“MONEY IS… A TOOL. IT WILL TAKE YOU WHEREVER YOU WISH,
BUT IT WILL NOT REPLACE YOU AS THE DRIVER.” – AYN RAND
Having money in the bank is one thing but making sure it’s working as hard as you do, is quite another. By reviewing the economic health of your business, you can ensure you’re getting the most out of the money you’ve made. Using tools and expert knowledge to analyse your financial situation you will be able to make wise financial decisions and have increased access to finance when needed. This in turn will make your venture more attractive to investors, suppliers and customers alike.
There are some top-line areas to focus on when assessing the financial health of a business, here are some to consider:
• Accountancy Analysis – do a deep-dive into your finances, go through your balance sheet, income statement and cash flow statement in detail.
• Financial Ratio Analysis – using ratios is a great way to assess the health of your business. Your accountant will be able to help with this.
• Credit Reports – knowledge is power when it comes to money, knowing your business’ credit score will help you take control of your finances and make steps to improve your rating.
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