If you’ve treated your bookkeeper at arm’s length, it’s time to work with them in partnership. Various financial aids and incentives have been rolled out by the government as well as banks in recent weeks. For many small businesses, these relief packages are lifelines. However, like many small business owners, your days at work have probably grown longer and harder.
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COVID-19 is the biggest threat to small businesses today. Financial assistance from the government provides temporary shelter. But ultimately, survival will depend on the owner’s ability to steer his ship to a safer shore. Keeping a close eye on your books with effective bookkeeping is important. In this post, we share other steps you can take to win in a slowdown.
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It’s common for small business owners to experience difficulty with cash flow. There are always unexpected payments and expenses that are entirely unavoidable, and without relying on credit options, funding these expenses can cripple the business cash flow quickly. Small business budgeting is essential; as small business bookkeepers, we continually stress the importance of active saving and budgeting for every operational business. We share the expenses that surprise most business owners, helping you to better budget for unexpected payments in advance.
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Success can be elusive for small businesses. 1 in 2 small businesses in Australia fails after their 5th year. Given they are the backbone of the economy, this rate of failure creates an uneasy feeling. While some of the problems leading to failure are external, most are internal, for example, poor cash flow management, ineffective sales and marketing or lacking the right talent and skills. In this post, we highlight 4 questions small business owners must have answers to in their effort to taste success.
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