There is an old adage in sport and in business: 'fail to prepare, prepare to fail'.

No self-respecting football team would turn up at the upcoming World Cup in Brazil without having properly prepared.

The manager is not only responsible for picking the best players and formation; he also has to manage the expectations of the press and fans. This is comparable to the way in which a company’s managing director acts. He or she must select the best staff and strategy, whilst managing the expectations of shareholders and funders.

In small businesses, the managing director is more of a player-manager. This presents the problem of spending too much time playing and not enough time managing, in that they are so involved in the day-to-day operations of the business that they rarely perform any of the functions of effective management. This can have negative consequences when planning for the longer-term.

Let’s say you want to sell your company in five years’ time. Things like designing and implementing robust systems and controls now, or preparing detailed and realistic projections, will not only help ensure that the company is more profitable in the short-term, but will also help ensure that the value of the business is not eroded when it comes time to sell.

To continue with the football analogy, if you are currently spending too much time of your valuable time on the pitch then please get in touch with UHY Hacker Young.