The Big “F” of doing business 4

 

In this series I have take a number of ‘F’ words and unpacked some lessons we can all learn from how to do business more effectively and efficiently.

The next set of ‘F’ words are Financially Flippant. Far to many business owners do not know what financial management is or entails. I have seen many business owners living out of the till and treating the businesses money as their own. spending it on personal things, food and fuel and never recording these expenses as such. then when it comes time for reconciliation and financial statements they run around wondering why they struggle with cash flow.

Financially flippant business owners are not able to measure cash flow, manage expenses or risks. They also struggle with growth because there is not a solid base to grow from. Business owners need to become wise in their financial management and measure, manage and reward on all aspects of their business.