Is Control an Illusion? Ways to improve control in business…

We like to believe that we are “in control”.  However,

  • You’ve booked your flight but wake up sick and can’t travel, or
  • A car hits you on the pedestrian crossing outside the airport, or
  • You are seated next to a Covid infected person and consequently suffer long Covid, or
  • Your aeroplane crashes!!

We often have little control over what happens in life. But we can control our responses (unless we die in the aeroplane crash!).

In business we gain more control when we have good systems and real time financial data available for decision making.  Knowing our current business situation – how much money we have available, our debtors and creditors, stock and work in progress, and our sales pipeline is important.

Xero has some useful tools to assist SMEs.  The Xero Business tab includes a short term cashflow projection as well as a business snapshot summarising profitability, business efficiency, and other business metrics.

An excellent CRM (client relationship management / document management system) also allows better control – being able to quickly find names and contact details as well as emails, pricing, contracts, proposals, and other business documents is vital.

Business plans and financial forecasts provide structure for business goals.  Regularly reviewing plans and goals helps to focus time and energy, and improves outcomes.

Q2 Ltd helps businesses create financial systems so business owners have real time accurate data available for decision making. Q2 also encourages goal setting – financial, business, and personal.

Being chartered accountants Q2 Ltd are financial and tax experts, but our point of difference is a focus on strategy and planning.

31 March 2022 is fast approaching, which makes this an ideal time to set plans and goals for the financial year ending 31 March 2023.

Contact Q2 Ltd if you would like help setting business or financial goals and strategies, or getting your financial information up to date so you can make better decisions.

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