There’s no point having a client contract which either doesn’t make money or doesn’t pay you in good time. This doesn’t just apply to potential new business deals; it applies across your entire client base.
It's vital to have good bookkeeping taking place day-in, day-out using bespoke software and using the results to grow your profits and your businesses.
Many businesses will focus on sales as the key driver for success, but anyone can make a sale if the price is low enough. Profitable sales are more important than any sales.
The technology doesn't change the essentials and there is a real danger that businesses can get so caught up in the "how", the graphs and the apps that they forget the real point of why they want the numbers in the first place.
Cloud accounting software is often sold as being everything you need, easy to use, do it yourself etc. Well so is a Delia Smith cookery book - and you really don't want to see my attempt at a soufflé!
Make sure your accountant knows what they're doing because the best golfers don't have to use the latest clubs, but they do need to know how to play golf
Overwhelmed by accounting apps? Conquer your FoMO (fear of missing out) because by no means are they all useful.
If ten of us in the audience got together to work this problem through we'd all get to a better place pretty quickly and have a good grasp of what works and what goes wrong when you deal with this topic in practice.
If you take care of the "proof of profit" cycle then you will consistently make the profits you should.