Insight Associates provide outsourced accounting and Finance Director services to ambitious and growing businesses. We work as your only resource or with existing staff to give you complete financial support including monthly management accounts, high level financial advice, robust controls and financial systems, funding and business planning, payroll & compliance, VAT returns and statutory compliance.

Successful business leaders have all the information they need to make good decisions…Do You?

Monday, October 18, 2010

Why are Entreprenuers so hopeless with cash?

An interesting item in this weekends FT from Mike Southon, author of the Beermat Entrepreneur and one of the best business speakers around!

In Mike's words "The main reason for a company failure is their running out of cash, and every financial expert I have met bemoans the entrepreneurs’ reluctance to address the problem earlier in the process, as simple steps could have been taken to avoid later catastrophe" ... this is so true!

Time and time again we get involved with businesses that have a sound underlying proposition, but are facing crisis because they have not managed their cash properly. What is more, it is not just something you do when it is a problem, every business no matter at what stage it is, how big or small, how strong or weak, should always manage it's cash as if it will all run out tomorrow.

Mike goes on to say about why business owners are so bad at cash management ... "This is a combination of the entrepreneurs' over-confidence and their blind faith that something will turn up, like Mr Micawber in David Copperfield. Just as many successful entrepreneurs are dyslexics, many also have a similar blind spot with regard to money".  Yet isn't the main reason why everyone goes into business to make the stuff?

The solution is to have someone constantly focused on it, and accept that the business leader or Entrepreneur is probably never really going to get their head round it. The problem is the best person to do this is often not the "bookkeeper" or an administrator in their spare time. It needs someone who will really take responsibility for it and manage it, not just let it happen!


If you are concerned about the cash in your business (and you should be!), then get in touch and we can send you our Top Tips sheet!

Sunday, October 10, 2010

People say the nicest things!

We recently asked our marketing partners, The Outsourced Marketing Department, to conduct some research on our marketplace and also to seek the views of our clients about the services we provide to them. As ever, research of this nature is really valuable and this was no exception.

You often believe you know and understand what clients think of you especially when you work as closely as we do, but you cannot beat actually asking the question!  The research has given us some very useful insights (excuse the pun!) which will help guide us on how we develop our services and the things which our clients perceive are important.

Another very positive thing to come out of the exercise was the following very pleasing comments:

What our clients say about...trusting us to manage their business’s money

We can safely leave everything to Insight without having to worry. It’s like having in-house financial employees. They make us feel like they’re part of the business.

What our clients say about...our service
 
They are experts in what they offer. Insight show an interest in the business, and therefore know a lot about it. We feel very comfortable with them. We know they understand the business, and can therefore help when we need it.

What our clients say about...their relationship with Insight

We regard our relationship as excellent, and it is paramount that we should get on well.

What our clients say about...value for money

Insight give added value. We probably couldn’t get the same value from another company.

What our clients say about... trusting us to manage their business’s money

We can safely leave everything to Insight without having to worry.
 
 
Please say the nicest things!

Insight Associates, Insight House, Riverside Business Park, Stoney Common Road, Stansted Mountfitchet, Essex, CM24 8PL, UK
Tel: +44 (0)1279 647447 Fax: +44 (0)1279 814512
Insight Associates is a trading name of Financial Catalysts Limited. Registered in England and Wales Number: 5670047. Registered Office as above. Disclaimer | Cookies