Discover how Chris Peden’s FACT Maps help entrepreneurs uncover hidden financial challenges, tackle misconceptions, and make smarter decisions to drive sustainable business growth.
Building a successful business takes more than passion and hard work—it requires a clear understanding of one’s financial health. Chris Peden, a financial consultant with years of experience helping businesses thrive, shares insights into how his FACT Maps empower entrepreneurs to uncover hidden financial challenges and chart a path to success.
Facing Financial Realities with FACT Maps
“Sometimes, you need to slow down and see where you are,” says Chris. His FACT Maps address the fears that keep business owners awake at night. “We sit down and go through business and personal fears to make sure everything is out in the open,” Chris explains. From assessing cash flow and net worth to addressing debts, the process lays a foundation for growth by providing a clear picture of the current financial state.
Peden emphasizes the importance of starting with the present before moving into future planning. “You have to start with where you are first,” he advises, “then you can move into building the business you truly want.”
Addressing Common Misconceptions About Cash Flow and Profitability
One of Chris’s biggest challenges is helping business owners understand that profit and loss statements don’t tell the full story. “A lot of things don’t show up on a profit and loss statement,” Chris explains, citing taxes and loan principal payments as examples. His approach factors in these additional obligations to prevent surprises like a client’s unexpected $50,000 tax bill.
By looking beyond basic financial metrics, Chris ensures his clients are prepared for all aspects of their financial responsibilities. “We make sure these factors are accounted for so that you’re not blindsided,” he says.
Empowering Better Decisions Through Financial Awareness
Understanding the full financial picture isn’t just about solving problems—it’s about making better decisions. Chris recalls a client who wasn’t tracking the return on investment from their advertising. “I told them to ask, ‘For every dollar I spend with you, how much money do I get back?’ If the answer isn’t clear, it’s time to reconsider,” he advises.
This simple yet powerful approach enabled the client to make informed decisions and prioritize spending that directly benefited their bottom line. Chris’s advice is clear: “Ask the tough questions and focus on what really drives your business forward.”
With his FACT Maps, Chris Peden helps business owners face their financial realities, correct misconceptions, and build confidence in their decision-making processes. His practical insights ensure entrepreneurs are equipped to achieve sustainable growth while avoiding costly pitfalls.
Ready to take control of your business finances? Contact Chris Peden at Peden Accounting Services by calling 703-967-1948 today to get started with a FACT Map tailored to your unique needs.
Thieves use taxpayers’ natural fear of the IRS and other government entities to ply their scams, including e-mail and phone scams, to steal your money.
Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and won’t allow you to claim a loss in excess of your winnings.
A federal tax credit for the purchase and installation costs of a residential solar system is fading away. After being 30% of the cost for several years through 2019, the credit amount drops to 26% in 2020 and then 22% in 2021, the final year of the credit.
If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances.
Because of the COVID-19 pandemic emergency, the IRS postponed the original due date for filing 2019 returns to July 15, 2020. If you could not complete your 2019 tax return by July 15 and filed a request for additional time to file, that extension expires on October 15, 2020. Failing to file before the extension period runs out may cost you late-filing penalties.
Interest rates are currently at an all-time low, and it may be time for you to consider refinancing your existing home mortgage to take advantage of these lower rates. Doing so may substantially reduce your monthly mortgage payments.
Most taxpayers don’t intentionally incur tax penalties, but many who are penalized are simply not aware of the penalties or the possible impact on their wallets.
With jobs at a premium during the COVID-19 pandemic, you might consider hiring your children to help out in your business.
