TAKE FINANCIAL CONTROL OF YOUR BUSINESS [FREE WEBINAR]

There are three elements that form the foundation of any successful business. The first is that we produce a high-quality product or service. If what we sell isn’t worth buying, no amount of good ideas, cool strategies, or slick marketing will help us succeed. Sustainable business success is built on delivering real value to the customer. Take Financial Control Of Your Business

The second element is that we have a solid handle on your financials and take financial control of our business. There’s an old saying:

If you aren’t managing cash flow, you won’t be managing much for long!

Great companies with amazing products, brilliant services and loyal customers have been reduced to ruin and forced into bankruptcy by poor financial management. The most spectacular example of this is Lehman Brothers. But it's the stats for small business that bear consideration. According to Dr Philip O'Regan, Dean of Kemmy Business School, half of profitable small businesses go out of business because they run out of cash!

[shareable cite="Dr Philip O'Regan, Kemmy Business School"]Half of profitable small businesses go out of business because they run out of cash![/shareable]

The third element is that change is inevitable. There is no single strategy that will carry our company forever. Kodak is an excellent example of a company that failed to innovate when its management missed tectonic shifts in the industry. UK national treasure Marks & Spencer has been struggling to keep up with changes in the way women dress and shop, and this has been reflected in declining its sales. Whilst there were other reasons why British Home Stores went into administration, a key factor in its decline was a failure to understand and respond to the changing marketplace.  Markets shift, consumer preferences change, new competitors appear, technology advances - and so must we.

Of these three factors, financial management is by far the easiest to control. A lot of business owners think that dealing with the financial aspects of running a business is hard, and something that only an accountant can do. But this is not the case.

I know from my 8 years as a CEO that a good accountant is worth their weight in gold. One of my first actions as a new CEO was to replace the old accountant because he was unable to explain to me, in layman’s terms, what the various financial reports meant. This meant I was unable to prepare budgets, and make important decisions about where we invested our limited resources. Financial management was one of my areas of weakness, but I understood that the fortunes of our company rested on me mastering this area. At the time, we had a large workforce to pay and the running costs of three buildings to find every quarter.

I quickly brought in a new accountant to act as our virtual Finance Director. Once I’d done my due diligence and background checks, the primary reason I appointed John Speed was because he explained everything to me in straightforward terms. I knew that I could ask him any question – no matter how seemingly daft – and he’d answer it with patience and good humour. Over the course of the next 12 months, working together, we were able to turn the financial fortunes of the company around.

[callout]I'm hosting The Cash Flow Roller Coaster: How to Retain Financial Control of Your Business on Thursday, 4th August at 8pm. Registration is free, but these slots will fill up fast.Book your place HERE[/callout]

A key part of financial management is managing cash flow. I write about this in these two articles:

When it comes to taking control of the financials in your business, the very best place to start is by establishing some simple processes for managing cash flow. If you do this, in 3-4 months’ time, you will find your business is in a markedly better place.

Staying on top of your finances doesn’t have to be a difficult or overwhelming process. To help you, I’ve put together a 60 minute Masterclass, The Cash Flow Roller Coaster: How to Retain Financial Control of Your Business.

Here’s what you’ll learn:

  • The three activities that you must do regularly to stay on top of your financial situation;
  • The number one thing business owners do that gets them into trouble;
  • How to foresee potential cash dips - and avoid them;
  • Plus, a step-by-step process for managing your finances in less than 30 minutes a week

I'll be hosting The Cash Flow Roller Coaster: How to Retain Financial Control of Your Business on Thursday, 4th August at 8pm. Registration is free, but these slots will fill up fast.

Make sure you sign up as soon as possible if you want to finally get control of your business finances and get off of that cash flow roller coaster.

[callout]I'm hosting The Cash Flow Roller Coaster: How to Retain Financial Control of Your Business on Thursday, 4th August at 8pm. Registration is free, but these slots will fill up fast.Book your place HERE[/callout]

Join The Conversation

Question: What do you do that helps you to stay in financial control? If you struggle with this area, why is this? I love hearing your feedback so please do post in the comments box below.

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About Denyse Whillier

I'm a business growth specialist with a special interest in social entrepreneurship and helping businesses prepare for Brexit. A former CEO, I took a leap of faith when I left my 25 year corporate career to set up my London based business coaching and consultancy practice. Because of my practical experience in the trenches, hard work, warm, no fluff, down to earth approach, I’ve built a global reputation, and am delighted to have a client list in the UK, US, Canada and Australia.

To find out more about the different ways of working with me, click HERE. If you’re already familiar with my work and would like to discuss how I can help you grow your business, book a 45 minute informal Skype coffee chat using this link. There’s no hard sell. Just solid advice and a straightforward, honest assessment of whether 1:1 business coaching or business consultancy would be a good fit for your business, the results you can expect and how to get started.

I offer a small number of FREE 15 minute power sessions each week where you can get my help. Click here to book. I also host a FREE private Facebook group, Business Champions.