Save money – Get Advice Early

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Save Money by getting advice early

This week I have heard two stories where business owners have kept going when they should have got advice earlier. Although the sums of money are vastly different, in both cases taking advice earlier could have made a significant difference to the final outcome.

It is not uncommon for people to start a business with high expectations of what the future will hold. They back this hope with their life savings and sometimes more. What is always fascinating, is that after a period of poor trading with no real evidence of a dramatic up turn, many of these businesses continue to plough money into the loss making businesses, which will impact on their options for years to come.

The real pity is that so many of the owners do not need to lose an inheritance or their hard earned savings, if they had sorted out good advice at the start. In too many cases, advice is only sought when the owner has learnt many of the expensive lessons that you only learn when you have your own business or from someone that has seen them before. Sadly, by the time the scale of the problem dawns on many owners, it is often too late and there is no real hope of a solution.

Good business advice that forecasts, monitors and changes the performance of a business may not be cheap. But, I can point to many cases where the business owner could have sat on a beach in the sun and not spent money as quickly as they have in a loss making business.

If you think things are not going as well as you would like, then get advice. It could save you a lot of money!

 

Our experience from advising many businesses can help you to save money in the long run. Call Brian Russell on 01661 872004 or 07957881189.

About the Author

Brian RussellBrian Russell FCA is a Chartered Accountant with over 30 years of experience working with owner managed businesses in North East England. He formed Russell & Co in 2000 to build upon his experience to provide high quality part time financial directorships for smaller companies particularly in Newcastle upon Tyne and Northumberland. Russell & Co is based in Ponteland.View all posts by Brian Russell →