In a recent Oracle / Inc. Media survey, What’s Keeping America’s SMB Leaders Up at Night, executives at America’s fastest growing companies were asked to identify their biggest challenges―the things that keep them up at night. The four areas that were highlighted were customer service, expansion issues, hiring and keeping talent, and transforming financial functions.
In previous blogs, we have addressed issues around sales and service, how to effectively manage your company’s growth, and hiring (and retaining talent). For this blog, let’s talk the importance of financial processes in supporting growth.
A company cannot survive without money. In many ways, cash flow is king and a positive revenue stream is crucial. That makes your finance group some of the most important people in your company. They may never talk to a customer. They will never hire a salesperson. They will never build a product or provide after sales service. But they are the owners of the key indicators of your company’s health―your balance sheet, your income statement, and your cash flow statement.
And because of this they play a huge role in your small and medium-sized business’ (SMB) ability to embrace new opportunities, attract investors, expand into new geographies, enter into new partnerships, and invest in new tools.
In other words, they support your ability to grow your SMB. However, in order to do this, you must embrace change. The financial processes and systems you have in place today will probably not translate to tomorrow. You need to constantly work to improve your company’s finance and reporting capabilities.
Want to know more questions to ask and how you can scale your financial processes effectively as you grow? Check out Oracle’s newest SMB ebook ―Transforming Financial Functions Is the Key to Growing Your SMB.