Ways of avoiding potential failure
There is no room for complacency in business. In order to help you spot any weaknesses before they become too serious and to put you on the right track to preventing financial crisis, please consider whether you carry out the following management practices as a matter of course:
- You have a current written business plan
- You review costs and overheads as well as sales
- You prepare regular management accounts
- You prepare annual projections and cashflow forecasts
- You review actual performance regularly against the projections
- You prepare and use aged debtors and creditor lists
- You and your co-directors meet regularly to formally review progress
- If you are on your own, you set aside time just to understand your financial position
- You know how much you owe and how much you are owed
You should be as honest with yourself as possible about these practices - if some of them make you feel uncomfortable, you should seriously consider seeking professional advice now.
 top
|
 previousnext
|
