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Video : Downturn Tip Two – Invest In Your Finances
In this video, Phil Walker gives you his second tip on approaching downturn.
Tip number two, invest in your finances. That could mean a whole range of things. Investing your time, investing skill, investing in your skills, investing in the processes, investing in the toolkits.
But history would tell us that those businesses who spend the time getting to know their numbers, who have the strongest finance disciplines. As businesses go into downturns, they fare the best on the other side, they survive and they aren’t as deeply hit by the impacts of recessions, but they also have the processes in place in order to take advantage, as I was saying a moment ago, take advantage of the inevitable growth that comes out of the other side of a recession, this situation will not last forever, it’s hard to say exactly how long. Obviously, the bank have a much more educated macroeconomics than I.
But, whether it’s twelve, fifteen, eighteen, twenty-four months. It will end. There will be growth again in the future. The economy will not be the same, but you need to be positioned to take advantage of that. So yes, investing in your finances, investing your time, invest in your familiarity with your numbers, investing in your personal finance skillset or the resources within your organisation who are financially skilled.
You know, there are so many options these days. Businesses like Mettryx who can provide scalable support to an organisation who’s perhaps not able to hire permanent staff in that sense, but you can bring other skills and advisors into the your organisation in order to help you understand your picture and some of the impacts that your decision is going to have.
A colleague of mine, Ciaran, he’s got a fantastic website, ownyournumbers.com, you know, they can take a business owner through a series of questions and give them a score about how giving them a sense of how familiar they are, how in control of their numbers.
I’m sure Ciaran wouldn’t mind me saying it’s a fantastic assessment to go through, if you’re really honest with yourself, answer those questions honestly, you’ll leave it with a sense. Even if you do nothing with the score itself, you’ll leave the question with a sense of how in control of your organisation’s finances you really are.
So, yes, tip two, invest, invest in your finances now. Whatever that means for you and your business.
Phil co-founded Mettryx following a 16 year finance career “in-house” across a range of industries, in order to provide senior, on-demand, finance services into SME organisations. His expertise range across fractional FD/CFO duties; FP&A consultancy; strategic finance projects support; international expansion; ERP/EPM implementations.
Video: Downturn Tip Two – Invest In Your Finances
In this video, Phil Walker gives you his second tip on approaching downturn.
Tip number two, invest in your finances. That could mean a whole range of things. Investing your time, investing skill, investing in your skills, investing in the processes, investing in the toolkits.
But history would tell us that those businesses who spend the time getting to know their numbers, who have the strongest finance disciplines. As businesses go into downturns, they fare the best on the other side, they survive and they aren’t as deeply hit by the impacts of recessions, but they also have the processes in place in order to take advantage, as I was saying a moment ago, take advantage of the inevitable growth that comes out of the other side of a recession, this situation will not last forever, it’s hard to say exactly how long. Obviously, the bank have a much more educated macroeconomics than I.
But, whether it’s twelve, fifteen, eighteen, twenty-four months. It will end. There will be growth again in the future. The economy will not be the same, but you need to be positioned to take advantage of that. So yes, investing in your finances, investing your time, invest in your familiarity with your numbers, investing in your personal finance skillset or the resources within your organisation who are financially skilled.
You know, there are so many options these days. Businesses like Mettryx who can provide scalable support to an organisation who’s perhaps not able to hire permanent staff in that sense, but you can bring other skills and advisors into the your organisation in order to help you understand your picture and some of the impacts that your decision is going to have.
A colleague of mine, Ciaran, he’s got a fantastic website, ownyournumbers.com, you know, they can take a business owner through a series of questions and give them a score about how giving them a sense of how familiar they are, how in control of their numbers.
I’m sure Ciaran wouldn’t mind me saying it’s a fantastic assessment to go through, if you’re really honest with yourself, answer those questions honestly, you’ll leave it with a sense. Even if you do nothing with the score itself, you’ll leave the question with a sense of how in control of your organisation’s finances you really are.
So, yes, tip two, invest, invest in your finances now. Whatever that means for you and your business.
Phil co-founded Mettryx following a 16 year finance career “in-house” across a range of industries, in order to provide senior, on-demand, finance services into SME organisations. His expertise range across fractional FD/CFO duties; FP&A consultancy; strategic finance projects support; international expansion; ERP/EPM implementations.
