Do you feel out of your depth when discussing your financial statements with your accountant?
As a professional business coach. I have come to realize that becoming a successful business owner depends heavily on acquiring financial skills.
Unfortunately, not all business owners have a degree in Accounting. That is why I promote business re-education!
Firstly, as a business owner or entrepreneur, you need to recognize the importance of financial management. Fortunately, you may be able to delegate some of the tasks involved. To employees or outside experts – but you, yourself, need to be accountable and have foresight. This will ensure your business continues to develop the financial capabilities it will need to. In order to achieve its maximum potential for growth.
Running your own business can be intensely satisfying but at the same time hugely challenging. There are also numerous hats you must wear, from marketing and sales to service delivery and finance. However, wearing all these hats is not always possible.
As an entrepreneur, you may well be driven by a passion for the products and services you offer. Remember, raising finances to grow your business and managing the relationships with your banker is also of key importance. Therefor a business that grows needs cashflow and the lack thereof can seriously hamper business growth.
Studies on small business owners or family owned businesses have repeatedly demonstrated that. Poor financial management is one of the leading causes of:
- business failure
- under performance
- family relational damage, and
- poor physical health…
As business owner you must recognize how the needs of the business change as the business grows. Therefore make sure that the organization has the financial skills that will help the business grow.
Setting priorities based on urgency and importance is key to self-management.
Do you know your business numbers?
Being an Astute Financial Manager is at the heart of running a successful business.
Good financial skills are vital. From managing cash flow and tracking business performance in an income statement. To developing business plans that ensure that the business can make the most of strategic opportunities.
Shrewd financial management is the “key” to running a successful business. To be a success, you must know how to collect, track, save, and spend the money you earn. Be control of your cashflow.
I believe that skilled financial management is critical for putting your business plan into practice. Having an effective admin process and proper cash flow management is the starting point.
By implementing sound financial systems into your business, will:
- set proper financial budgets
- track and measure performances,
- identify problem areas or new opportunities, and
- mitigate financial risks
Financial mastery will contribute significantly to achieving your business goals. Accurate business planning will ensure that you identify, assess and capitalize on these new strategic opportunities.
Monitoring financial results on a weekly, monthly and quarterly basis will enable you to think through your options and create an action plan that minimizes costly mistakes. It is also a crucial tool if you need to convince financiers and others to support your business.
I challenge you not to be afraid and stop having a mental block. When it comes to knowing your business numbers!
The good news is that I can help equip you with the skills you need to manage your cashflow better!
How you ask? With a proven 6 step business coaching programme that delivers profitable results and sustainable growth. You are guaranteed to get the support you need. To gain a better understanding of your cashflow to run your business profitably
Connect with me for a free one hour business strategy consultation session by simply completing the enquiry form and I will contact you to schedule your appointment.
It is time for you to decide. Are you in control of your business numbers or are they controlling you?
Yours in great business,