Resources & NewsFor Better Business Decisions
Did you know there are currently 2.259 million small businesses operating in Australia, accounting for 98 per cent of all business in Australia?
Ask those business owners and many will tell you it’s a family affair – either directly supporting, employing or affecting the lifestyle of family members beyond just the main business owner.
They might just be digits, but numbers offer a wealth of insight into any business. They tell you how you’re going, where you’ve been and also allow you to set goals and plan for the future.
Importantly, unlike words which can be misinterpreted, numbers cannot lie. They are clear, they are obvious and using them should be a foundation for any business.
Numbers are important throughout the life of a business, but perhaps never so critical as when it comes time to sell.
When presenting a business to buyers, numbers tell the story of what your business is, where it has been and where it could potentially go.
There are mountains of research on why we get a fear response to things. The fear response is that empty feeling in your gut, the racing of your heart, palms sweating, and the nervousness. Fear is as basic a human process as breathing and it allows us to escape and avoid threat.
Some of these businesses I have worked with directly in detail and others just in passing, some have been tiny and some have turned over millions, but all too often I have found business owners abdicating responsibility for their numbers and losing touch with what’s happening.
Many business owners think “I’ve done it all there’s nothing for them to do” but in reality, the accountant gets stuck sorting the garbage that comes from the false promise of Do It Yourself Accounting.
It’s no wonder they seem grumpy and unapproachable much of the time.
Whether you are a small business or a multi-million dollar business, your accounting data is the place where you find the pearls of wisdom that improve your decision making and propel you toward your goals.
Unfortunately though, business owners everywhere avoid their numbers
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