Surviving the Recession : Be prepared.
As a business owner, the current slowdown in the economy is the best time for you to sharpen your saw, put your house in order, and step up the marketing.
Managing the cashflow is one of the main concerns of all businesses, especially so for small and medium enterprises (SMEs). As the economy gets tougher, businesses need to be more efficient in managing their resources - money, people & time.
Knowing your numbers - your break-even sales , your fixed costs, your receivables, your payables, your stock level, your bank balance - will go a long way to help you plan your next move in the business.
And you cannot rely on the old-fashioned way - manual or using Excel spreadsheet to churn you those numbers fast enough. Most of us do not know enough of Excel spreadsheets to be able to produce reports that an accounting software can.
If you are one of those who's guilty of putting the receipts and bills in a shoebox for compilation at the end of the year, it's time you recognise that management tools like MYOB software are built to help you run your operations in a smarter, better and more efficient way.
Only by knowing your real financial health or state of your business, in real time, can you hope to grow and ultimately make more money.
Investing in tools like MYOB Accounting software is exchanging money for time.
And as a business owner, you should be aware of your real cost.
Adopting a management tool cost (lots of) money; while relying on the excel spreadsheets is 'free'. However, remember that every time you request a staff member to prepare a report that could otherwise be printed without any further effort, you are actually expending precious resources (time) which could be use for more productive tasks.
Quotable quotes
If you think education is expensive, try ignorance.
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