With employee retention, inflation and a looming recession all front of mind for business owners, it can be tricky to balance the effect labor costs have on your bottom line. In the United States, WTW’s budget planning survey showed companies are projecting an average salary increase of 4.1% in 2023. But, even if your company is included in that estimate, there may be other ways to reduce labor costs.
If there’s one thing we might recommend to new clients when they ask about a possible recession, it’s to consider our fractional CFO services. A fractional CFO (also referred to as an outsourced CFO) is a financial partner to to drive growth when there is an opportunity and to help weather a recession if you see a downturn.
Landed cost is the total expenses associated with shipping goods from the source to buyer. This could mean to a warehouse or to a customer’s doorstep. This is an important KPI in supply chain management.
Sounds simple? There are many external factors that can affect landed cost.
Price hikes are always a delicate business decision to make. You don’t want to raise your prices too high and scare your consumers or clients off, but you want to address your business needs.
An outsourced controller is an experienced financial expert, outside of your own company structure, who
Your value proposition is more than simply defining your price structure. It is your brand’s narrative. To define your value proposition, begin with the obvious and work your way through to the nuanced.
A common question for growing companies who are considering outsourced accounting is: “What is the difference between bookkeeping and accounting?”
Your cash flow statement shows the business cash inflow and outflow over a specific period of time. Cash flow indicates whether your company can generate and use cash in a sustainable way. A successful business needs cash to: Pay employees, purchase materials, goods and supplies, meet overheads costs and cover debt.
Preparing for year-end finances shouldn’t only be about taxes. It’s a perfect time to begin business planning to meet your financial goals and start off the year with clean books.
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