Pay attention. Investigate every change affecting the financial stability of your business.
Don’t assume anything. Always challenge assumptions. Just because it has run smoothly for the past few years, don’t assume it will always run smoothly. Good customers can hit hard times, and your invoices can slip down a pile of accumulating debts. Diligent employees can lose their concentration, once-dependable suppliers can let you down, and systems can become out-dated.
Regrettably, a couple of well-known Scottish business have failed recently. The businesses traded in different sectors, including construction, retail, and engineering. They varied in way they targeted sales, the scale of customer, and complexity of end-product. All of them looked like established successful businesses to most observers, including the workforce, but that was only an illusion created by the leaders who saw, or should have seen, that the operations were in trouble.
Don’t make assumptions. Take steps. Check. Challenge.
Be sure, be safe.
Get in touch with David Charles to arrange your initial discussion with one of our Chartered Accountants to learn how we could help you design and implement bookkeeping systems to give you accurate data upon which you can build your management information system.
T: 0141 643 9200