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Xero trifecta, financial management, small business, Xero

The Xero Trifecta explained PT. 2: Get Control

It’s the question at the heart of every other business question. What’s the secret to a truly successful business. And though there are plenty of tips and hacks out there on the journey of success, it all starts with taking control of your business.

Did you know that 4 in 10 UK small businesses don’t last the first 5 years? Business control can be easily lost, but in some cases, it was never gained in the first place. And the crucial part about it is that gaining control of your business doesn’t just change your business – it can change your life. It can mean happiness and protection for you and your family. It can mean a lot less daily worry. And it’s all about getting a good grip on your finances.

Your business may look successful on the outside, but you’re still not sleeping

The benefits to proper financial management are twofold. If you’re in a position where you want to grow, but you are stuck doing things like chasing invoices (and wondering how on earth that’s going to be possible), business intelligence is a must.

And if you’re in a position where you’re experiencing rapid growth, you want to be able to foresee and prevent a cash flow problem before it has a chance to pop up unexpected and uninvited.

But we weren’t taught financial management…

By no means is feeling out of control in your business something only you are feeling. Most of us (unless we left school and trained to be an accountant) didn’t have a hell of a lot of training on how to manage our personal finances in order to make intelligent decisions, which is why it can be so overwhelming when you’re running a business doing what you love, yet expected to know how to make forecasts and projections and write data-driven business plans.

We find that many Business Owners are looking at accounts that are old, and aren’t giving them a handle on how their business is performing now.

That’s why control is one of the key elements in our Xero trifecta. Xero does the foundation work of giving you instant access to all that data you need, but on top of that, you need insight.

You don’t just want a page full of numbers, you want to be the know-it-all of your business position. You need a translator who can:

  • Tell you the truths the numbers are telling about where your business is at right now
  • Help you to set goals, and continue to measure your business’ performance
  • Be able to see cash flow problems before they arise

It’s a no brainer in our eyes, and if you’re serious about transforming your business’ numbers, then you can see how the Xero trifecta could benefit you by visiting our website.

Or better still, click the links below to read up on the other areas of the trifecta and what benefits they bring!

What could you get done if you had 3 more hours a day to spend on your business?

I know cash is king, but how do I get it paid faster?