If your business has a December year-end you are not too far from half-way through your financial year. How is it going?
You might be beating your budget or falling behind, but it is highly unlikely that you are exactly on budget and also unlikely that your budget for 2012 is now an accurate gauge of business performance.
There is little to be gained from comparing actual performance against an out of date benchmark. Perhaps it is time for a reforecast?
If someone offered to buy your business how would you value it? One exercise you would hopefully do is to ask “how much profit will your business make if you keep it?” You might be surprised (and much better off!) at the answer.
Management accounts are essential for every business. Quite simply, you need to know how you are performing and you need to know what to change or to do more of in order to perform better.
If your business can improve profitability the rewards include more money in the bank and a higher value for your business as well as greater peace of mind and the feeling of a job well done. Lower profits than you think you should be earning will lead to the opposite outcomes and a lot less fun. So, what can you do to improve your profitability? Continue Reading
Change accountants, banks, mobile phones – somehow it always seems easier to stay where you are than to make a change, even if you’re not getting the service or the value for money you expect.
But, when it comes to your accountant, this inertia could really hurt you and your business and, as Liz Garrigan, Director of TPG Design, explains in the video – breaking up is not so very hard to do!
The media feeding frenzy over the Budget is beginning to die down and I thought it might be useful to look at a small number of commentaries on it from a business perspective. Continue Reading
Running two bank accounts is an incredibly powerful discipline for a business to adopt because it puts such a focus on making the business make money.
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