The answer to that is it must always be relative to the value you receive as a result of the business advice provided.
You should be able to equate the value any product or service you use to a financial benefit to your business.
Like any other investment decision you should expect a multiple return on every dollar spent.
If you are advertising and there are no new customers or sales as a result stop the exercise and find a better way.
Often when we review clients business financial we find the amount spent annually on accounting and business advice is more or less non existent. That is there just enough to address the compliance and record keeping requirements and nothing more.
At the same time we find the business owner are paid poorly for their endeavors or worse there are trading losses.
Now all of this is avoidable with good business advice, a proper financial plan and budgets and regular monthly reviews.
When a business ceases to trade and goes into liquidation the creditors will agree to appoint a liquidator. The cost of this exercise can be as much as $50k which rapidly diminishes the outcome for everyone – creditors, staff, owner.
Again this situation is avoidable at a very modest cost by comparison.
If you are experiencing any trading difficulties you most act fast and seek advice.
For every day that you leave your call to action the cost escalates rapidly.
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