Do your Financial Health Check.
What does it mean to do your Financial Health Check and what should you be looking at?
Check and review your financial information.
Review your bank statements, review your profit & loss, review your debts, review your current debtors and general situation
When looking at your financial statements, you need to focus on some simple KPIs and well as financial ratios.
This can include, liquidity and solvency ratios.
You should also be reviewing your debt situation and if you can consolidate or reduce your debt. Maybe you could find a better rate by looking around.
You need to keep your finger on the pulse so you can move fast.
As part of the financial review, I would suggest that you are doing your reviews weekly.
Remember, reviewing your business shoud be a part of the process of running the business.
Don’t leave it till it get all to hard.
