An extract from the book ‘Stress proof your business and your life’ written for the clients of Keen Dicey Grover by Steve Pipe and Elisabeth Wilson.
“ Have you ever done something and then found that out afterwards that you could have got a much better deal, price or result if you had done it differently? Its always a risk, isn’t it? When what’s at stake is small, this kind of risk is annoying, but you can probably live with it. But when there’s a lot at stake, really large amounts of money, for instance, the risk of messing things up can be really stressful.
When it comes to the financial side of business and life, the key to eliminating those kinds of risks and stresses is, of course, to make sure you talk to your accountant before you rush into anything. By talking to them in a good time they may be able to help you to:
Save time or money
Get a better solution
Avoid the risks and pitfalls
Enjoy the most favourable tax treatment
Or in some way get a better result
On the other hand, if you only talk to them after the event it will probably be too late.
So as soon as any of the things on the list below become relevant to you, or you even start to consider them, you should talk to your accountant immediately: and certainly well before you take any decisions or actions. In each case the list also suggests where to start your discussions with them:
Unhappy with your sales and / or profits? – Talk to your accountant about how to make the most of your profit drivers and your price point.
Unhappy with your cash flow? – Remember the importance of non-repayable sources of money and talk to your accountant about how to structure your payments efficiently.
Unhappy with your business and / or personal tax bills? – Remember to ask your accountant about the best form of tax structure and planning that is suited to you.
Don’t’ feel you have your finger on the pulse? – Get your accountant’s help in finding the 20% of customers, products and markets that generate 80% of your results, also in bench marking your business against your industry and setting targets and analysing your variances against them. The will also help on identifying your Key Success Drivers and produce a one page plan to map the trends. With all these insights you will be able to create an improvement action plan.
Want to make better decisions and get better results? – Ask your accountant to meet with you on a regular basis to discuss your one page plan, bring a fresh pair of eyes to your decision making process, and make you accountable for your action plan so that everything gets done and things get better.”
For many businesses the Accountants’ role is so much more than annual reporting and tax compliance. By working closely with the business owner they become a valued, trusted business solution partner.
Here at Keen Dicey Grover, due to our close working relationship with our clients, we make it our business to know their businesses. We can therefore ensure that financial information is created in a way that is suitable to their business and industry. This helps us to conduct relevant reviews of the business and its performance and take our time to understand the owner’s needs in order to support them and their business.
With over 40 years of experience, we work hard to provide visibility, eliminate the unknown and ensure our clients feel confident and informed about the status and future of their businesses.
Keen Dicey Grover
We care…….we really care.