Patrick Shurney received recognition in CEOWORLD Magazine while providing valuable financial insights for small and growing businesses in a feature interview.

Baltimore, MD, May 08, 2024 (GLOBE NEWSWIRE) --

(Patrick Shurney, Founder 3P Consulting)

Baltimore, MD: Continuing his record as a lead financial expert and guiding force for small-to-midsize businesses, Patrick Shurney, Founder of 3P Consulting, has once again arrived in the spotlight in a recent feature interview with CEOWORLD. After years of helping companies understand effective debt management and the power of controlling cash flow, Shurney lends his expertise on these topics to share critical insights into managing finances to support long-term growth.

Creating a Sense of Financial Clarity

In his 30+ years of working with businesses to support financial efforts, Patrick Shurney has identified plenty of consistent trends, particularly for newer business owners. Financial management is a cornerstone of creating a successful and lucrative business while avoiding common pitfalls, and he recommends one core focus for business owners—creating clarity.

“Business owners focus on the input and output rather than the flow of money itself, and this can limit their view of their own finances,” 3P Consulting Founder Patrick Shurney says, emphasizing that clarity means identifying more than just profit and loss. While money coming in and going out is a core focus, business owners should also seek to understand the flow of their money. With this information, they can make more informed decisions and understand the dynamic movement of money beyond the simple numbers.

Defining a Profit-First Strategy

A common focus for small business owners is minimizing their compensation to keep the business afloat, but Patrick Shurney explains how damaging this can be. When business owners put their own salary on the back burner, they are revealing the lack of a complete financial strategy. With small business owners making an average salary of $32,000 on the low end, many struggle due to being underpaid.

Having an effective strategy will ensure that the business owner’s compensation is “prioritized and protected” which moves the baseline away from zero and encourages a profit-first focus. Using this approach, business owners prioritize discipline when managing their finances and empower themselves to receive the rewards of creating and operating a growing business.

Effective Debt Management and Use Cases

For many individuals and small business owners, debt can be a point of confusion. Worse, it can also be a fairly significant risk when it is used incorrectly. The average small business owner has roughly $200,000 in debt. However, in his interview, Patrick Shurney highlights the reality that debt is not inherently bad and goes on to explain how it can be very useful.

Effective debt management, as explained through the lens of this financial veteran, is about understanding how to utilize and break up debt. He expresses a need to choose the right timeline, opting to lengthen lending periods to correspond with scheduled initiatives rather than choosing short-term loans to fund long-term projects. “It’s important to match the term of the loan with the purpose of the loan,” explains the 3P consulting CEO. He further states, “A line of credit should cover short-term needs and be fully paid back within a year, versus a 5-10 year loan for equipment, working capital or long-term assets.”

Forward-Thinking for Better Accounting Data Management

Many small business owners find themselves striving to produce timely and accurate financial statements on a monthly or quarterly basis. During this time, the company will focus on its profit and loss statements, but this reporting is really just a matter of compliance rather than effective business financial management.

Shurney describes this approach as “peering into a rearview mirror after an accident” and urges businesses to manage their finances by looking to the future, not the past. Financial forecasting empowers business owners to create benchmarks that will help to support greater business success down the line. A forward-thinking strategy allows businesses to strive for a bright future where goals are set and achieved. Having this scope of understanding also helps business owners to make timely and proactive adjustments for better results.

Making the Most of Tools

Business owners do not aspire to be a CPA or become a CFO when it comes to managing business finances. The average business owner has a niche skill set, interest, or vision that they hope to bring to fruition, and they plan to simply manage the financial aspects on the side. Some business owners are afraid of financial management, and it can even be a constant source of anxiety.

Better business financial management is all about understanding, and Shurney believes that financial tools can make a significant difference for the average business owner or small business team. He recommends tools that help business owners visualize their financial landscape, with the leading expert even going on to create his own 5-Minute Forecast tool to demystify the financial forecasting process and help business owners make more informed decisions.

Preparing for the Future

With decades in financial management, Patrick Shurney knows that financial needs and understanding go well beyond the numbers that many business owners focus on. He believes that empowering businesses starts by creating understanding through effective tools, allowing business owners to pay themselves competitively while encouraging them to create sustainable growth. Survival should never be the core focus for businesses. Instead, a mentality centered around thriving will help them to set and achieve their goals year after year.

Company: 3P Consulting

Contact: Patrick Shurney

Website: https://3pcllc.com/

Email: Patrick@3pcllc.com

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