Most SME business owners have little or no financial management skills when it comes to business and as a result they struggle to grow their profit and cash flow.
Research over 20 years covering 25,000 SME's * revealed the largest reasons for business failure was due to:
- Lack of business management experience, skill and ability - 62.3%,
- Inadequate, inaccurate or non-existent books or records - 56.2%.
Not surprisingly, an inability to use or understand financial reports and statements (18.0%) also played a part.
* Alan Williams 1998
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Melanie Cassy, Melanie Cassy & Co.
As a business owner, I really enjoy your Monday Minute. It is a quick and easy read, and a prompt to focus on pertinent aspects of the business, both for ourselves and our clients.
As we move further into the Advisor Role with our clients, we also need to update our own knowledge in this advisory area, as it requires a different skill set.
Also really enjoy the Quote of Week. Some classic words of wisdom. Usually brings a smile to my face as I start the week.
Coral Page, Knox Taxation & Business Advisory
Kerry - that is brilliant. You have brought a big smile to my face, because you are spot on!!!