1. Cash Flow Forecasting
The lifeblood of any business is its cashflow. It is critical that you understand how much you currently have, what's coming in and what's going out. Don't think that this is an exact science, one that is going to give you absolute certainty about your bank balance in 6 months time, but by predicting peaks and troughs in your cash flow you can make business decisions with confidence.
2. Understand Your Why
Why are you doing what you are doing? Understanding your why gives you purpose. Purpose gives you motivation and empowerment. It is easy to get caught up in the day-to-day of the business and soon enough you forget the reasons you started the business in the first place.
3. Set Goals and Monitor Your Progress
It is important that you set goals for yourself and monitor your progress towards them to keep you accountable. Everybody has something they want to achieve, and sometimes this can be scary or intimidating but write it down, plan how you are going to achieve it, believe in yourself and try your best to make it a reality.
Give yourself time to reflect on what has happened in your business and what is currently happening. Taking a step back to review and learn as this can give you more momentum moving forward and fast track your business towards success.
5. Have a Good Relationship With Your Accountant
It is important that you have a trusting relationship with your accountant, and feel that you can call on them whenever you need support. Your accountant should be proactive and be in contact with you on a regular basis (not just at tax time!). They should have a genuine interest in your business and be motivated in helping you achieve your goals!
If you would like to discuss your business with us, please do not hesitate to get in touch, we are here to help!