Ohio SBDC - Free Expert Business Advice

Understanding Your Company’s Financials: Assistance with Financial Analysis

A continuous theme I hear from small company operators is a misunderstanding of their current financial picture. It’s understandable. Your focus is on driving sales and improving your company’s secret sauce. As long as there is money in the bank account and sales coming in, financials take a back seat.

One favorite pastime of mine is financial planning and analyzing financials, whether it be personal finances or companies. Since I enjoy this so much (yea, I know right) and have done it for years, I have become proficient at it. But I also have a secret tool: ProfitCents.

ProfitCents is a powerful tool that converts complex financial data into actionable intelligence that enables business operators to make better financial decisions. 

A ProfitCents created financial report and analysis is beneficial because:

  • It helps you to understand financial information by converting it into plain language.
  • It performs for you sophisticated financial analysis, including projections and analytical procedures, with a very fast turnaround.
  • It highlights your company's areas of strength and weakness giving you a breakdown of its financial health.
  • It provides you with real-time industry comparisons and industry reports, so you know how you compare to your competitors.
  • It allows for what-if scenarios so you can see how changes can impact your bottom line.

We here at the MTSBDC and SBDC @ Columbus State, an affiliate partner of OHManufacturing, the Central Ohio MEP Center, have access to many small business assistance tools such as ProfitCents. There is no charge to engage the SBDC services and no charge for a complete financial analysis report. In addition to the tangible report that you keep, you get the guidance and explanation that we provide. This often serves as a jumping off point to addressing other areas of your company that need attention. We are truly here to help you make your company better. – by Kevin Hammond, Director MTSBDC @ CSCC - khammon1@cscc.edu

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