Public companies whose stock trades on the stock market are required by law file a form 10-K with the Securities and Exchange Commission. A 10-K is a review of the company how it performed in the past three months and a projection of how the management thinks the company will do in the coming three months.
Simply put, it is a checkup of the company.
Every business must have a regularly scheduled review of the entire operation of the company. In order to be on top of all the aspects of the business, one must review one a regular basis the following:
• Accounts Receivable
• Accounts Payable
• Receivables Aging
• Receivables Collections
• Customer Complaints
From time to time companies bring in an outside consultant to review the operations. The popular saying “a guest for while sees for a mile” is very appropriate in a business. An outsider sees things differently than someone who is involved with the business day in and day out. Usually an outside consultant will come up with ways to save money or change procedures that would make the operation run smoother and thus more profitable.
When things start to go wrong in a business, it is critical to bring in outside help. Usually problems in a business take time till they start being recognized. The awareness process is always lagging a few months behind the problem. All of a sudden the company is tight in money; checks bounce, vendors are not paid on time and it’s a struggle to cover payroll. Once taxes are not paid, the problems are severe and dangerous for the company and its’ owner.
Many small business people hesitate to bring in outside help.
Bringing in someone who is not attached emotionally to the business, and looks at all aspects of the business objectively, will probably save your business.
Over the years of building and running a business we have had our difficult times and learned from our mistakes and bad judgment. We have refined procedures how to overcome all problems that a business might go through during the course of its’ existence. We have the knowledge and experience to do a thorough analysis of all aspects of our business and guide you, support and advise you how to move forward profitably, professionally and with the goal of growing your business.