July 12, 2024
Oops! You Spent Over Budget This Month…
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You are not alone!
You have a monthly budget (if you don't, then we gotta have a different conversation), after the month, you look at your financials, and you overspent. Yikes!
It happens more than you think. But when that happens, here's the #1 thing that you should NOT do:
Panic.
We don't need that.
Instead, try doing these:
1. Look into the categories of expenses that are over the budget. Ask questions:
- What did you overspend on? (conference? travel? sales meetings? paper?)
- Have you planned for these spendings in a different period? If not, why?
- Has the particular spending generate positive outcome?
2. Be accountable, but learn the lesson and move on.
3. Review other categories of expenses and see if there's any areas that you can adjust in in the coming months to balance.
Running a business is not always a smooth sail, the key is to see the story behind the financials each month and learn as you grow.
At Elevate, we help you understand the stories behind the numbers each month and make decisions that support the company’s growth. Schedule a free discovery call with us.
Frequently
Asked Questions
We’ve got the answers to all your questions
What's the difference between an accountant and a fractional CFO?
Think of accountant as your driver. They do the majority of the backward-looking data capture, and make sure your data is complete, accurate, and compliant. Think of your Fractional CFO as your GPS, we help you align the data with your goals, and guide your business towards the right direction via forward-looking forecasts and strategies.
How do i know my business is ready for a fractional CFO?
Your business may be ready to hire a fractional CFO when
- it's fast growing, but your cash flow is not keeping up with the growth
- You would like to expand your business, but not sure if your financials or operations are ready
- You are getting to a stage (typically $3M+) where your operations are complex enough that you need more insights into the performance of various departments.
- it's fast growing, but your cash flow is not keeping up with the growth
- You would like to expand your business, but not sure if your financials or operations are ready
- You are getting to a stage (typically $3M+) where your operations are complex enough that you need more insights into the performance of various departments.
How do i know you understand my family business?
Elevate has worked with multiple family businesses in the manufacturing industries. We understand the unique dynamics in a family business that are both exciting and delicate. Every business is different, and we strive to work closely with you to understand those differences and offer the services that are best suited for your business.
What does a fractional CFO do?
As your fractional CFO, we align your financial data with your business and personal goals. We reverse engineer your goals to actionable strategies and develop measurable insights for the progress. We also connect the dots between the numbers and your operations, to identify opportunities for process improvement, which then lead to better efficiency, better profits and cash flow.
What industries do you specialize in?
At Elevate, we focus on helping family-own manufacturing businesses between $3M and $30M in revenue.
How do you charge for your service?
After we have a discovery call with you and understand your business and your pain points, we create a custom service solution that fit your needs. All fractional controller and CFO services are charged at a flat monthly fee for the agree-upon scope. No time-tracking, and no hidden fees.
