What Does a Strategic Financial Partner Look Like?

A strategic financial partner plans to put an emphasis on growth and long-term vision within your finance functions. It’s a way of building systems and processes that focus on the future. 

For many entrepreneurs, focusing on strategic financial planning leads to a successful business. However, because it requires a lot of strategizing and a strong understanding of your finances, many turns to a strategic financial partner for help. 

Strategic financial partners, like NOVAA, help build, carry out, and maintain the finance functions that enable strategic financial planning.

Let’s take a closer look at what your business can expect when you work with NOVAA as your strategic financial partner. 

Data-Driven Decision Making 

Every business collects data with the intention of using it to help them grow. However, many times, these intentions fall flat. They either: 

• Don’t collect the right data,
• Collect the right data but don’t have the time to use it properly,
• Collect the right data but don’t know how to leverage it. 

A strategic financial partner will ensure your company is tracking the right metrics and using them to produce decisions that drive growth. 

At NOVAA, we do this by tracking essential KPIs and analyzing reports. From there we will pinpoint areas of improvement and opportunity. With that information, we will suggest ways to make adjustments and get back on track. 

With the help of data and guidance from a strategic financial partner, you’ll ensure your choices are aligned with your goals and are future-focused. 

Financial Processes Built for Growth

A common roadblock for many businesses is outgrowing their accounting system. As their business gains traction, they either:

• Need to switch from manual to automated processes

OR

• Their financial processes and third-party applications can no longer keep up with the growth. 

This is another area where having a strategic financial partner will be beneficial.

At NOVAA we ensure our clients’ financial systems are built for now and later. As you grow, the systems and processes we help you build will adapt to your business. 

We will pinpoint third-party applications that will work best with existing systems and we will guide you through the implementation process for those tools. We will also ensure you’re entire financial system integrates smoothly so you can maximize efficiency and continue to grow.

In-Depth Financial Analysis

Every aspect of your financial system works together to produce vital information. 

A financial analysis compiles that information to give you the full story of your business. When done correctly, it will give you the information you need to form educated choices and review previous successes. 

An in-depth financial analysis will:

• Include an evaluation of trends, internally and externally
• Help build a financial system that works for your business 
• Focus on long-term planning and strategizing
• Serve as a tool for determining how and where your business should invest

At NOVAA, we know what information is essential and can compile it into easy-to-understand reports that will help you make the right business decisions. 

Detailed Budgeting and Forecasting 

A large portion of your financial success boils down to accurately creating and utilizing your budget and forecasts. 

Your budget is a detailed outline of your revenue and expenses and when you stick to it closely, it will keep your spending on track.

Your forecasts show you where your business is headed financially and present a potential risk. You can build a variety of forecasts based on different financial situations, however, one of the most important forecasts is the one built around your budget. This will show you where your business will end up financially as long as you stick to the budget. 

As your strategic financial partner, we, NOVAA, will work with you to create a realistic and goal-focused budget. From there, we’ll create forecasts for a variety of situations so you can always be prepared for what’s ahead. 

Experts Dedicated to Your Finances 

One of the primary benefits of working with a strategic financial partner is having an expert dedicated to your finances. 

They have the time and resources to truly understand your business without a personal connection. This means they’ll be able to clearly make decisions on facts and data rather than hunches or emotions. 

And while you may have a good understanding of your finances, you likely didn’t start your business to sharpen your financial management skills. This is why many business owners choose to work with a strategic financial partner. They ensure everything is getting done properly and your business is being built for the future. 

Consider working with NOVAA as your strategic financial partner. We will immerse ourselves in your numbers and dedicate ourselves to ensuring financial success for your business. This way, you can spend more time doing what you do best, running your business. 
Contact us today to learn more about how we can service your business! And don’t forget to follow and like us on Facebook, Instagram, and LinkedIn!