Developing and Executing your Company’s Financial Plan

July 3rd, 2019 by Tara Taffera

There’s a reason it’s called financial planning–you can’t run a business without having a plan when it comes to the finances. Experts such as Justin Krane, president of Krane Financial Solutions, has worked with small business owners for the past 11 years. He’s heard it all when it comes to companies without a financial plan. Krane will speak to attendees at the International Window Film Conference and Tint-Off™ (WFCT) on Friday September 6, and WINDOW FILM MAGAZINE interviewed him to give you a preview of his advice.

WINDOW FILM MAGAZINE: You’ll be speaking to the window film industry about creating financial health for your business. First give us some of your background so we know your areas of expertise.

Justin Krane

Krane: I started out as a financial advisor about 25 years ago at a Wall Street firm. I worked my way into financial planning and became a Certified Financial Planner® professional. There is an element of that called financial life planning, which is helping people identify what they want out of their life. I started my own firm in 2008 to work with business owners: I love business! I started to realize someone who is an entrepreneur has more control over their financial life and could have a greater potential to fund their personal goals. So I taught myself how to understand financial statements and started working with business owners to help them understand their business goals.

WINDOW FILM MAGAZINE: To prepare for your presentation, you’ve spoken to some industry business owners. Tell us about the common threads you’ve found and how you can help.

Krane: The commonality is that you can’t do everything on your own. You have to create some sort of team who can help you, as you only have two hands.
One of the people with whom I spoke said he knows how to install film–now he has to figure out how to manage the money. I’ll tell people like him how to make a plan and follow through.

WINDOW FILM MAGAZINE: Why should people come to your session?

Krane: They might be able to find hidden money in their business. They could be throwing money away, hiring the wrong people and not paying themselves first. They’ll find out if they’re not clear on what their core focus is and how to invest to serve it.

WINDOW FILM MAGAZINE: Do most business owners you work with have a plan?

Krane: They have a plan in their head but can’t articulate it or narrow it down to four bullets of what they have to do to implement it. If you want to hire another employee, for example, you need to put a plan into place. Make sure there’s enough cash to hire the employee, for example, if its $4,000 per month, set that aside. This means you may not be able to spend the money to redo your website. You have to make a plan.

WINDOW FILM MAGAZINE: Are you looking forward to speaking and helping attendees strengthen the financial part of their business?

Krane: Yes. We’re going to learn, get real, have lots of fun, and learn how to implement ideas.

This article is from Focus on Film, the weekly e-newsletter that covers the latest news regarding window film and related products, including paint protection film. Click HERE to sign up—there is no charge. Interested in a deeper dive? Free subscriptions to Window Film magazine in print or digital format are available. Subscribe at no charge HERE.

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