So, you are great and what you do. But, when the economy goes south, it is not enough to be an excellent engineer, lawyer, doctor, plumber, carpenter, hairdresser, or chef. To succeed in business, financial management is key.
So, what does that mean? Well, first take this quiz.
- How much are your business expenses weekly?
- What are your weekly sales?
- Are you making a profit?
- How much are your personal living expenses?
- What is your highest cost?
- Do you have an emergency fund?
If you are struggling to answer these questions, it should tell you that you are not managing your finances. Hopefully, you have an accountant that provides you with this kind of information weekly so that you are aware of what is going and can take the necessary corrective action as soon as possible.
Most small businesses tend to hire an accountant to complete their taxes and that is it. However, your accountant should help you to understand your business from a finance perspective. As a good friend of mine always says, “It is hard to see the picture if you are in it”. You need that objective perspective to point out the pitfalls and to highlight what is going well.
More importantly, create your own “think tank” and include your accountant. Sit down and talk about what the numbers are saying and brainstorm as to what actions you can take to grow the business.
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