No doubt you have heard the statistics about the risk of starting a business and how many end up in tears.
Yes, that’s right. 60% of businesses fail within three years of opening the doors. Most do not even know they are failing as they fail to look at the numbers on a consistent basis. Their accountant doesn’t give them the advice that they really need to take control of the financials for future success.
If you’re like many business owners, you’re too busy to look at the accounts on a regular basis. Perhaps you get that sick feeling in the stomach when you start to think about the numbers. You’d prefer to stay busy, working in the business – responding to emails and phone calls, making client visits, dealing with staffing issues and writing tenders and proposals – rather than making time to work on the business – critically reviewing what’s working and what needs to change to improve cashflow and profit.
For many businesses, positive cashflow is all about having enough cash to pay the bills on a day to day basis. However, there’s a lot more to managing cashflow than paying the bills. Forward planning can help to you anticipate future cashflow challenges and then take steps to address those challenges in a proactive way.
If your cashflow problems are keeping you awake at night, then you need to take control of your business. You need to really understand your numbers to know if you are winning or losing in business. Your investment in an accountant who can help you to understand the key financial drivers of business performance is an investment in your future and your peace of mind.
Have a quick look at the infographic below to see if your business is ticking the boxes which are critical to success; working with the right systems and software, collecting your debts on time, being cash flow positive and, most importantly, having the right staff and external advisors.
You don’t have to become an accountant to have a real understanding of the numbers. Instead, ask for help from Jack Lawrence Accountants. We’ll show you how you can use technology to get access to the numbers that are important for you in real time.
If you want to have a chat about your business financial challenges and needs, just get in contact with me for a complimentary, no obligation meeting and more. At Jack Lawrence Accountants, we’ll make your business life easier.