We interviewed Colin Stevens, founder and managing director of Better Bathrooms, for this month’s “Business in the Spotlight”. Here’s what we discovered about the business, the man behind the business and his journey as a member of the Entrepreneurs’ Business Academy.

Businesses need cash to be able to pay staff on time, buy supplies, repay debts on time and to pay dividends etc. If you don’t have cash to pay a supplier when the payment is due, you might find you lose the trust of the supplier and the outlet AND they may declare your business insolvent.

In a recession or not, controlling cash is totally critical for business survival. Once they have been recognised, many cash flow problems can be reduced or turned around – many business owners are slow to pinpoint the problem, and then it’s too late.

Measuring the finances of your business is an essential part of managing the business and is a critical element of sound decision-making and future planning. Many business owners delegate the financial matters to other Directors or to their accountants and often cite that they “prefer to look after the sales function or the front line team.”

Sergio Zyman, former VP of Marketing for Coca Cola Corp said that “Marketing is about getting more people, to buy more [of your product or service], more often, for more money”.