Did you know that more than 87% of small business failures are because they do not understand the money side of their business? That is a scary statistic isn’t it. And one that should not be taken lightly! This statistic is the basis of my ‘Missing Link Syndrome’. Most business owners do not have a financial or accounting background and many the numbers side of their business makes their head spin. Does that sound like you? If so, I have some bad news for you….
You need to understand key numbers in your business and that the missing link in your business is you!
You most likely have a bookkeeper and an accountant, but what about all the in-between information that is really important for you to understand. You are the only person that can get the information in order to gain an insight into your business’ performance. You know your business better than anyone else; but you also need to know your numbers better than anyone else if you do not want to end up in that 87%. I am not talking about knowing all your numbers, just the key numbers directly related to communicating how your business is really performing.
How?
You could enlist help from your bookkeeper to provide information; you could choose to go over this with your accountant regularly, or you could partner with other people in the market that can really help you. Confident Cashflows was designed to fill this missing link for business owner providing products and services to help businesses fill the ‘missing link’.
If you need advice on which questions to ask to get the right information, check out either of my articles “How to choose a good bookkeeper‘ or ‘Why doesn’t my accountant give me more information on how my business is really performing’.
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