EDITORS’ NOTE Paul Goodman, MBA, PFCI, and Derrick Myers, CPA, CFP, PFCI, love a good financial management challenge, however big or small. Send your questions to fmeditor@safnow.org, and we’ll challenge the experts to tackle them in an upcoming article.


Is Your Business Healthy? E


Examine key areas of your business to determine whether it is


running at peak profitability.


BY DERRICK P. MYERS, CPA, CFP, PFCI


very year when we go to the doctor for a checkup, we’re examined from head to toe and receive tests to make sure there are no hidden issues that could jeopardize our health. Owners should do the same type of annual checkup with their businesses. Where should you look? Evaluate the same vital signs a doctor uses.


Lifeblood = Cash Flow One of the first tests your doctor performs is checking your blood pressure. In busi- ness, blood is your cash flow. Without cash flowing properly through your business, it will eventually die. You need to monitor your profit, which is the indicator of new blood being produced. If your profit is too low or in the negative, you may find that you are running out of cash and may need an infusion in the form of a loan from yourself, a credit card, or even a bank. If profit is high, you may find that there is too much cash in the business, which could leave it exposed to creditors in the event of a lawsuit or other problems. Maintaining the correct amount of cash in your business is crucial to your ability to survive and grow.


40 FLORAL MANAGEMENT | July/August 2023 | WWW.SAFNOW.ORG


SHUTTERSTOCK/ALEKS MELNIK & VIKTORIA KURPAS


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