Growing a successful business often requires a steady mix of disciplines. From skill and determination to sales and marketing, you need to wear many hats as an entrepreneur.
But perhaps the most important when pursuing growth is your ability to be organised. And we don’t just mean remembering to send the odd invoice or running payroll on time – although those are important.
No, we mean being organised throughout every facet of your business. And perhaps none more so than the financial management side of things. If you are able to stay on top of your finances and get your accounts done early, it will, in fact, help your business grow.
Here’s why:
It will save you time
When it comes to running and growing a business, time is scarce. So we imagine this particular reason will be music to the ears of every stressed out business owner: getting your accounts done early will save you time. Lots of it.
And with that saved time, you’ll have the opportunity to turn your attention back to the parts of your business that you enjoy. You’ll have room to breathe as you plot a path towards growth and prosperity, identifying new customers, suppliers, and markets along the way.
The business owners who leave things late tend to be reactive, as opposed to proactive. They’re often scrambling towards a tax deadline, panicking as they rummage through drawers looking for receipts and purchase orders. Their noses are pressed too close to the puzzle, and they’re never more than an unexpected expense away from a crisis.
But the organised, proactive entrepreneurs? They see the whole picture. Working with their accountants, they have the information they require to make big decisions, and the time in which to make them.
It will save you money
And who doesn’t want to save money?
Getting your accounts done early will open your eyes to a whole host of money saving opportunities. From tax planning to budgeting and forecasting, you’ll be working from a position of strength if you have the right information in front of you.
For example, with an understanding of the current tax position, you can work with your accountant to mitigate business and personal tax liabilities. Of course, this will only be a viable option if you are organised well in advance of looming tax deadlines.
Likewise, when it comes to budgeting, it’s vital that you use only the most accurate and up-to-date financial information available. This will give you an opportunity to identify savings and forecast cash flow in line with your growth aspirations. If you leave getting your accounts done late, next year’s budget may need to be amended at considerable cost and effort, and if you’ve taken decisions based on inaccurate financial information, it could have disastrous consequences.
And remember, time is money
When you’ve saved time and saved money, you’ll have more time in which to invest said money. This is vital to facilitating growth, as, without these two resources, you’re essentially standing still.
Getting your accounts done early is a major part of putting yourself in the best position possible to grow your business. While some entrepreneurs have succeeded over the years going off of a gut feel and possessing an uncanny ability to be in the right place at the right time, many more achieve success through careful planning and execution.
When you give yourself the time to think and plan – and you find ways to save money that can be reinvested into your business – you’ll find yourself on the right track for growth and prosperity.
Need a Proactive Accountant? Let’s Talk
We’ve been in business for over 130 years. In that time we’ve opened no fewer than 12 offices across the UK. So, we like to think we know a thing or two about growing a business.
We can help you become more organised and more focused on growth, saving you time and money in the process.
Simply fill out our contact form, or call us on 01228 534371 to get started.
