Being financially fit for success when it comes to business is not just about having some money in the bank. It goes way beyond that.
In our opinion, there are 5 core areas, with commitment that will give you everything you need to become financially fit:
1) Mindset & team
Positivity is key to growing a business; and so is ensuring you have the right team around you. If you are constantly thinking negatively, or feeling out of control, this can have a detrimental impact on your ability to take your business forward. It’s important to get the right people on your side, and ensure that you always look forward, learn from mistakes and plan for the future.
2) Visions & goals
Planning is vital to your success; from your overall visions, to your 90 day plan, all the way up to your 5 year plan. If you don’t know where you are heading, how could you possibly arrive at your desired business destination? On top of this, knowing your numbers is crucial. You need to have reliable financial information that allows you to make decisions and give you the tools you need to make the right changes within your business, allowing you to create future goals.
3) Ability to create growth
Do you know where your growth is going to come from? Is it about increasing profit, customer numbers, reducing costs, cross selling to existing customers? When you know exactly how you plan to scale, you can start to put everything in place – financial reporting, marketing, sales and team members. This can only be done when you have a strong handle on how you will fund this; and knowing how to grow and what levers you will pull is critical.
4) What you sell, how and to who
Do you have a clear route to market and what you sell? It’s really important to have a clear understanding on the value that you offer to your market, and what benefits you give to your customers. You also need to have a laser focus on who your customers are, and how you will be engaging with them when it comes to Marketing and Sales. Measuring this activity will also show whether or not you are having the right impact on your customers and to see whether you are using your resources correctly. You don’t want to be spending money on activities that don’t work for your business.
5) Financial control
From profit and loss and cash flow forecast to balance sheets and debtor lists… you must ensure that you are on top of these as they are all critical to your financial decision making and business growth. Being on top of these means looking at each of them weekly, to make sure you have the most up to date view of your business growth. Working with a financial advisor, including your accountant will mean that you will receive the right guidance and support to make sure you are financially fit for success.
Want to find out how financially fit you really are? Then why not complete our Financial Success Assessment, completed with explanations, questionnaire, results & advice. TAKE THE TEST today and make sure your business is financially fit for success.