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Never Be Embarrassed By Mistakes! Learn From Them And Move On
It’s great to celebrate business success but some businesses will finish the financial year with lower than expected results. While disappointing, it’s also an ideal time to reflect on what went wrong and how you can turn your results around.
Too often we see business owners unable to achieve the results they want because they fail to prepare:
- A budget – This identifies the expenses and sales you expect throughout the year
- KPIs for yourself and your team (if you have one) – To ensure you are working productively, efficiently and with focus
- A cashflow statement – This provides the information you need to predict whether you will have sufficient funds to meet expenses as they fall due
The “too hard basket”
These 3 vital tools to business success are often put in the “too hard basket” by many business owners. But it’s something they regret when the financial year doesn’t turn out the way they expected.
Is it time you learned from past mistakes?