Why You Need to Review Your Cashflow Statement
Cash flowing through your business is like blood flowing through your body. Quite simply, without it you die!
We have all heard the stories and probably observed first hand the business(es) that had booming sales and a seemingly bright future but somehow still managed to fail. While we understand there are many reasons for these failures a common thread linking most business failures is Cashflow. Well, actually I would say the common thread is inattention to Cashflow to be more precise.
In the second article in our Business Matters series we show a simple example of how this is easy to do and even easier to avoid. It is simply unforgiveable that business owners do not report on their cash on a regular and timely basis. There is absolutely no reason why every business owner should not be reviewing their Cashflow Statement (and projections) every month.
CLICK HERE to read the full article with a Simple Example and Solution.
Here are some interesting statistics we could not fit into our article but show the year 5 rate of industry successes and failures*
The chart shows the businesses operating after four years and those industries with the greatest survival rates.
Below we can see that after 5 years some industries come out on top but some are just very difficult to get going.
Interestingly enough the industries with the worst 4 and 5 year success are those we actually have specific expertise in helping succeed. If you are in the difficult industries and are struggling with your business why not give us a call on (07) 54391600. It will cost nothing but may make all the difference in your personal success rate.
For more information or to have a chat about how we can help you make your business more profitable give us a call on (07) 5439 1600 or CLICK HERE to make an appointment with our specialist team.