To understand where your business is today, plan for where you want it to be tomorrow and work out how to get there, you have to be able to access accurate, up-to-date information. Yet, with more internal and external data resources becoming available all the time, it can be difficult for business owners to know where to focus.
It should go without saying that understanding financial data ought to be the first priority. Unless you have proper oversight and control of your company’s income and expenses, you will not be able to successfully grow your business, control costs, source funding and stay competitive.
Getting to grips with your financial information is not just about keeping your accounts in order or preparing your tax return. While these activities are certainly important, it’s equally important to understand how to draw insights from your financial information and use that to develop your business. A properly implemented finance system — whether in-house or outsourced— should streamline your day-to-day administration, provide up-to-date data to help you see the big picture, tell you who your most valuable customers are, identify trends, assess how you are doing compared to similar businesses in your industry, and so on.
Today, there are plenty of tools available to help with these tasks — from real time accounting and time tracking software to external data sources for credit checks. Yet, while many early-stage businesses are happy to spend money on marketing solutions, they are often less willing to spend even a modest amount each month on accounting. This can be a missed opportunity, not least because it limits their ability to make good decisions for your business.
GroForth client Anita Donoghue, Managing Director of Hair Cafe Salon, found that she was able to make better strategic business decisions once she got to grips with her business finance.
“My goal was to understand the financial aspect of my business to make better financial decisions and to enter Network Dublin’s New Emerging Business Women of the Year. A huge part of the interviewing process with Network Dublin is that you understand your business finances and your business financial strategies. GroForth explained my business accounts and financial issues in a language I could understand and learn from. I’m delighted to say with Groforth’s help I won Business Women of the Year for Network Dublin,” Anita said.
GroForth specialises in helping businesses like Anita’s to understand their key financial indicators so that they can maximise their efficiency and control costs. To find out more about our services and how we can help your business, get in touch now.