Independent financial adviser Mark Ireland has warned that PC retailers who don’t plan ahead face serious risks to their businesses.
Ireland told PCR: “Unfortunately, some business owners put their heads in the sand when it comes to looking after their finances.
“We shouldn’t leave our personal or business finances to chance – those that do will be less profitable, pay more tax and maybe even lose everything in the end.”
Ireland believes that the biggest mistake people make is creating financial plans too late, putting them in a position where they then have to pay over the odds, or take more risks than they should.
When asked what retailers could do to better protect themselves, Ireland recommended: “It’s got to be a balance of pushing forward a business through the delivery, marketing and development of new products and services, whilst also protecting the money the business makes and those that deliver it. It’s easy to lose focus of these objectives, so it’s well worth putting on the monthly agenda.
“My mum used to say, ‘Look after the pennies and the pounds will look after themselves’. My updated version would be: ‘Look after all your money, because no-one else will’.”
For straight-to-the-point financial tips from Ireland, read our full feature over here