1. Are Your Business Financials in Line with the Projected Business Plan?
When you started your new business, you no doubt created a business plan, and the chances are, that although you started with good intent, you may have failed to update it ever since. If this is the case you are not alone as many business owners fail to utilise the potential of the business plan going forward.
It is important to recheck your business plan regularly so that you can ascertain if your business is actually on track. If not, then you need to re-think your business goals and to reassess your financial situation and your accountant can help with that - asking an accountant to take an unbiased and financial look at this will help give you the right perspective.
2. How Do You Improve Business Cash-Flow
Limited cash-flow can understandably place great pressure on your business and in fact can cause your business to go under if you are not careful. Cash-flow therefore must be monitored accordingly; otherwise day to day expenses cannot even be covered.
The U.S.S.B.A. suggests that small business owners may wish to discuss the problems of cash-flow with their accountants as this can:
• Reduce overheads and to eliminate or significantly reduce some expenses
• Improve processes for collection so that revenue can be increased.
• Re-think pricing and make changes where necessary.
3. What Are Your Financing Options
It may be nerve-wracking leaving your accounts open to such scrutiny but when your business is performing at peak efficiency; it is probably the best time to call in your accountants for a financial health-check. Your accountancy firm may as well highlight affordable new options that will help you to take your business to the next level.
4. Responsible Debt Handling
On a day to day basis, it is easy to become distracted by the various financial responsibilities while forgetting to monitor any outstanding debts. When meeting with your accountancy services firm, it is a good idea to ask the accountant to review any debt attached to the business. Keep the communication airways open with your accountant and encourage them to create and implement new strategies that may help you to manage the debts much more efficiently.
Once you have done your research and if you decide to employ a local Accountant, rest assured you get dedicated accountants who can polish up your financial processes and enable your business to become much more financially healthy as a result.