Businesses 'need to bear financial targets in mind'

Entrepreneurs should keep both their short and long term financial goals in mind, one business expert claims.

Start-up businesses have been reminded of the need to keep a close eye on their finances and have clear targets in mind.

In an interview with Dynamic Business, Pam Usher, of business coaching firm Action Coach, points out that the reason many new firms fail is that too much time is spent just looking at their bank account balance.

Although taking the time to compare accounts may be important, Ms Usher notes that businesses should first align their goals "to a set of numbers - financial forecasts - and then to their strategies on a daily basis".

Entrepreneurs were also advised of the need to plan for both the short and long term - and it could well be possible that seeking out best business accounts can help them achieve this.

Such guidance comes as tips for saving issued by FCm Solutions in a Daily Telegraph article saw businesses urged to book flights and seek out special discounts on car hire costs in an effort to reduce expenditure on corporate travel.

By Bret Clement