I recently fielded a question from a cash-rich client which nearly knocked me for six. “Garry,” he asked me, “should I consider depositing our spare cash?” No one has asked me about depositing money in the bank for nearly 15 years! Interest rates have been so low, it simply hasn’t been an option. But in …
Continue reading “Interest rates are up. Should you deposit your business’s spare cash?”
Imagine ordering a take-out meal… …And when it arrives, getting upset because the chef didn’t use your preferred recipe, did not call you up to find out how spicy you like your food, and didn’t provide the nutritional information you’d prefer to see for the dish. It wouldn’t make any sense, would it? A take-out …
Continue reading “Why you can’t expect your accountant to be proactive”
A few miles down the road from you, there’s another company very similar to yours. They’re in the same industry, offering a similar product to a similar customer base. There’s just one substantial difference. While your IT is all cutting-edge and up-to-date, they’re still working with computers from 2008. Now, from their point-of-view these machines …
Continue reading “How to get ahead of your competition – by stealth”
In December 1944, Japanese soldier Hiroo Onoda retreated into a jungle on a small island in the Philippine archipelago, to hold off the American and Philippine troops. When the war ended, he noticed a lull in the fighting but didn’t realise the implications. And although he saw several American leaflets announcing the end of the …
Continue reading “VHS accounting vs Netflix accounting – which do you use?”
Have you been following this huge financial scandal? A few months ago, 30-year-old Sam Bankman-Fried was on top of the world. He headed a huge crypto exchange called FTX, which allowed customers to trade regular money for cryptocurrencies like Bitcoin. He also owned Alameda Research, which traded cryptocurrencies. At his peak, FTX was valued at …
I’ve come across a lot of advice on social media recently on how businesses can improve their finances during the economic crisis. One expert recommends that you cut back your overheads and pay down debt. Another has 10 ways to keep your energy bill manageable. A third believes you should create alternate revenue streams… It’s …
Continue reading “Terrible financial advice on social media”
In my last blog, I explained that… “You can’t build an outstanding finance department or hire outstanding people, if you have no idea what ‘outstanding’ looks like.” Because most business owners have never run their own finance department, they can find these roles difficult to recruit for successfully. It’s not just that it’s hard to …
Continue reading “The financial pyramid – where does your company sit?”
How do you create habits that stick? James Clear, author of the classic Atomic Habits, says that most people make a critical mistake. Whether their aim is to eat more healthy food, exercise regularly or save more towards their pension, they spend too much time focusing on their end goal. They believe that reminding themselves of …
Continue reading “2 cost-control systems every company needs in place”
Last week I mentioned I’ve always had an interest in the Tudors. I’ve learned an enormous amount about them… …And I’ve also discovered that some of the things I believed for many years are absolutely untrue! For example, Walter Raleigh didn’t introduce tobacco to the UK in 1586 – a fun fact I had learned …
One of the secrets to Walt Disney’s success? While he came up with grand ideas, his lesser-known brother, Roy Disney, managed the company’s finances and kept the business stable. “If it hadn’t been for my big brother, I swear I’d have been in jail several times for cheques bouncing,” Walt once confessed. “I never knew …
Continue reading “The weird secret to Walt Disney’s success”
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