The small business owners we work with are hands-on participants in their businesses. That doesn’t give them much time to track and sort financial data, let alone use it to make financial decisions. They need a small business CFO.
That’s where Maven steps in. We help dental offices, aesthetic practices, and professional services businesses gain understanding about their financials. Together, we can build a roadmap for where you want to take your business.
So what does it look like to be a client of Maven?
1. A Small Business CFO Looks at Historical Data
Before looking ahead, it’s important to look behind. Just like you check your rearview and side mirrors before you switch lanes, so should you understand your environment before making future financial decisions.
Together, we’ll learn where your business has been and the story of your practice. What’s your revenue? What’s the reason behind your revenue? What are your building blocks of revenue? We call these Key Performance Indicators (KPIs). KPIs will help us understand your future success by comparing it to the past.
Revenue by provider, revenue per hour, and revenue per procedure are all helpful financial KPIs. Using the data will eventually help your medical practice reach its revenue goals.
Then, a small business CFO should examine your expenses. By comparing historical revenue to the costs of your business, we can see how much is left over. This bottom line helps us make an intentional plan for the future.
2. Build a Budget
Now, it’s time to build a budget for meeting your healthcare practice goals. We’ll start by mapping out revenue goals for every month. By using your historical revenue per visit and visits per day figures, you can plan for future revenue.
Your expenses are next. You already know many of your set costs, like rent, payroll, and overhead. But what about the costs of supplies? Do you plan to compensate a new provider or invest in new devices?
With aspirations like these, it’s important to know how you’re going to pay for it. A small business CFO like Maven can help you determine what kind of revenue you need to generate to invest in future growth.
3. Map Out Cash Flow
At the end of the day, we help business owners sleep well at night by knowing how much will be in their checking account every month. It’s possible to map out your cash flow by creating financial statements—like a profit & loss statement, balance sheet, and cash flow statement—and identifying common issues.
In the days before GPS, drivers on a roadtrip used a detailed map to get them where they wanted to go. Our job as a small business CFO is to hand you a roadmap that shows where you’ve been, where you’re going, and how to get there. Wouldn’t you have more peace of mind knowing that your practice is on the way toward reaching its goals? Your vision can be more than a dream—it can become reality.
4. Meet With Your Small Business CFO Every Month
Maven Financial Partners prioritizes meeting with clients every month to check on how the plan is going. We’ll look at recent profitability, revenue goals, and spending. We’ll ask if your providers reached their goals or if any big projects are coming up. As you know, small business operations fluctuate daily, and new issues arise every month. If anything has financial implications, we’ll discuss it.
Maven takes pride in being an accountability partner for small businesses on their way to success. If you’d like to partner with a small business CFO, we’re happy to offer you a complimentary financial analysis. You can decide if it’s a good fit—and if you’re ready to get on the path toward profit. Contact us today to get started!
