15th March, 2021
Business consultant Amy Chen offers advice for those of us who didn’t get into the game to become bookkeepers or accountants.
“Owning a business means you get the joy of calling the shots, but you also have one of the greatest challenges faced by entrepreneurs: juggling responsibilities that fall outside your key strengths,” writes business consultant Amy Chen in her recent article for SmartCompany.
In it, Chen perfectly summarises the challenge that many business owners are all too familiar with: coming to grips with financials (particularly when you don’t have a head for numbers).
The problem exists because understanding cashflow is absolutely critical to your business success, but the reality is not everyone has a natural feel for it.
“And if it’s numbers that cause you confusion or give you a headache, ignoring it can be fatal. ASIC insolvency statistics show the top reason small businesses fail is lack of cash and financial control,” writes Chen.
“With only 58 percent of small businesses surviving more than three years, the odds are stacked against you if you’re trying to wing it.”
The article, which you can view here, approaches the topic in a pragmatic, no-nonsense style that’s accessible for any business owner, covering off key points including why a basic level of financial literacy is essential, how to attain it, and also how to begin planning your cash needs today.
“Cash is the lifeblood of your business, and it will dry up and die if you can’t pay your bills.”
Do you want to switch gear from ‘survive’ to ‘thrive’ in 2021. Start by reading the full article from Amy Chen on the SmartCompany website before booking your place in our FREE webcast ‘How to get your business financials sorted this year’, hosted in partnership with SmartCompany and commencing live at 2pm, Wednesday 24 March.