Episode 5: Coffee with Marla Reynolds
“As we move into the new year, it’s important for business owners to take a little bit of time out of their busy schedule to sit down and take a little bit of inventory and decide what were some of the things that really worked this past year and what are we looking at as we move into the new year?”
Andrea Jenson
Welcome to a brand new episode of the Cash Flow CFO Podcast. Here with me today is Marla Reynolds, one of our team’s outstanding CFOs. And in this episode, we’ll discuss the steps we take with our clients to prepare for the budget discussion and the questions we pose to get them thinking about their financial goals for the upcoming fiscal year. Typically, businesses begin their planning in the final quarter of the current year. But how do you start having those serious, high-level discussions about revenue targets and any significant adjustments, like adding additional employees or creating a new division? We also emphasize the importance of budgeting as your reliable financial blueprint for the coming year. Join us to gain more information!
“It’s important to take some time to sit down and really think these things through because we know that without a clear end goal, you’re just spinning your wheels and you really aren’t getting that traction that you can achieve if you have this plan in place.”
Andrea Jenson
Setting your company’s annual budget
One of the most crucial financial parts of a business is creating an annual budget, although this step is frequently skipped. According to Andrea, some business owners tremble a little when they hear about budgeting. Planning a company’s budget is a crucial process that is regularly overlooked by certain businesses. Why is it so crucial then? Well, largely because it is a procedure that gets your business ready to respond to important inquiries about what the upcoming year will entail.
“When we say budget, I think some business owners get a little bit squeamish and they’re like, “Ooh, I don’t want that. You know, that’s too much stress to think about”. But it’s just like, if you were going to be driving your car and you’re driving from destination A to destination B, if you don’t have a roadmap, you’re going to end up who knows where. Right?”
Andrea Jenson
Want to get in touch with Andrea Jenson?
Website: thecashflowcfo.com
YouTube: https://www.youtube.com/channel/UC0kQopRCt9TEbgYjmqA4SMQ