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We are on the countdown to Christmas and it’s crunch time for many small businesses.
In an article by James Dunn, ‘Backbone of economy showing its strength’ in the Financial Review, he raised the importance of small businesses and their impact on the economy.
He wrote, “It is a constant refrain, that small business is the backbone of the economy: and the latest statistics bear it out. According to the Minister for Small Business and Asthe sistant Treasurer, Kelly O’Dwyer, small businesses have never been more important to Australia: the more than 2 million small businesses employ more than 4.5 million Australians – almost 40 per cent of the total labour force, and half of the private-sector workforce – and contribute more than $340 billion to our economy every year..”
Yet the odds seem against small business succeeding according to stats released by ABS & AISC:
There seems to be a disconnect between the amount of entrepreneurial Australians taking the plunge to become a business owner, and actually being equipped with the skills to properly managed the financial challenges of growing and running a successful and lasting small business.
I have built my whole accounting business around helping SMEs stay in business when the going gets rough.
Having come up against my own struggles in the 9 years I’ve built my business, I want to give the strategies I developed to grow my business to the small business community at large.
There are three key areas of business finances where businesses come unstuck as they start to increase their profits and growth which can ultimately lead to having to close their doors if not managed in time.
When it comes to cash flow not knowing these red flags end up costing business owners money and sometimes their business if they don’t find us in time.
Knowing these brings money back into your business and sets you aside from your average Joe Blow business owner into a fair dinkum guy, to someone who’s actually serious about your business.
Here are my three tips in short:
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