Your accountant’s expertise and intimate knowledge of your business means they are well positioned to advise you on how your business is tracking. So, are you on track? Ask your accountant these 5 critical questions to find out:
1. How is my business really doing?
Ask this question to get a better perspective on the overall financial health of your business. Ask your accountant to talk you through the financial data. Are you maximizing your cash flow? Where are the opportunities to make more money? Are there any problems you weren’t aware of (or were avoiding)? How can they best be resolved?
2. What should my growth strategy be?
Your accountant can help you understand the true cost vs benefit of your expenses and advise you on opportunities to grow that may not have otherwise been visible to you at the coal face. Tip – check out these 5 ways to grow your small business.
3. What can I eliminate?
The sooner you can identify opportunities to eliminate redundant practices and processes, the better off you and your small business will be. Your accountant can also help you plan to replace assets likely to become a liability, maximizing profits and capping losses. Consider these 5 tasks to outsource in 2017.
4. Am I on track to meet my goals for this financial year?
Every entrepreneur knows the importance of setting clear goals. Your accountant is best placed to help monitor your progress and update you on whether you’re on the right track or not. Ask for regular feedback and advice against your goals.
5. What more can I do to improve my business?
Being a small business owner doesn’t mean you have it all figured out. Sometimes a fresh pair of eyes are required to point out missing links and opportunities. Your accountant can provide you with insights and help you reach new ideas to take your business to the next level. These 10 tips for small business success offer you more ideas on how to drive business success.