If you’ve read Built to Sell by John Warrillow, you already know that the most important thing to business growth is to create a repeatable process that allows you to scale. In e-Myth, Michael Gerber shows his readers how to apply the lessons of franchising to any business, whether a franchise or not. Beyond being excellent reads, both books stress the importance of good systems to effectively run good businesses.
In the early stage of business, you could probably function doing things a different way every time, relying on undocumented processes and memory. But as your business grows and your client portfolio and team expand, this lack of process can only result in inefficient methods wrought with large potential for errors/omissions.
At some point, NOT having systems and processes in place can actually prevent you from achieving your optimal performance vs. being the red tape that people generally fear when they hear words like process and procedures
The same holds true for your financial systems. At the beginning capturing estimates and invoices in disjointed and unconnected systems worked just fine and keeping track of your billing was relatively easy with a small team of eager employees.
But with growth comes an abundance of information. Important information that when curated, provides insights about HOW your business is running and what OPPORTUNITIES and THREATS are on the horizon.
Without proper systems and processes to COLLECT and REPORT on this data, it’s just information. Good financial systems allow you to translate this data into insights. With these insights, you can make timely and informed decisions. The best performing organizations do both.
Our team at FIN/ALLY are trained to create and implement good financial systems that fit your firms’ practices. We work with your management team to translate your financial data to allow you to make informed decisions in all aspects of your business.