Are you starting a new business, or do you have a small business that you are ready to drive forward?
Are you meeting the needs of your existing and new customers and reaping the rewards of running a successful and growing small business?
Sadly, for far too many small business operators, the answers to the above questions throws up a mixture of confusion, concern and sometimes, outright fear!
They can feel that their dream has become something of a nightmare and things are in danger of spiralling out of control.
In many cases, the uncertainty of it all, stems not from them having the skills needed in their particular field of business, it is from not having the critical financial and other data a good business owner does have, by having an up-to-date and informative set of business financial accounts.
“You can’t manage what you don’t measure.”
Peter Drucker (the founder of modern management)
Here are 5 key reasons why are business accounts are of such importance:
1. Ultimately Saves You Time
A bookkeeper ensures you have up-the-minute information, on what bills need to be paid and when, so you remain focused on exceeding your customer expectations, growing your business and avoiding any late payment penalties.
A good bookkeeper will help to ensure you keep track of all incoming and outgoing money flows in your business, helping you to collect outstanding payments, as quickly as possible, so you are not carrying any undue financial burdens.
2. Your Business Needs YOU
You have to be laser focused! Your existing clients need you and you want to impress them. You want their repeat business and you want them to tell their colleagues that you are good at what you do, and they should use you in their own business as well. Happy existing clients are fantastic way to get new clients. Your business needs you to be focused on it, not burdened with bookkeeping pressures.
Information on Queensland Government business mentoring can be found HERE
3. Money Saver at the End of the Day
Your time is literally your money. You must marshal your time and invest it, in the most commercially productive way. If you are ignoring clients or business growth opportunities whilst chasing paper for doing your books – you are investing poorly. You are costing you….money!
4. Cash Flow is King
Your “cash flow” is the movement of money in and out of your business. Your #1 business goal is to have a positive cash flow.
A good set of up-to-date business accounts, will be your best early source of data that negative cash flow is occurring and will tell you this important fact, when you are best positioned for taking corrective action, typically before a major, dangerous situation develops.
Avoiding sustained negative cash-flow is critical for small business viability!
5. Work. Live. Balance
Everyone knows there’s more to life than endless work. In fact, endless work is not good for either you or your business’s health. Our bodies and minds need a break and we also need to spend time doing the things you love, with your loved-ones, not sitting up late or on the weekend do your “books” – a poor investment and life option.
So, are you ready to maximise the positives and minimise the negatives of being in small business? If so, it is time to get the very lifeblood of business, your financial books, in tip-top-shape today!