Finances: A Common Danger Among Small Businesses, Says AdviCoach
AdviCoach® Cites Financial Management as One of the Leading Dangers When Running a Small Business
SOUTHBURY, CT--(Marketwire - Feb 29, 2012) - In today's business climate, entrepreneurs face countless obstacles to succeed. Among them, according to research sponsored by AdviCoach, is managing finances. Brian Miller, COO and president of AdviCoach, says, "About 50 percent of small business owners run into cash flow hurdles and use personal credit cards to finance operations in order to compensate for a lack of funding or revenue." This is a common, oftentimes unaddressed issue that many entrepreneurs need to manage well.
The Small Business Association echoes this sentiment stating that cash flow management is probably the most frequent problem for business owners. Watching the cash inflows and outflows is one of the most pressing management tasks for any entrepreneur. However, Miller says a business owner must know the best sources for meeting additional cash needs and keep good relationships with those in finance, such as bankers and other creditors.
Miller says the most common areas of expenditures for companies come from technology, human resources, marketing and sales lead generation, office procurement, operational costs and inventory. Companies often expend more than 50 percent of their revenues purchasing goods and services; therefore, managing these costs well can have a direct impact on increased profitability.
Top trends in the industry suggest that finding people who can provide assistance or having the right partnerships in place when you need them are key to any small business's success.
AdviCoach, a leading coaching and advisory firm, specializes in helping a business owner remove the blinders, see their company more objectively and make fact-based decisions in an effort to increase performance.
"It is often difficult for small business owners to focus on their overall business objectives. They get caught up with working 'in' the business versus 'on' the business," Miller said. "Working with a business coach, entrepreneurs can create realistic goals, be accountable for these goals and make fact-based decisions, thus increasing company performance."
For more information about business coaching services and AdviCoach, please visit http://www.advicoach.com/.
AdviCoach is the premier source for business coaching and advisory services customized for small to mid-size businesses. With its unique "AdviCoach Advantage," AdviCoaches help businesses increase their ROI and deploy a multitude of Rapid Impact Strategies to impact the bottom line of their business. Today, AdviCoach, along with sister company The Entrepreneur's Source, dominates the $1.5 billion Business Coaching/Consulting franchise market with 33 percent market share in North America. In 2011, AdviCoach was ranked in the top 100 fastest growing franchises by Entrepreneur Magazine; in the Top 100 new franchises by Franchise Market Magazine; listed in the Franchise 500 by Entrepreneur Magazine for 3 consecutive years as a Top Home-based Franchise, Americas Top Global Franchise, and AllBusiness.com's AllStar Franchises list. More information is available at www.advicoach.com.
Cynthia L. Schick