Are your financial plans working out?

So, you took the time working out a business plan, figured out detailed budgets, and you’ve kept a watchful eye on your finances to ensure they stay on track.

THEN BOOM. Your premises are flooded. Or maybe you break a leg. Or a pandemic takes hold. As if? Bottom line is every now and again plans fall apart and you’re left wondering what to do next.

The time and energy you put into planning will not be wasted as it will provide an excellent place to start now that you need to figure out a new plan. One of the biggest mistakes business owners make is not spending time with their finances on a monthly (at least) basis. If the worst happened today would you have to start to dig around and bring all your data together? Most new business owners can’t answer no to that question.

First things first, get your records in order. Look at your costs and figure out if you’re leaking profit anywhere. Then commit to looking them over weekly. But, for now, you’re here, with your broken leg or your doors closed for shutdown and it’s all you can do not to cry.

So, before the melt down takes you over, it’s time to focus. It’s time to get your house in order and dig in. If you’re struggling to make sense of your accounts, your accountant will help you get straight. Don’t wait, call them the second you think you may have trouble on the horizon. Remember accountants are so much more than bookkeepers, they will spot the gold and the weak spots in your business you need to negotiate your way back to plain sailing.

The golden rule with finance – especially when things take a wrong turn – is communication. The very people you dread (the bank usually) are likely the same people who can help you get through. THE WORST THING YOU CAN DO IS BURY YOUR HEAD IN THE SAND. Talk, talk, talk. Work with your creditors, don’t hide from them.

There is ALWAYS a way.

Take a deep breath, pick up the phone and call us. We can help you sort through the chaos, we can assess your debt burden and figure out if there are options to consolidate or restructure to help you get back on the horse.

When your plans don’t pan out, we’re here for you.