Glasgow Business . 43
www.glasgowchamberofcommerce.com
FINANCIAL PLANNING THE TIME IS NOW FOR CALCULATIONS
Behind every successful business – whether creative, high-tech or traditional – is someone with a tight grip on the numbers. Follow our financial planning top tips to stay on top of the fundamentals.
business plan is not enough to snag an angel; both sides need to feel they can work together on a personal level. Tere are a number of ways to
meet angels, mostly involving personal contact. Go to networking events and trade shows, talk to your professional advisers and Glasgow Chamber of Commerce. LINC Scotland, the Scotish angel
1. Financial reporting Too many businesses view record keeping and reporting as a chore – a necessary evil that gets in the way of their core activities. Yet without regular review of basic metrics such as profit and loss, sales forecasts and cashflow, it is nearly impossible to know your business or tackle problems before they become serious. 2. Cash is king Even good, profitable businesses fail through lack of cash, so keep a close eye on your position and never underestimate. If you are hit by a tight spell, talk to your suppliers – if you’re reasonable, they may well grant some flexibility. 3. Make smart use of advisers They may be another expense, but professional advisers will often
pay for themselves in money saved. As well as their professional expertise, advisers are often well connected, so make use of their network. 4. Expect the unexpected Over-reliance on the best-case scenario is invariably a recipe for disaster. Take a realistic look at your risks – losing a key client or member of staff, for example – and understand what they would mean for the business. Success isn’t about avoiding risks; it’s about managing them so you can take the odd knock. 5. Don’t hide from your problems If there’s one thing every business should take from the turmoil of the
past five years, it’s that problems rarely blow over or take care of themselves. If the balance sheet isn’t stacking up and you can see a crunch time coming down the road, the time to deal with it is now. Talk to your funders and suppliers, see if you can renegotiate, take a hard look at whether you can streamline and, if all else fails, call in professional help.
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