Sigma Consulting's Ahmed Mohidin breaks down financial management

Sigma Consulting's Ahmed Mohidin breaks down financial management

Ahmed Mohidin, the founder and principal advisor at Sigma Consulting & Training, is an enthusiastic supporter of small businesses.

The moment he’s connected with a client, he says he gets to work with several planning and research tools—including a robust startup checklist--to make the most out of the 25 hours of consulting he provides. Then, he works with entrepreneurs to chart a path to start a business, a strategic plan, or figuring out finances. But he stresses, he’s not the one “driving” the business.

“I and the other consultants, where the GPS, right?” said Mohidin. “If you stop driving, the GPS doesn't take you anywhere.”

That’s an essential message when it comes to one of Mohidin’s specialties: financial management. The area can be daunting or off-putting to many entrepreneurs, but it is one thing that he says is exceptionally important to work through.

One thing he sees too often is issues getting loans or financing. Without a proper separation of business and personal finances and the business owner taking a documented salary, loan applications often get denied.

“I've seen that a lot,” said Mohidin. “And these are smart, successful business owners.”

He says the best time to figure out those finances is at the formation of a business, but the second best time is now. Something he does to help entrepreneurs work through the complexities of setting up a strong financial system is breaking it down to small parts.

“It looks really a cumbersome and like a big issue to break down,” said Mohidin. “But I break that down with simple questions. What is your product? What is the price?”

Bringing those together in a financial management system—he likes QuickBooks—quickly turns a muddy financial system into a professional one. All it takes is a little of the drive entrepreneurs have for the rest of their business.

“Nobody trained you how to use TikTok or Facebook, and those are very complex systems,” said Mohidin. “It’s just willingness, and then understanding it.”

Entrepreneurs looking for some support understanding financial management systems can connect with Sigma Consulting and Ahmed Mohidin today, or any of the Elevate Hennepin specialists in accounting and financial management.