In this series we’re discussing seven keys to successful business startups. The sixth key is to know the condition of your business.
The owner of a chain of retail stores hired my consulting practice years ago to help their struggling business. This was a $5 million a year operation, yet, when I asked for financial information, they had no answers.
They had fired their bookkeeper and allowed bills to pile up in an office. The owner had also ignored IRS notices, eventually resulting in the IRS closing their business.
Proverbs 27:23 says, “Be sure you know the condition of your flocks, give careful attention to your herds.”
If you desire your startup business to succeed, you need to invest in a competent bookkeeper and monitor your financial condition frequently.
