Sin number 17 - Asking for help when it is too late.
By Greg Carroll
This one seems pretty obvious but it's amazing how often it happens. There's little point going to your accountant when you have no money in the bank, no money coming in, bills up to your ears that haven't been paid and no immediate way of raising any additional funds. Your accountant isn't going to be able to wave some magical wand to make it all better. The time to have spoken to him or her was probably 6 months ago.
This is why knowing and understanding the performance indicators of your business and having management accounts is so important because it can identify problems early. While you may not be able to solve the problem yourself at least you can go to your accountant or other advisors for help. Plus you have time to fix the problem. The key thing is not to bury your head in the sand and think things will be OK or the problems will go away, because they won't without making changes in your business.
So as soon as you think something is not quite right take action early and don't be afraid to ask for help. If you've surrounded yourself with good advisors they'll do whatever they can to solve the problem.
Thank you for taking the time to participate in the course. I hope some you found some of the thoughts and ideas helpful and can use them in your business. The area of cash flow is such a large one and the course really only skims the surface so if there are areas you would like to discuss contact us by completing the form below.
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