Business Financial Consulting - Erin Armstrong

Business Financial Consulting for Service-Based Businesses

Are you struggling with financial and operational challenges within your service-based business? Are you ready to make impactful changes, but you don’t know how best to move forward?

That’s where Business Financial Consulting comes in! This service is designed to solve your immediate business problems, and it can also get you on the path toward some of your long-term goals.

Business Financial Consulting typically involves working together for between three and six months. The process begins with an analysis of your business and the specific issues you want to address. Next, I will work with you to develop a customized plan that addresses these issues. Finally, I will help you implement the plan, and I will provide logistical support throughout that process.*

*Note: If you’re looking for a fuller-scope, ongoing partnership, please check out my Virtual CFO Service. And, if you’re not sure which service is right for you, that’s ok – go ahead and schedule a consultation and we’ll talk about it!

The types of challenges often addressed through Business Financial Consulting Services:


Profit Margins:

  • Gaining clarity as to your current profit margins
  • Laying out options for how your profit margins can realistically be improved
  • Assessing the margins of what you can pay new hires, modeling out potential labor and material configurations, etc.


  • Conducting market research on your direct and indirect competitors
  • Assessing the positioning of your company
  • Creating models for price increase possibilities (along with data-driven attrition rates)

Cash Flow:

  • Pinpointing money leaks (i.e., you see the money coming in, but aren’t sure why you have so little left in the bank)
  • Financial forecasting that accurately considers all aspects (income, expenses, loan re-payments, draws, taxes, required payments toward past accrued debt, etc.)

Owner Pay:

  • Assessing the ways you’re currently paying yourself through your business and helping you potentially reconfigure this so that you’re supporting all your goals (this can incorporate payroll, draws, distributions, retirement contributions, among other things)

Pivoting and/or Re-Positioning of Offerings: 

  • Conducting market research
  • Developing a transitional schedule and plan to pivot and/or re-position one of more of your service offerings

Scaling your Business:

  • Comparing your long-term goals with the revenue caps of your business
  • Creating a plan that re-configures your business to be structured in a way that positions you to scale, reach, and (even exceed) your stated revenue goals


  • Analyzing the cost & energy out-puts needed to open a new location
  • Forecasting & modeling the cash-flows and timelines for the new location to be cash flow positive


  • Assessing your businesses tax status and helping you determine which legal business structure makes the most financial sense
  • Assessing and projecting owed taxes for both savings and profit purposes
  • Optimizing your business tax deduction strategy (most business owners are leaving tens of thousands of dollars on the table each year by failing to strategize in this way)

Accounting Records

  • Cleaning up your QuickBooks Online file (or getting your business switched over to QuickBooks Online)
  • Streamlining (and clarifying) the way your business is capturing different income & expense streams

The kinds of results you can expect: 

Every client that I’ve worked with has recouped far more than their investment into my services. Here are some recent client successes (from 2021 and 2022): one client more than quadrupled their business revenue and profit by implementing some major operational & financial changes; another client is now several steps into a realistic, multi-staged plan that repositioned their services and has their business moving out of $0 net profit/month to $65k net profit/month within an 18-month timeline; another client has successfully increased their core service pricing by 33%, has added two additional revenue streams, and is finally operating with a scalable model; another client has successfully increased all their pricing by 60% and increased the owners’ compensation by over 50%, all while working fewer hours than before.

Some additional important details:

  • My Business Financial Consulting service tends to be of greatest value and fit to service-based businesses with 1-2 owners, who have 3-50 (total) staff members.
  • I typically work with Business Financial Consulting clients between 3 and 6 months (the duration will be determined after our initial free consult and will be adjusted based on your business’ needs).
  • I accept payments both via ACH and credit card, and if cash-flow is a challenge, we can talk about setting up a payment plan.
  • I value the one-on-one interactions I have with my clients. I have a small team that helps with things like administrative tasks, market research and historical bookkeeping, but I’m the person who will be directly working with you.
  • An on-going consulting relationship is possible upon the conclusion of our initial work together. Some of my past consulting clients have found it beneficial for us to hold quarterly or bi-yearly strategy workshop sessions (this something we can talk about once we’re working together).


Erin Armstrong is a CFO and Business Coach who’s on a mission to financially empower service-based business owners and creative entrepreneurs.

Erin’s unique approach focuses on the nuts & bolts of business finances, such as accounting practices, tax strategy, profitability, budgeting, & cash flow. Simultaneously, she helps her clients identify their financial fears and improve their money mindset so that they can move forward in a confident, proactive and empowered way.

Over the past 10 years, Erin has worked with hundreds of business owners across the country as a Virtual CFO, Accountant, Tax & Financial Consultant, and Business Coach.

She has also led workshops in Los Angeles, New York, Chicago, Austin, and Dallas. Erin is a licensed Enrolled Agent (the highest tax credential issued by the IRS), and is a member of the National Association of Enrolled Agents and the Texas Society of Enrolled Agents. She lives with her husband and daughter in the Dallas area.


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