In Bstar's 2017/18 SME Research Report, profit and cash flow concerns were not among the top three concerns of Australian business owners (they were #5 and #3 respectively).
Business Planning was the number one concern, followed by protecting business and family assets (#2) and stress and lifestyle (#3).
You and we both know that you need to plan; to position your business to meet current challenges such as increased competition, advances in technology and changing customer behaviour.
Business planning increases the confidence levels of business owners, but worryingly only 20% actually have a plan.
If anyone BUT a qualified builder constructed a home and omitted key components, the value of the whole property suffers. Similarly, those who try to build a business on their own can often forget crucial elements so performance inevitably suffers, frustration sets in and quality of life quickly gets out of kilter.
Eventually, when they attempt to sell their business, the buyer points out its shortcomings and sale price drops well below expectations.
If you're building a business, you need to have solid foundations in place to maximise opportunities to achieve future growth.
As experienced Business Advisers and Accountants we believe the best starting point is conducting a strategic risk analysis, to discover what is really worrying our business owners and finding the root cause of any profit and cash flow problems. Then we prepare a risk improvement plan with you, supported by our sounding board services such as:
It's not too late to get your business in order in 2018, and February is prime time after enduring the excitement of Christmas and New Year.
Related reading: Business plan guides Envirostyle startup
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Learn more about our Business Improvement Services for business owners in and around Ballina, Byron Bay and Lismore NSW or call Collins Hume on 02 6686 3000.