6 warning signs your business is heading for financial stress
Stress takes its toll on the best of us but it can have a negative impact on anything from staff care to a reduced quality of your product. In turn, this can make cashflow struggles even more serious.
1. You always feel like you are firefighting. Not being organised is a surefire way of letting things slip through the net. Checking finances daily in Futrli allows you to keep track of how you’re performing against your targets. Using add-ons can automate long-winded procedures such as logging receipts – simply take a photo on your smartphone and upload it directly to Xero or Intuit.
2. Your best employees head for the hills and you’re sifting through a mountain of CVs. Your most talented creatives, managers and support staff are dropping like flies. You thought you’d made it seem as if things were ticking over nicely, but your employees are clearly more intuitive than that. When your best people go, it’s time to look at why.
3. You’re taking uncalculated risks. Without using real-time comparisons of data you really don’t know exactly where you stand. Risk-taking becomes dangerous: imagine employing new staff to increase sales, but they don’t make any, can you afford to gamble on this? Playing with what-if scenarios allows you to make decisions when you’ve adequately explored your options.
4. Out of sight, out of mind. Time is of the essence in the working week. While you’re busy managing staff, winning contracts and generating more business, what is your team doing? Are they hitting their targets? Are they working on the right objectives? How is the team environment?
5. Lack of communication. Communication is key. You and your managers are working towards the same goal, which needs to be remembered from both sides. Futrli allows you to add an unlimited amount of team members and employs granular permission settings so you can control what data is shared – don’t worry, we’re not advising you share visibility of your bank account with your team.
6. You’ve stopped laughing. It’s not always fun and games but the reason you started (and subsequently nurtured) your business is because you enjoyed it, right? If the worry of day-to-day proceedings has overtaken your zest for achievement and success, it might be time to look inwards at things as a whole and see how you can improve things. Once you do, it’s likely your cash flow will pick up too.
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