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What could go wrong with your business

Murphy’s Law is the law of unintended consequences, or more commonly known as, if it can go wrong, it will go wrong.

An example might be, your internet connection will fail when you are doing something that is really important to you – like running a cloud accounting training session, or paying a supplier via online banking or even during an important Skype meeting. We’ve all been there.

Research has shown this is one law that people perceive to be true, whether it is or not.

So, what are the advantages to you, of being a little bit more prepared for those unintended, but inevitable consequences? Well, having a feeling of control helps keep things on track. And having a plan B for those moments is a good idea. So if you run a training course and your internet fails big time, you may well find the power of your iPhone hotspot coming to the rescue.

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In terms of bookkeeping and accounting, what could go wrong?

Well, you could always miss a deadline if you do it all yourself. You could incur a fine or penalty for missing the deadline, and you could find yourself low on cash, or out of cash if you don’t negotiate a payment plan with HMRC. Just one example. You could think everything in the business is rosy, only to find that in real terms your profits are falling as costs creep up and you can’t raise your own prices, or gain enough new business. Being able to mitigate these risks will be a big help to you.

Once you have all your bookkeeping data in your cloud system – QuickBooks online or Xero – you could use some great low-cost apps to extract that data so you can see the wood for the trees.

Analysis going back as far as records allow can be a real eye opener. This week we’ve been pulling data from QBO and Xero into Fathom. This app allows businesses to see trends, growth, cash usage etc – it gives a really good overview of what’s going on. And when trouble strikes the data is available to help mitigate the impact – or, even better, ¬†you could see it coming.

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The way small businesses are run today has changed dramatically in terms of technology. There’s always a business app on the market to help deal with a problem, and if integrates into your workflow and accounting system – even better. Top Tip – Low cost, monthly paid apps can help you be better prepared for trouble.

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