As a small business owner, every team member matters a great deal and your controller is an undeniably vital member of your team. Their job of handling the business' finances is no small one and in any growing business looking to improve year by year, maintaining a financial status quo simply isn't sufficient. Part of the natural business experience is constantly facing opportunities to grow profitably and cut unprofitable practices in order to become more efficient as a company. While there are many ways to make these decisions, your controller should have some great advice ready for what is and is not valuable to your company and how to go about cutting what seems to be unnecessary. As a small business owner, ideally you will be working closely with your controller on almost all major business decisions and a reasonable number of smaller choices as well in order to make every dollar go as far as possible.
Who is My Controller?
Your controller is your business' financial manager. This could be you, your bookkeeper, or a hired professional firm that manages your company finances. Under their umbrella the books are kept, financial decisions are made, taxes are prepared, accounts are processed, then everything is documented and secured. These are all very important tasks, but that's just the dry bits. In an active business, financial management is anything but routine. Your Controller is also responsible for tracking the rise and fall of your profits and costs, item by item. They (and their department if they have one) need to know which items sell like hot cakes and which ones have seen a selling slow down, then find out why. The controller's written and personal reports to you, the owner, should include not only a confirmation of business as usual but also interesting notes on the last month's sales and advice on how to optimize gross profit next month. While the mathematical skills and precision of your controller are quite important, it's their insight thta will make the real difference.
Very Useful Financial Data
Almost every decision you make for your business is also a financial one. From breakroom furnishings to color selection of your products. You need to know which of these many decisions benefit or detract from your growth and profit, and your Controller is the person to ask. Here are a few things to check up on.
Not Getting the Full Report?
That's okay, your controller probably isn't holding back on purpose. Make sure they know that you're taking a deeper interest in the minutia of your business finances and you want the detailed report. Make sure to schedule regular meetings with your controller to discuss better financial decisions the business can make and places for improvement. Invite them to propose suggestions when they see an area that could benefit from different financial decisions and encourage them to help the company grow by applying their unique expertise.
The controller is an important member of any small business team. In order to get the best benefit from your controller, make sure they know that their insights and opinions are valued and vital to the growth of your company. Driven Insights offers professional controller services and in fact can be your entire finances department. If you don't yet have a great controller involved in your small business, contact us! We're ready to help you grow with expertly managed finances and highly detailed reports.