Finance - The Core of Your Business

Everything in business has some sort of financial impact, and will ultimately end in a debit or credit. For instance, poor materials and/or bad information result in extra waste and bad products and services for your business. But more importantly, it affects cash flow in your business because it slows things down.

If you have to rework products, it creates delays in getting cash into your business from the customer, while it’s expending a lot of cash to get it done right.

When you have poor cash flow management (whether poor receivable collections or poor expense management), you restrict the flow of necessary cash to the rest of your business (your employees, capital investments, savings, etc.). This will stunt your growth or worst case, kill your business!

If the wall between front-office interaction with customers or suppliers and back-office finance was torn down, the potential for improved responsiveness, better customer service and more efficient business processes is considerable.