The start of 2023 is, fittingly, all about new beginnings for me.
After 35 years in the same house, Thelma and I are moving to Gloucestershire. We’ve always fancied slightly more rural surroundings, which will be slower and calmer than our Essex life – although we will be returning to Essex frequently for the business and family. And our daughter lives near there too, although we keep on telling her that’s not the reason!
We’ve spent the past few weeks clearing out our old house, throwing out decades’ worth of accumulated “stuff.” There are several items we’ve found which we haven’t even glanced at in 20 years…
But there’s something even more exciting on the horizon. We’re expecting our first grandchild any minute now. Thelma has been knitting booties and my son and his wife have turned a bedroom into a nursery. They seem exceptionally well prepared, although I’m still struggling with the idea that my baby is having a baby…!
In short, it’s out with the old and in with the new in the Mumford household.
It’s a good rule for your business, too. You need to be ruthless about getting rid of things that don’t serve you any longer, even if you’re attached. Every business has elements which have long since outlived their usefulness.
In the financial realm, which is the most important area, this might include an accounting platform that is now old-fashioned…
Systems and processes which are time-intensive and clunky…
Or even a team member who might have been brilliant when your business was smaller, but whose skills are no longer up to the job.
For example, many years ago we were involved with a distressed business, which had a process involving 21 separate steps every time they wanted to raise a sales invoice. It was all they knew – but it was seriously inefficient.
Giving up some of these elements can feel difficult because familiarity breeds a sense of control.
But as you can see with the invoice example, that control can be an illusion. And when it slows down and holds your business back, it can even be dangerous.
So this new year, think about the parts of your business which it’s time to move on from, and freshen up – be ruthless!
And if any of those elements involve your financial management, we can help. When you work with our Outsourced Finance Department, we quickly modernise and professionalise the way you run the money side of your business. The tried-and-tested financial processes and systems we install are turnkey, so they’re ready to start working for you on Day 1. Not only will your financial management become more efficient, but you’ll have controls to reduce risk and ensure your finances are always managed to the highest possible standard.
We’ll start using iplicit, a top-of-the-range accounting platform which will significantly simplify every transaction and give you a better understanding of your financial situation than you’ve ever had before.
Finally, our team of financial experts will become your team of financial experts. We’ll take responsibility for your numbers, handling your transactions, pulling together your accounts and filing your taxes smoothly and efficiently.
And we’ll work with you personally to ensure you understand your numbers and make the best possible financial decisions for the future.
If that’s the kind of financial management you’re looking for, let’s talk.
Simply email me at garry@insightassociates.co.uk or call us on 01279 647 447 to arrange a no-obligation conversation. We’ll get right back to you.
Warmly,
Garry
