Over the years, businesses have had to contend with a number of external factors that have negatively affected their financial situation, such as natural disasters, supply chain disruptions, and, of course, the COVID pandemic.
However, a new danger has arrived that also needs to be taken into consideration — inflation.
Gonzalez & Arrambide, the Rio Grande Valley’s most knowledgeable and effective financial advising firm, has experienced CPAs and virtual chief financial officers in Weslaco with tips to help fight against inflation!
Understand Your Operation and the Indicators of Inflation
One of the most important pieces of advice we can offer is to know your operation inside and out. While this may seem obvious, CEOs and other executives have a variety of other tasks to attend to, so some things may fall through the cracks.
Our vCFOs offer business owners the ability to constantly monitor and analyze their cash flow cycles, costs, and profits, then analyze them through the lens of inflation.
If you stay on top of your company’s financial arrangements, you’ll be able to better recognize and forecast the effects of inflation and prepare!
Diversify Payments and Debt
Another clever strategy is to make it so that your business can accept and make payments in various ways. Accepting credit cards, utilizing electronic banking, and dealing in different currencies are great ways that a vCFO can help your company go about this.
At this point in time, it may also be wise to hire a vCFO to diversify your lender portfolio. Leveraging debts with key lenders could be a smart move for the future.
Ensure Accountability at All Levels of Your Organization
In addition to financial strategies, vCFOs offer the passive ability to ensure that your company remains accountable to itself and in good condition.
Three key goals that help achieve this include:
- Mission – Ensure everyone within the organization shares the same vision.
- Adherence – Work as a team every day to make the company mission a reality.
- Health – Help other executives become more functional and effective leaders.
Fight the Effects of Inflation With the Rio Grande Valley’s Best vCFO’s
While the financial effects of inflation may seem frightening, rest assured that our Weslaco CPAs and virtual chief financial officers have what it takes to help get your company through the toughest of times.