The majority of middle market companies started as small, conservative enterprises. Your employees may still wear several hats and perform multiple tasks within the organization. It may be just fine for a small business to have their receptionist double as their accounts payable clerk, but if you plan to grow your business, you will need an accounting and finance department that can keep up and protect your company. If they can’t keep up as your business grows, what was once a comfortable pace of processing orders and invoices will become hectic. Hectic will become overwhelming. And overwhelming will become dysfunctional.
Where is your focus?
Small to middle market companies are often heavily focused on product development and/or sales. Focusing on these areas is important but in collaboration with other key functions within the business. As a business grows, it is especially important your accounting, finance and treasury functions keep up with the pace of expansion. Inept transaction processing, poor forecasting and running out of cash are leading indicators a business is leaning toward failure.
Getting the help you need to grow
If you have a small or middle market business that is feeling the pains of outgrowing your accounting and finance capabilities, consider bringing in a financial business consultant. A financial business consultant can analyze your company’s needs, recommend and implement solutions that help advance your business to the next level. In addition to reducing your sleepless nights this will leave you time to focus on your building better products and increasing sales. If you don’t develop all parts of your business in unison, you may end up experiencing growing pains that will prove detrimental to your business in the long run.