As someone who runs a number of businesses, I’m naturally focused on making things happen – hiring staff, securing deals, generating ideas, and delivering for my customers.

Like most entrepreneurs, my passion for making my ideas a reality is what gets me up in the morning. Fussing over numbers – the ‘bean counter’ approach – at first struck me as a bit of a turn-off. Ultimately however, putting solid financial information in place has undoubtedly been the best decision I’ve made for my businesses.

Let me put my story into context: I am very keen on fusing business with social advancement and have developed a number of ventures to this end. In 1999, I launched Oxbridge Applications, an educational consultancy that has so far advised over 50,000 Cambridge and Oxford University applicants. In 2009, I took the next step, launching Bright Network, a careers community for the best and brightest students from all backgrounds.

Whilst these businesses have proven to be successful, the global economic crisis proved to be a ‘light bulb moment’ for me – I really needed to keep up with the financial metrics. Cash flow was becoming challenging as despite strong sales, clients were taking their time to pay. I also confess to not knowing at that point which products were the most profitable overall – services that seemed to be bringing in a lot of cash also were burning through our overheads.

More on Best Business Decisions:

• Kevin Taylor – Providing ‘duvet days’ to increase staff retention
• Eric Collins – Encouraging employee engagement to boost creativity
• Sam Ferguson – Deciding to join a failing business
• David Barker – Diversifying the client base and learning to say no

At this point I went straight to our accountants and together we formulated a plan of action. The introduction of monthly management accounts, including P&L statements, lists of debtors and creditors and a few other items soon paid massive dividends. I now have a much clearer idea of exactly where my businesses are, along with a more rigorous approach to financial metrics that has propelled me towards my latest venture.

I am really optimistic about the future for all of my businesses, but with Bounty Network I know that I have a firm grasp of all financial aspects from day one.

Whilst the intricacies of finance are far from glamorous, getting a grip on your accounts is hugely important – it can be the difference between life and death in business. From start-ups to big businesses, it pays to be meticulous when it comes to financial information – something the Lehmans and Greeces of this world can attest to. Ultimately I would encourage any budding entrepreneurs to know their numbers. Put simply, bean counting makes your business stronger.