Is your business staying financially viable in the long-term or are you sugar-coating underlying problems in your business with short-lived successes?
First, what are short-lived business successes? They may have different meanings depending on who is involved. Short-lived business success may refer to a new business project, a completed goal, or maybe it is just the feeling of triumph over adversity.
You might be feeling good having implemented a new project or overcoming a big issue. But problems with cashflow, creditors and debtors and other issues beyond the metrics prevail and won't go away, stopping you from maximising your business' potential. If this situation is familiar to you, then your short-lived successes may be sabotaging your business viability by sugar-coating underlying problems.
Like a house, your business needs more than just a nicely painted wall. All aspects need to be solid from the foundations up. It has to survive a competitive market and be ready for change and challenges.
To be sure your business is in good shape, first take an honest look at your business and learn, learn and learn more about it. Regularly conduct a business health check with the help of someone you trust like a Chartered Accountant. Follow the three R's to thoroughly evaluate your business. Read more…