Friday, June 14, 2024
CEOWORLD magazine - Latest - CEO Spotlight - Patrick Shurney, Financial Expert and Founder of 3P Consulting, Decodes the DNA of Small Business Success

CEO Spotlight

Patrick Shurney, Financial Expert and Founder of 3P Consulting, Decodes the DNA of Small Business Success

Patrick Shurney

In the dynamic and ever-changing world of small business finance, having a solid grasp of cash flow and profit is crucial. Patrick Shurney, an experienced business financing expert and coach, explains the intricacies of small business financial management. Patrick’s business financing career spans three decades, with high-profile positions in corporate banking, in addition to being the founder of 3P Consulting. His business experience and extensive knowledge brings a unique perspective on financial mastery for small business owners.

Question: Patrick, what is the first step small business owners should take to get control of financial management? 

Patrick Shurney: The first step is about clarity. Most small business owners are not clear on what their financial statements are saying. Owners should understand their Profit & Loss, but they must also see how cash moves through their business. For example, tracking your expenses is not about numbers – it is a way of assessing future cash needs and evaluating how every decision you make impacts your liquidity.

Question: In your experience, why do small business owners often find themselves last in line for compensation? 

Patrick Shurney: Unfortunately, this is a common occurrence when the business owner puts their compensation last to keep the business alive. It often stems from not having a clear financial strategy that ensures the owner’s compensation is prioritized and protected. The solution is for small business owners to inject their business with profit-first thinking while ensuring they are the first to get paid, resulting in a more disciplined cash management approach.

Question: How should we approach debt?

Patrick Shurney: Debt is not always harmful; it depends on how you approach it. As an example, reasonable debt can drive growth if used in the right way. Instead of using short-term lines to fund long-term growth needs, structured debt, such as term loans with the same lifespan as the expansion initiative, should be used. It eliminates the problem of a lack of cash to pay off the debt due to misaligned financing terms.

Question: What is a common financial mistake that many small businesses make and how can they avoid it? 

Patrick Shurney: The misuse of accounting data. Many businesses view their balance sheets and P&L statements retroactively, almost like looking in a rearview mirror. Visualizing their balance sheets and P&L statements is like peering into a rearview mirror after the accident. I teach businesses to use forward-looking financial forecasts, setting benchmarks for critical metrics like gross profit margins and net profit margins, which allow them to make proactive adjustments.

Question: What is one piece of financial advice you would give to a business owner feeling overwhelmed by previous financial commitments? 

Patrick Shurney: Make it as visually simple as possible. Most business owners don’t aspire to be a CFO, but you need to familiarize yourself with financial management. Utilize tools like my 5-Minute Forecast to begin understanding your financial landscape. This tool helps demystify the financial forecasting process and provides actionable insights, allowing owners to make informed decisions quickly.

Final Thoughts 

Patrick Shurney’s perspectives on small business finance are not just about numbers. They are about giving owners the tools to guide their business toward long-term success and stability. With a focus on simplicity and planning and a keen eye on the future, his goal is to turn financial fear and anxiety into financial confidence. Patrick’s tactics are a blueprint of success, from a pattern of constant worry to a pattern of assured financial excellence, for every small business owner exhausted from struggling to get off the cash flow hamster wheel. According to Patrick, “It’s not enough to survive. We want to help your business thrive.” By implementing these foundational strategies, entrepreneurs can unlock new levels of growth and profitability, ensuring they are not just business operators but savvy financial strategists.

About Patrick Shurney: Patrick Shurney is an acclaimed Business Financing Expert & Coach, dedicated to empowering small business owners with the tools and insights needed to master their financial landscape. As the founder of 3P Consulting, Patrick brings over 30 years of experience in corporate banking and financial coaching to the forefront of entrepreneurial success. Driven by a passion for seeing small business owners thrive, Patrick specializes in demystifying complex financial concepts and transforming them into actionable, understandable strategies. His focus is on maximizing cash flow, leveraging debt intelligently, and ensuring that business owners can pay themselves competitively.

Patrick’s approach goes beyond traditional accounting; he teaches entrepreneurs how to become ‘numbers confident’—helping them understand not just what their numbers are, but what they mean for their business decisions. Whether it’s unraveling the intricacies of cash flow management or decoding profit margins, Patrick’s expertise is about instilling a sense of financial clarity that many small business owners lack. A frequent speaker and bank board member, Patrick’s thought leadership in finance is well recognized.

He has designed his services, such as the Profit Accelerator Resources and the 5-Minute Forecast, to provide foundational support for businesses looking to grow sustainably and profitably. Patrick’s mission is clear: to break the cycle of small business owners being the last and least paid in their own companies. By fostering financial independence and confidence, he guides his clients towards not just running their businesses but prospering within them.

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CEOWORLD magazine - Latest - CEO Spotlight - Patrick Shurney, Financial Expert and Founder of 3P Consulting, Decodes the DNA of Small Business Success

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Lila Jones
Senior News Editor at CEOWORLD Magazine. I'm a veteran correspondent for the CEOWORLD Magazine. During my career, I've been based in New York, Washington, DC, Brussels and London. Over the years I've written about everything from the debt crisis to Brexit and the rise of populism in Europe. I did a stint in London as the CEOWORLD Magazine's Europe News Editor and Deputy World News Editor. In my current post I try to capture life in a changing banking to finance landscape.