Is your business a leaky faucet? Are you unsure where your cash flow is going every month? Does it seem like you just can't get ahead? Your business may be a leaky faucet.
As your business grows, it becomes more likely that little leaks will start springing up in your revenue. At first, it may not seem like a big deal, but over time, these little financial leaks end up costing your business big bucks. It's critical to understand where the leaks are and stop them as soon as possible before they cause major damage.
One thing I undertake with my multi-unit business owners is a comprehensive analysis of where they might be leaking money. Whether it's in inefficient staffing, sub-optimal vendors or a poorly structured lease, before my clients make a major expansion, we go over any potential leaks and move quickly to stop them. This increases their cash flow, provides capital for growth and makes them feel more in-control and at peace knowing their business is running efficiently.
If you're considering a business expansion, such as opening a second location, expanding staff or starting a new revenue stream, first take a hard look at your current operations and make sure you plug any leaks. As always, you can contact me
Sarah E. Holmes is a Philadelphia business attorney and strategist that helps start ups and established businesses looking to expand, protect their assets and increase their profits in an approachable, down-to-earth way.