In his weekly business finance post our CFO Greg Taylor says business people need to use experts but also need to arm themselves with some basic finance knowledge. He gives some tips for making that easier for busy business people.
Some of you may be winding down for the year while others may be in the middle of what I hope is a Christmas boom.
If you are having a bit of down time make sure you take time to recharge. You may also want to take some time to think about your business goals and finance needs for the new-year.
As busy business people it is hard to stay up to date with the latest information and ideas for running and financing your business. There is a wealth of information available so the trick is getting to key and reliable information fast and without great cost.
Where can you turn for help? What did we used to do before the Internet? There are many blogs and articles on business finance. The issue with these blogs is that you cannot always verify if the information is correct. Just because it is on the Internet doesn’t mean it is true. However reputable and well known commentators and media outlets have articles online that you can access for free. I have also mentioned before that governments have sites with good business information.
A relatively new site is the Australian Government’s Business Finances which is a subset of the business.gov.au website. It includes free, practical information on managing and seeking finance and was developed in conjunction with business and finance experts.
Your financial institution’s branch manager or business banker can be a good source of free advice too. The business finances website makes the point that while you should make use of these professionals and others such as your accountant, book-keeper, and financial planner, ultimately the financial responsibility for your business lies with you.
Having some of your own knowledge allows you to get the most from the advisors you are paying.
Take control of your financial affairs this coming year. Start by brushing up on your own financial knowledge.
This column also appeared in this week's Newcastle Post.