When you have your own business, the most important thing you need to be aware of – no matter whether you are a sole practitioner or run a company – is what your financial situation is on a daily basis.

If you know what you owe, what is owed to you and what is in your bank account, you are in control.

When you are in control, you can manage and organise and re-organise your finances whatever the situation.

If you are short of money, you will know how hard you need to chase, how much you need to get in and what you have to generate in order to make up the difference.

If you don’t have daily control of your finances, they will soon begin to control you.

This will lead to cash flow problems followed by sleepless nights followed by all kinds of loss.

Whatever you want to do in business (realistically) is usually possible if you watch the flow of money going in and out.

Of course you have to get many other things right.

But one thing is sure.  It doesn’t matter what else you get right, if you don’t get your finances right, you won’t have a business.