Do you know the score?

Imagine you’re watching your favourite sports team in their chosen sport…..rugby, cricket, football, baseball….. and you turn to the person sitting next to you and ask the score.

“No idea” comes the reply.

Two teams battle it out but you’ve no idea who’s winning. How do you feel? Frustrated at best. How can they play without recording the score?

Now imagine their coaches on the sidelines don’t know the score either. Their job is to improve the team’s performance but unless they know how the team is performing what do they do? Are they losing….send on another striker? Or perhaps they’re winning with 5 minutes to go and need another defender?

If they don’t know the score, the coaches are powerless to act and take the decisions needed to improve the team’s performance.

And yet that is how most small businesses are run…….without knowing the score! Bonkers.

Some will be able to tell you last year’s score. Not helpful. Others will wait until after the season is over (their year end) and ask their accountant the score.

“Sorry, you were relegated didn’t you know? No, of course you didn’t you weren’t keeping score.”

It’s unthinkable for a sports team not to keep score. But is your business really any different? Without keeping score how do you know if you are on course to achieve your goals (pun intended)? How will you know when to take key decisions like increasing your investment in one marketing channel and reducing it in another. How will you know when you need another player to bolster your attack (sales force). How will you know to cut your overheads when a better investment is available?

Is it any wonder that so many small businesses fail?

Unnecessarily.

There is no longer an excuse (if there ever was) for not knowing the score. Powerful, inexpensive accounting software, properly set up, will provide all the meaningful, actionable information you need on a daily, weekly and monthly basis to make better business decisions.

For a complimentary evaluation of your bookkeeping process and a tailored recommendation of the most suitable accounting software for your business book a call with me now at www.calendly.com/noelguilford.

Your opponents are doing. Are you? You never know……you may get promoted!

Noel Guilford, Principal at Guilford Accounting
Noel Guilford is the principal of Guilford Accounting a small business accountancy practice specialising in advising owner-managed businesses on current accounting, finance, and tax matters. You can reach him via email at noel@guilfordaccounting.co.uk or by phone at 01244 660866. He is the author of the 'Figure it out - an entrepreneurs guide to understanding your business numbers' which you can obtain by visiting guilfordaccounting.co.uk.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ His latest book, How to Build a Successful Business' will be published in 2018.

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