Building your business has been hard, but right now it all seems to be working. You have dozens of clients and a history of good service and strong reviews. It may seem like it will be all smooth sailing from here, but this is almost certainly not the case. As the Covid-19 pandemic proved, a crisis can come out of nowhere and take a successful company to the very edge of bankruptcy or even close it down. Pandemics are fortunately rare, but company closing crises are sadly not. Not all crises are as obvious as product defects, large accidents or a PR disaster. As former senior partner of McKinsey & Company, Doug Yakola says, “sometimes managers underestimated how critical their situation was - or they were looking at the wrong data.” Whatever crisis may befall your company, here are 6 things you can do to get out of it.

The legacy you would leave behind, if today turned out to be your last day, is detailed in your current estate plan and your will (“Last Will and Testament”) - quite possibly the most important document you will ever sign, because it is the only way to ensure those you care about are protected and properly looked after once you are gone. If you are also a small business owner, you will need to include your business in this crucially important planning. We share six key steps to take without delay to ensure your loved ones, partners and employees are taken care of and the business can survive after your passing, leaving a legacy that truly reflects your life’s work and intent.

Informed business decision-making - from effective daily financial management to strategic future planning - requires specific, timely information that allows business owners to understand where the business stands financially at a certain time, what is happening over a period, and where action is required to improve financial performance. This information can be found in a number of common financial reports. When regularly reviewed by small business owners and corporate companies alike, these reports provide a finger on the pulse of an organisation’s financial performance and enable owners and managers to make informed business decisions quickly. In this article, we find out what insights these reports reveal, and which five reports business owners should review regularly