that it runs itself and stops running you.
A key component of the decision-making process is evaluating the short-term and long-term effects on the business, including stress testing and worst-case scenario analysis, while also knowing your break-even point and setting a rate of return goal.
CPA Accountant and Level 5 Certified Advisor Travis Williston started working with a client of our firm, who wasn’t familiar with how to perform their bank reconciliations and was looking at whether one spouse could quit their day job and help in the family business. In two years working with them, we have helped them clean their books and coached them through multiple big decisions.
“So here we are in 2019 and Travis is still our key player,” Micah Harris stated. “I have since quit my job and take care of all the secretarial work. Matt is back to turning wrenches, along with three other employees. We have built on to our facility and spent thousands of dollars in updating equipment. Business is booming and I truly believe it is because of the advice and strategies Travis has developed.”
“One of the most rewarding aspects Travis has provided has allowed me to be the type of mom I always wished for, but never imagined was possible. I am still working and helping provide for my family, but with our children by our side. The kids are here day in and day out with me and their father as we run our family-owned business. Thank you CPA, and especially Travis, for providing more than tax returns, and for giving us our life back!”
It doesn’t just have to be a dream. It can be your reality. Don’t give up without giving us a call. You can reach us in Morgantown at 304-292-9469 or in Weston at 304-997-8377.