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Some Financial Advice Pearls of Wisdom - Able Accountants

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financial advice tips able accountantsWhen we help provide financial advice to clients, it’s often good to take a step back and look at some of the fundamentals. These help shape the whole financial direction of where you need to go, and how further detail and advice can be formed.

Whether this is our own network of accountants and advisors helping to interpret accounts and reports, or a regulated Independent Financial Advisor with specialist knowledge, we can help organise and provide as much or as little as needed.

So in the meantime, here are some good basic pearls of wisdom to bear in mind when beginning to prepare your financial strategy and advice:

1. Know Your Resources

You need to begin with what resources you already have that can be used and re-invested in to provide a better return in the future.

In addition to immediate things like cash, assets and stock, and immediate returns, think of longer term ones as well that may pay dividends in the future. A careful investigation of accounts and reports can often help dig these all out.

Also, non-money ones such as your people and staff, abilities and skills, and existing brand and market presence.

This is your starting point to now begin building for the future.

2. Know Your Goals

This may sound straight forward, but knowing just what you’re trying to achieve is paramount. And the more specific the better, for example target income and values, proposed timescale, and degree of involvement of yourself and others.

Once you have this determined, then think about what the next stage is, whether another longer-term strategy will kick in, or an exit-strategy being on stand by.

3. Know the Right Data

In addition to having any old set of accounts, often you need to dig deeper for more and better data to analyse. This will then help see the reality of how the business ticks, and potential areas of investigations and growth.

In addition to further accounting data, this may need to include other forms such as market activity, sales and demographics, and utilising the power of the internet.

4. Know the Right People

It will always boil down to people, whether your customers and clients, your staff and helpers, or your competition. No matter how great things look on paper, if these relationships are not strong and quantifiable then it can be almost worthless, particularly where the business is highly relationship dependant.

5. Know Your Options

It’s good to have some blue-sky thinking out of the box, and see what other options are available. This creativity often comes with the right people then going over the correct data and coming up with the best opportunities.

Being then able to finely tune these, act quickly if needs be, and prepare for any future ones is key to being ahead of the game.

Other Options

Therefore when looking at which way to go with your finances, don’t panic - all situations will have the right answer to help get things back on track.

Before getting in the detail, go through these simple pointers in order to help gain a better understanding of what the reality is, before then seeing the wood for the trees and a clear way forward.

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