Why Meetings are Draining Money from Your Business
It’s another meeting that could have been an email….
Sound familiar? Many people are complaining about back-to-back-to-back Zoom meetings. Once they find out the meeting agenda could have been addressed via email, they’re understandably frustrated! Or worse, someone invites you to an in-person meeting you didn’t really need to be in.
When employees are part of a meeting they aren’t invested in, you’re lowering morale, wasting payroll dollars, and creating animosity in your company. You can turn it around by having meetings that get employees involved and encourage them to take ownership of creating success in the business.
Following these steps can help you host a successful and productive meeting:
- Create an agenda and send it out ahead of time. Seems simple enough, but it’s a game changer. When you can tell everyone what the meeting is about ahead of time, it allows them time to process what will be discussed. This gives the attendees time to think about what they want to contribute.
- Break the meeting into three sections. The first section should always be an icebreaker. If your team is small enough, this can be a great time to catch up on what everyone is up to. Keep it light and casual—no business should be discussed.
The second section of the meeting should be about issues you need to discuss and why they are important. The third section should include actions that will be taken to solve the problem and who’s taking the lead.
- Designate time stamps and a facilitator. Each section of the agenda should have time stamps. For example a 30-minute meeting can be broken up like this:
- Section 1: Chitchat (5 mins; or use the actual time, 9:00-9:05)
- Section 2: Issues (15 mins)
- Section 3: Action items and assignments (10 mins)
The facilitator should move the meeting along and be a strong but gentle voice during the meeting. When a timestamp is reached, the facilitator should move on to the next section and add items to the action items section as needed.
Want to learn more about where your money leaks are coming from and get help solving them? Check out our downloadable guide, The 10 Biggest Money Leaks in Your Accounting System, or reach out today. We can help you simplify, organize and gain insight into your finances.
Contact us at Alisa@firststepsfinancial.com and start finding joy in working with your financials!
Our Latest Insight
Discover why great leadership requires more than bold action—it demands thoughtful strategy. Learn to balance doing with thinking for lasting success.
Cash flow is the lifeblood of any business, but for service-based businesses, managing cash flow can be particularly challenging. With fluctuating client payments, project-based revenue, and ongoing expenses, maintaining a steady flow of cash is critical to sustaining and growing your company. In this white paper, we’ll outline five actionable strategies to improve your cash flow and ensure financial stability. 1. Optimize Your Invoicing Process One of the most common reasons for cash flow issues is delayed payments. To accelerate cash inflows: Use Automated Invoicing: Implement invoicing software like QuickBooks Online to send invoices promptly and track outstanding payments. Set Clear Payment Terms: Require upfront deposits or shorter payment terms (e.g., Net 15 instead of Net 30). Offer Multiple Payment Options: Make it easy for clients to pay via ACH, credit card, or online portals. 2. Improve Pricing and Packaging Many service businesses underprice their offerings, leading to tight margins and cash flow struggles. Consider: Bundling Services: Create packaged service offerings to encourage larger commitments from clients. Value-Based Pricing: Charge based on the value you provide rather than just hourly rates. Regular Pricing Reviews: Reassess your pricing annually to ensure profitability. 3. Implement a Recurring Revenue Model Recurring revenue provides predictable cash flow and reduces the pressure of constantly acquiring new clients. To transition to this model: Offer Subscription-Based Services: Create monthly retainers or ongoing support packages. Encourage Long-Term Contracts: Provide discounts for clients who commit to extended service agreements. Automate Payments: Use autopay systems to ensure consistent cash inflow. 4. Manage Expenses Strategically Reducing unnecessary expenses can free up cash and improve profitability. Some key actions include: Review Expenses Regularly: Identify non-essential costs and renegotiate vendor contracts. Use Technology to Streamline Operations: Invest in tools that automate administrative tasks and reduce manual labor. Outsource Strategically: Leverage outsourced bookkeeping or virtual assistants instead of hiring full-time staff. 5. Forecast and Plan for Cash Flow Gaps Proactively managing your cash flow ensures you can handle slow periods without financial strain. To stay ahead: Create a Cash Flow Forecast: Use financial software to predict cash inflows and outflows. Build a Cash Reserve: Set aside funds for emergencies or seasonal dips in revenue. Secure a Line of Credit: Establish credit before you need it, so you have access to funds when necessary. Improving cash flow isn’t just about cutting costs or chasing payments—it’s about implementing smart financial strategies that create stability and growth. By optimizing invoicing, refining pricing, adopting recurring revenue, controlling expenses, and forecasting cash needs, you can take control of your business’s financial health. If you need help optimizing your financial systems and cash flow strategy, First Steps Financial is here to support you. Schedule a consultation today!
As a service-based business owner, managing finances effectively is key to growth and profitability. When looking for financial support, you may come across terms like "outsourced accounting" and "fractional accounting." While they may sound similar, they serve different purposes and offer unique benefits. Understanding the differences can help you decide which approach best suits your business needs. What is Outsourced Accounting? Outsourced accounting refers to hiring an external firm to handle bookkeeping and financial reporting tasks on an ongoing basis. This solution is ideal for businesses that need consistent, reliable financial management but don’t require a full-time, in-house accounting team. Key Benefits of Outsourced Accounting: Cost-Effective: More affordable than hiring an internal accounting department. Scalability: Services can be tailored to your business size and needs. Access to Expertise: Work with professionals who specialize in bookkeeping, payroll, and tax preparation. Technology-Driven: Many firms use cloud-based software like QuickBooks Online for efficiency and real-time reporting. What is Fractional Accounting? A fractional accounting firm provides higher-level financial strategy and decision-making support, often acting as a part-time CFO or controller. This approach is best for businesses that need more than basic bookkeeping but don’t yet require a full-time financial executive. Key Benefits of Fractional Accounting: Strategic Financial Oversight: Helps with budgeting, forecasting, and financial planning. Higher-Level Expertise: A fractional CFO or controller can provide insights beyond day-to-day transactions. Customizable Support: Businesses can engage a fractional firm for a few hours a week or month based on their needs. Growth-Focused: Ideal for scaling companies needing financial strategy without the full-time cost of an in-house CFO. Which One is Right for Your Business? The choice between outsourced and fractional accounting depends on your business size, complexity, and financial goals. Choose Outsourced Accounting if: You need reliable bookkeeping, payroll management, and financial reporting but don’t require deep financial strategy. Choose Fractional Accounting if: Your business is growing, and you need financial leadership, cash flow management, and strategic planning without the cost of a full-time CFO. The Best of Both Worlds Some firms, like First Steps Financial, offer both outsourced accounting and fractional CFO services. This allows businesses to start with outsourced accounting and scale up to fractional services as they grow, ensuring they always have the right financial support. Both outsourced accounting and fractional accounting firms can play a crucial role in your business’s success. The key is understanding where your business stands today and what level of financial expertise will help you achieve your long-term goals. If you’re unsure which option is best for you, First Steps Financial can help! Contact us today to discuss your needs and find the right financial solution for your business.
