Indies warned they must plan ahead financially

Financial advisor cautions small businesses to take care of money issues
Publish date:

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



Ten tips for financial success

Making money isn't just about revenue and margins. Helen French talks to financial adviser Mark Ireland about everything else a business owner should keep in mind when it comes to finance?

7_Keith Warburton PCA 2005.jpg

Financial accord is the key

Last month's Finance Summit, organised by the PCA, saw some 20 representatives from distributors, reseller groups and financial organisations meet with the aim of discovering what actions the IT supply channel might take to help itself in the current financial crisis.


Repairs offer bright future for indie retail

The growth in popularity of technology such as smartphones, consoles, laptops and tablets has provided a much-needed boost to the independent sector as the public look for knowledgeable people to repair their devices. Matt Grainger looks at this sector and talks to the industry about this growing opportunity?