If you’re running a business you have to keep a focus on the financials.
It’s easy to over-complicate finance but there are three things you should never lose sight of:
Bookkeeping is at the top of the list because without accurate, complete, up-to-date bookkeeping you’ll never have the financial information you need to understand and improve business performance.
But if bookkeeping is in good shape then you can generate the information you need to stay on top of profitability and cashflow. And you can use that information to improve performance.
There’s enough non-financial stuff to deal with when you run a business – sales, marketing, operations, productivity, HR. The financial elements of your business should run well, like a well-oiled machine, supporting all the other parts and warning you well in advance of problems that need to be addressed and solved.
Problems of cashflow and of profitability. Business success and, possibly, business failure.
We’re all for the sensible use of technology across any business but we do see an awful lot of apps out there which are a waste of time and money.
Get your bookkeeping right, make sure you understand the information that’s being produced and act on it to make a difference!
There’s too much else to think about for poor financial management to hold you back.
Michael – @bluedotmichael