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We say this is the ‘video’ of your business, as it tells the story of how operationally efficient your business was in the 12 month accounting period, by showing all the invoices in and out, to show revenue raised and costs incurred.
Your cash flow statement is like your business’s CCTV camera, as it shows you physically what cash has come in and what cash has gone out in that accounting period.
Setting business goals is a great way to accelerate and achieve success but you need to bear two important things in mind when you’re deciding what your goals are: Measurability Quantity
Most businesses use Key Performance Indicators (KPIs) as a measure for gauging business success and meeting their objectives – but while they certainly have their value, to truly measure your goals you need to look forwards, not just backwards.
Defining business goals is a great way to keep you focused and on track to achieve greater success, so I wanted to share a case study to help you understand how the process can work, why Critical Success Factors are essential, and how to measure results.
Setting a goal gives us a target to aim for; it gives us something to focus on and helps to keep us motivated; a natural by-product is enhanced performance. And the benefits don’t just appear when you meet the goal. There’s plenty of evidence to suggest that just by setting one in the first place you have a higher chance of being successful, whether you meet the challenge you set yourself or not – and in my view, that’s because in thinking about what’s required for a target, you’re already putting yourself ahead of people who don’t.
Setting a goal gives us a target to aim for; it gives us something to focus on and helps to keep us motivated; a natural by-product is enhanced performance.
Doing your accounts might not be the most exciting part of your business, but it can really pay to keep an eye on what you claim in tax deductible expenses, to make sure you only pay as much tax as you should and don’t miss out on any legitimate savings. While you may have an internal accounts department or outsourced financial manager helping you to keep on top of your taxes, knowing what you can claim for is pretty essential for any business owner. This awareness will help to ensure that you keep hold of any relevant receipts or invoices –but remember that any expenses claimed must be “wholly and exclusively” for business purposes.
Financial advice for SMEs – 2017 round-up In this last post before Christmas, I thought it might be helpful to take a look back over the posts I’ve published during the course of 2017. I really enjoy my work as a Portfolio Finance Director and sharing my knowledge in order to help businesses improve their money matters is all part of the service – so here are some top picks from this year’s articles. I’ve selected those that have good generic information that most SMEs would find helpful. A little light reading for over the Christmas break to help you prepare for an even more successful New Year!
If one of your business New Year’s resolutions is to improve your financial management, then it’s time to start thinking about exactly how you’re going to achieve it. However well organised or thorough you may be, there’s always room to refine processes for better results – and starting 2018 as you mean to go on could leave you with even more positive outcomes to reflect on this time next year. For many SMEs, the key to improving financial management in their organisation is all about having the right systems and the ability to accurately analyse the figures. Here are my tips for things you could do differently – or better – next year...
