End of the recession? Next boom? Or just a bounce… who cares!

As accountants we are quite often asked for our opinion on things such as the future direction of the economy, the stock market, inflation and interest rates. Our advice… who cares!  At least on the face of it.  If you are a business owner you should be focusing on your business and managing your business direction and finances FIRST.  Don’t worry about the economy as a whole because you can’t influence or control it.

Our checklist for our clients to look after their business:

• Sales Pipeline – where are your sales coming from? Get a plan together and review your progress on a regular basis
• Accounts Receivable – Review your Aged Receivables Report daily – who owes you how much?
• Accounts Payable – review your Aged Payables Report daily – keep on top of who you owe money to and when
• Cashflow forecast – From the above reports, review your cashflow forecast – DAILY. Any bottlenecks or shortages?  Address these as early as possible.

As the old adage goes… look after number one. Look after your own business using the above tools in the first instance and then when these items are under control move onto the more strategic issues of your business. KISS – Keep it simple Stupid!