THE focus of businesses in the two counties must change if they are to avoid the trauma of financial failure.
Eddie Hunt, partner at HLB Kidsons chartered accountants in Hereford, has issued a stark warning to businesses, believing not everyone learnt from the last recession.
"Knowledge of a product, spotting a gap in the market or a different way of providing a service are simply not enough to build solid foundations for the future, said Mr Hunt.
Difficult times
"Many potentially successful businessmen and women are now finding, as the economy slows down, that they are ill-prepared for what could be difficult times ahead."
He said the basic essentials of good business practice often went by the board when companies were starting up.
"All too often I see businesses that ignore the basics of cash-flow forecasting, budgeting, general administration and even bookkeeping," he said.
"The focus of an individual's activity must change fundamentally if they are to succeed in their endeavours and avoid the trauma of financial failure."
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