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  • Writer's pictureJeannie Savage

Avoid Business Failure

Avoid Business Failure!

Around 40% of businesses close in their first year of trading, and 80% go bust within five years. This is a shocking business failure statistic. Did you know that up to date accurate numbers are globally recognised as pillar one for the success of any business?

But why? Well, in a nutshell, you need to know how your business is performing. It's that simple. And your bank account alone does not tell you that!

You need your numbers in your pocket. You need to know how much profit you're making. If your numbers are not up to date and accurate, then you are probably running your business on the bank account which is the fast track to failure.

Why is running your business on the bank account the fast track to failure? Goodness, where do I start!

Firstly, I’m going to bet that IF YOU ARE running the Business on the bank account you've got a gut feeling “this girl is right” and in fact rather than give you a lesson in bookkeeping or try and turn you into an accountant, what I'm actually going to say is trust me now and believe me later.

“running your business on the bank account is the fast track to failure”

You don't need to be an electrician to switch on a light. And you don’t need to become a bookkeeper in order to run a successful business. But you do need to employ best practices in order to thrive.

And the number one best practice you can employ to not only survive but also thrive is to invest in up-to-date accurate numbers. This is what we call numbers 101.

In my strategic bookkeeping practice, numbers 101 is the first step in the 5 step system we use to help our clients get cashed up and optimise their profit.

This is our Strategic Bookkeeping Model

Bookkeeping is a cost, Strategic Bookkeeping is an investment. Discover more here.

Smart and successful business owners keep up-to-date accurate numbers. Because there is no successful business I know who doesn't know and use their numbers.

If you are behind on the books, you can read this article and get my top tips on how to get up to date.

Ultimately, you have two choices: done for you or DIY. I've been in this game long enough to know that hiring a professional to help you with this is smarter than trying to do it yourself.. But ultimately it's up to you and the article that I've shared will provide you with information on both options.

Feel like a chat? You can get in touch with us via message or on 1300 553 974.

Alternatively, here’s 2 free resources to help you truly thrive.

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