As a specialist financial advisor to marketing agencies and professional firms I've recently come across two instances of companies losing business because of their public financial information. In one case after the company had won the pitch....and you know how much time, effort and money goes into that.. only to have the client's procurement department reject the company.
Owners of marketing agencies and professional firms are of course usually very careful with how their brands are perceived externally - especially by clients and the competition.
But when it comes to the annual accounts, their impact on the brand's image doesn't even get considered. In the cases I have seen recently, the costs were heavy in terms of the pitch and the lost business. Bankers and key suppliers also look to public financial information when deciding whether to do business with you.
Here are a six tips:
- Obtain credit reference reports on your own business and if there are errors get them corrected.
- Review your financial forecasts a couple of months ahead of the year end and identify what you should be fixing.
- Fix before the year end as it will be too late afterwards.
- Don't just let your auditors decide what the numbers should be.
- Talk through your objectives for the numbers with your accountants.
- Get the right balance between tax planning and financial presentation.
As a first step, why not pick the phone up and call John or email him and arrange to meet up.
John's website is: http://www.nomizon.co.uk
His credentials: http://www.linkedin.com/in/johntoppin