What is the point of working so hard to market your product or service but fail to invoice, collect payment and also record expenses which reduce your tax?
New business owners will pour their money into sales and marketing, product development, smart offices and equipment, but do not see the value in having financial expertise and support.
It is very tempting to start a new business as a “family business” with your spouse “doing the books and administration”. Very few families get this right. When it comes to financial decisions the stronger partner will force their will on their spouse. It is bad for the business and bad for family relationships. It is also very difficult for other staff members.
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- Written by: Pat Pughe-Parry
- Category: Business
My financial discipline of recording every cent earned or spent worked until the mid 1980s when my (now ex/late) husband suddenly resigned from a director's position to start his own business.
Neither of us had a clue about how to start or run a business. Like many ADDers, putting together a business plan was a foreign concept and budgeting for a business was far too complicated.
Cashflow? Money in the bank - spend it! Anything we came up with would have been a giant thumbsuck.
- Details
- Written by: Pat Pughe-Parry
- Category: Business