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Beyond Survial-Introduction
Westpac Beyond Survival #1
Business survival in the 21st Century - Seven key areas of failure
by David Dandie - Westpac Bank
Of the thousands of reasons as to why businesses fail there are really only seven key areas and all of these relate to financial management in some way.
Many small business owners pay very little attention to finance. They are often too busy putting out the every day fires in their business to stop and waste valuable time looking at numbers, which quite frankly makes them uncomfortable, they don't know what to look for (because nobody has shown them) and in some cases may tell the story they don't want to know about.
The truth about your business is in the numbers. Attending to finance will not in itself make you successful, but ignoring it will almost certainly cause you to fail. I ask, who hasn't the time to make more money? Who says I wish I saw this disaster coming? and when is it best to turn your business around - before it's too late or after it's too late? You won't become comfortable with numbers if you never look at them, and even though it does not come naturally it is eminent for your survival. Best of all it will allow you to drive your business to obtain the lifestyle you are looking for rather than taking the lifestyle your business is giving you.
Financial Planning
Business is not about financial planning; rather financial planning is a tool that allows you to be the success that you know you can be. Without good financial planning and control, you don't know where your business is or where you are heading. With a good understanding of financial tools you can monitor and understand what is happening in your business and chart a course for success in the future.
Over the next few issues I will be covering the seven reasons as to why businesses fail and the key financial tools required to monitor your financial performance that will make your business more successful and hopefully be one of those that survive the long run.
Please call 1300-769-441; +61 3 9802-5288; email or fax: +61 3 9803-8296
for finance and leasing assistance.
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