Any size of business needs really good financial information to be successful. There are just too many moving parts to control, so you need visibility in every part of your business.
If you ever get shocks, unpleasant surprises, or unexpected news about your finances then you definitely don’t have a good handle on things.
So, what do you need to do to get a grip on things?
Ask yourself – do I have the right staff?
Not having the right people in your business will have a huge impact on your financial results.
If you’ve got people who are either not committed to you, or don’t have the ability or skills you need, every day can feel like wading through treacle.
Is it time to make some hard decisions, or invest in training for your team?
Does it make you happy?
This is so critical, yet all too often people seem to think happiness is something that will happen later ‘when the business is finally working’ as you’d dreamed.
If you don’t enjoy your business, and are not in love with what you’re doing, it’s unlikely that it will ever work.
A lot of hard work is needed to get even the best business consistently making money, so if you hate what you do, it might be time to look for something else.
(Note: I wasn’t enjoying running my business a few years ago until I sat down and worked out ‘why’ I was doing what I do)
Are you doing it just for the money?
There’s a ton of research out there that says if you’re only motivated by the money – especially in a small business – then long-term sustainable success is unlikely.
Most of the businesses we work with are on a mission of some sort – doing something they deeply believe in and have a passion for.
Have you got the right financial mindset?
Do you believe whole-heartedly that you WILL be successful, or do you doubt yourself? Do you have a scarcity or abundance mindset?
We all have a financial blueprint that’s been hard-wired into us through childhood and our experiences since then. Our financial blueprints can hold us back if we believe that we’ll never make money, that we’re ‘rubbish with money’, or we don’t understand it.
See if you can identify what your financial beliefs are – they may be sabotaging your success.
Do your short-term actions line up with your vision?
Having a plan is great, but too many businesses never start taking the small daily actions that you need to make the plan happen.
It’s well researched that everyday actions in the right direction are one of the biggest keys to success.
Are you interested in the numbers?
If you’re not really interested in your own numbers, you can guarantee that no-one else is either. It’s enormously demoralising for a finance person to know you’re not interested in what they do.
And if you’re running the show and don’t care about the money, no one else will.
Are you unapproachable…or scary?
If your finance person needs to tell you something important, do you shoot the messenger?
I worked in a business many years ago where my boss would quite routinely throw hot cups of coffee at me, or kick doors in if he didn’t like what I was saying about cash flow.
We all learned pretty quickly to hide stuff from him, so we didn’t get yelled at or soaked in coffee!
Ok, so you might not be that bad, but unless you’re 100% approachable and interested don’t be surprised if you’re the last to know something important, or don’t get the information you need to make decisions.
Have you got strong financial processes and controls in place?
Having weak financial control can expose you to internal and cyber fraud, theft and a whole host of problems that stem from poor systems and processes.
Moreover, a lack of financial control will leave you exposed to all those areas where your profit is leaking out.
We offer a structured step-by step approach to take any business to where it wants to be financially. Tell us your dreams, we’re ready to help you achieve them.
Book a free 30-minute call with me
If you’re ready to take action and would like to find out more, you can book a free, 30minute call with me. I promise there won’t be any ‘sell’; that’s just not how we operate – just an informal chat to see if I’m the right person to help you.
To book your call, please email Martin at firstname.lastname@example.org and I’ll get back to you within 24 hours.