If you have the time to study how to prepare your management accounts, how to manage cash flow and how to forecast your business – then also the time to implement it all, and keep everything up to date, and you understand how to read the numbers so you understand what they are tell you – then YES – you absolutely can do it all yourself….you don’t NEED to, but you CAN.
However, if you are not prepared to put in the time to learn, and the time to implement, and keep up to date with your numbers…then you NEED to get some help in this area.
95% of business fail in the first 10 years and for MOST, it’s because they run out of cash…why do they run out of cash?
Because there is no robust cash management system in the business. No system has been put in place to monitor the cash, and no one is keeping a close enough eye on it.
SOMEONE needs to be implementing a robust cash management system in your business, it can be you, or someone else…but ignoring it doesn’t make it go away….ignoring it ultimately makes your business go away….permanently.
Thanks ever so much for taking the time to read my post I truly hope you’ve found it useful and insightful. If you have any questions feel free to contact us!
I am Annette Ferguson, CEO of Annette & Co. Chartered Accountant, Profit First Professional and creator of the Business Wealth Engine. We’re also SUPER social so don’t forget to follow. Here’s to your success!
Reinvesting money in your business is not a bad thing if it is done consciously. Now, what do I mean when I say that it’s