You have cash in the bank, great! Then suddenly you wonder ‘where did all the cash go?’
It’s vital that you carry out a monthly or quarterly review without fail! Taking into consideration what you learned in that time or any changes and applying them to your long-term strategy.
This can help you identify any oversights or issues that are negatively impacting the financial health of your business and, armed with this information, change your plan to resolve the issue or improve outcomes. So, take a step back and revisit the basics.
Is the current strategy working?
Are your business goals and objectives – revenue, profitability, growth – realistic?
Has the market or customer needs changed? If so, what new opportunities exist?
Every business needs a positive cash flow to stay afloat. Not surprisingly, poor cash flow is often cited as one of the top reasons for business failure. Always be reviewing your cashflow forecast, assess where the money is coming in and going out of the business, plan ahead.
Are you on top of your cash flow?
Contact #Accountancy4You for no obligation further advice.
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