Accounting Matters
BUSINESS OWNERS CAN TAKE A FAMILY HOLIDAY – HERE’S HOW Okay, so we have used a bit of creative license with the headline but if you are in business and have not had a holiday because you don’t have the time nor the cash, you need to keep reading.
• Monitor and measure what’s important to succeed. Don’t rely on annual tax accounts to work out whether your business is working for you.
Over the past five issues, we have presented a series of articles on how business owners can improve their results. Correctly implemented, these recommendations will improve your results and cashflow and help pay for that long overdue holiday. To sum up our entire philosophy we offer the following checklist: • Know what you want to achieve from your business. Is it lifestyle, wealth, world domination? If this is not the opening question from your accountant then perhaps you should be thinking about their ability to help you succeed. Be honest with your accountant because these objectives will guide their advice to you. • Understand how what you do on a daily basis supports the achievement of your objectives. It sounds simple but we see many clients who, for example, say they want to work less hours but make no effort to implement efficient systems into their business to relieve them of some of their time burdens. • Be prepared to change what you do, don’t be stupid! Albert Einstein defined insanity and it’s true, you will only get different results if you do something differently.
CHRIS BURNS Complete Business Strategies
A customised management dashboard is easy and cheap. Without it you may as well be driving blindfolded. Use technology, develop appropriate Key Performance Indicators (including nonfinancial measures), and measure and monitor these regularly. • Look after your debtors, don’t let your customers use your money to pay for their holiday.
Know your business objectives, report and monitor your financial and non financial KPI’s, be prepared to change what you do to achieve a different outcome, and take care of your cash. Here’s How to Pay for That Holiday None of us likes ringing customers to ask for money but there are now many apps available that will automate the process. These Apps send reminders a couple of days before your customer payments are due, send gentle reminders out on the due date, and automatically send harsher emails where necessary. They are inexpensive (can actually be FREE), give you total control, and most importantly - they work.
ABOUT THE AUTHOR Chris is a Chartered Accountant and a Director of Complete Business Strategies. During his 20 year career Chris has helped hundreds of clients improve their business outcomes and looks forward helping many more.
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