Mar 26 2024 9 mins
Indicators of Financial Issues – Belk on Business – Episode 187
There are indicators that reflect when there is a financial issue with the business.
1) Inability to pay bills on time – this will hurt the reputation or brand of the business. A business needs to keep good relationships with its vendors, partners and team members.
2) Ignoring the budget or not making the proper revisions on the budget
3) Not having any savings for emergencies or growth
4) Debt/liabilities increasing due to inability to maintain operating expenses
5) Owner shifting to draws or paying employees as contractors to reduce payroll tax exposure
6) Focusing only on profit = failure to invest in culture and impact to fulfill purpose
Subscribe on these platforms:
Apple Podcast: https://apple.co/2Zp6hgj
Spotify: https://lnkd.in/gcWDnFZ
Stitcher: https://bit.ly/34aRgO2
YouTube: https://youtu.be/sSKn4XFEAAs