Millionaire Business Tips

By Gordon Mackay
Be aware of leaving your finances of your business up to professionals to manage for you. This arrangement is not a good idea unless the professional has business experience, and has owned their own business. You should know on a weekly basis how your business is doing, for example your the cash flow.

Many business owners even large corporations give up all the responsibility, and rely too much upon an their accountant's opinion, even as far as "making business decisions". The qualified professionals duty, in my opinion, is to get your financial and management accounts in order so you can see how your business is doing and are then able to make informed decisions.

In many cases, the owner does not routinely know the specifics of how much money is coming in and how much is going out. That can seriously hamper an owner's ability to manage the situation effectively. There is a statistic that 80% of new businesses fail after 5 years. This is one of the reasons that contribute to this.

The business owner does not have enough knowledge about his line of business so relies on the so-called "experts" to give him guidance plus he pays a lot of money for this guidance. It's amazing how many "experts" are giving advice about business from a theoretical point of view. They have all the degrees and qualifications but they have never opened or run their own business. They make their money selling you their information.

If you want to be a success in business take the following steps:

Invest in yourself - get the knowledge.Make sure you are passionate about the business you want to run., Remember cash-flow is the most important part of your business., Start small and use as little money as possible opening the business., Stay in total control of the business at all times., Keep the risk as low as possible.,

If you are in business already, then manage your business on a week-to-week basis. This requires having the right information and having it in current form. If you are not monitoring your finances on a regular basis it would be a good idea to do so. You might be shocked by what you discover, fortunately you'll be in a position to do something about it immediately, as opposed to being told at the end of the year by your accountant.