Almost every business owner at some point has a moment of doubt. It might be that their cash flow has dried up; they’ve worked every weekend for months on end and just can’t go on in the same vein forever; or after a while in business, it’s just not going according to the plan they had in their heads when they started up.

There could be thousands more reasons behind a moment of doubt.

What matters though, is not that you’re having that moment of doubt – it’s what you do from that point on.

Some people choose to ignore that moment of doubt and keep stumbling blindly in what they hope is a forward direction. Unfortunately that rarely works. We’ve all heard it said, that to keep doing what you’ve always done and hope for a different outcome is the definition of insanity.

Instead the best things you can do for yourself and your business are to take a step back, get a moment of sleep (especially if you’ve been working long hours lately) and seek some help.

That help might come from;

  • A mentor – to give you a reality check on what you’ve really be able to achieve
  • A counsellor – especially if that doubt is more of a personal nature or it recurs frequently
  • A reputable business coach – to get that ‘plan’ out of your head and onto paper – where you can actually start doing what you need to do, to get to where you’d like to be or
  • A business advisor like an accountant – who can help you unravel the numbers around cash flow, profit and forecasting especially if you’ve been ‘crazy busy’ and need to hire someone else.

Over the years, we’ve talked to quite a few business owners who were facing their own moments of doubt. Many weren’t sure why they were so busy, yet had so little profit or why their cash flow had dried up or if they could afford to hire that next staff member, branch out, etc.

The answer to those and so many other business questions lies in your numbers.

But, in order to find the truth about your business, you need two things;

  1. To be able to read your numbers and understand what they’re telling you
  2. A complete, tidy and up to date set of accounts

So many business owners start up and then continue on in business without either. That really is a recipe for disaster.

We’ve written before on why it’s important to keep your eye on your business’ details. If your business finances are untidy, chances are so is your tax position. Not only is that a big red flag for the ATO, it can also mean your financial position is precarious too.

And although it might ‘feel’ better not to know in the short term, if your financial position really is precarious you really do need to know to be able to take the actions necessary to minimise any fall out and keep your business (and yourself) on the best possible course.

Might it be a little scary – well, yes it can. But the right advisor will guide you through your business truth seeking process in as gentle a way as possible. Only once you have the facts, can you make informed decisions that will work best for you.

The best suggestion we can make is that you seek whichever kind of help applies to you, sooner rather than later. Of course, if we can help you find what you need to know about your business or provide you with some objective business or tax advice, You can call Kerry on 6023 1700drop us a note or connect with Kerry via LinkedIn.

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