Budgeting – Forecasting the Future with Confidence
As we head into April, most businesses are shifting their focus towards preparing budgets for the new financial year.
As we head into April, most businesses are shifting their focus towards preparing budgets for the new financial year.
As small businesses grow, there’s a crucial juncture where sales start to take off, and revenue grows, but profit remains stagnant.
Let’s just say you want to drive across the Sarhara,” says Jim Vass. “The likelihood is that you’re not going to go and buy yourself a Mini Moke to do it in, because it’s just not going to get you there.”
Various experts suggested recently that Australia could be cashless within as little as three years, and while The Reserve Bank has responded by saying it is not likely to happen as quickly as that, the question still remains – is your business ready?
In a busy calendar it can seem impossible to carve out time for planning. But it’s vital for any business, because, as the old saying goes: “Failing to plan, is planning to fail.” January is an ideal time to get set for the year ahead.
Many small and growing businesses feel a distinct ‘Christmas cash crunch’ from December through until February. Here’s what you can do to stay in control of your finances at this time of year.
The finances of your business are the pulse, the beating heart that keeps the entire organisation alive. So it’s vital to do regular checks on your cashflow.
What’s the number one reason a business goes bust? It’s because it’s run out of money. When a car runs out of petrol, the answer’s obvious – surely we just fill it up again? But what if it’s running out of petrol all the time? Then there’s something seriously wrong with the mechanics. And this is draining you of time and money.
At this time of year, people often have time to focus on their finances; but the New Year is a great time of the year to actually look at your wealth.
Paul Rattray explains proactive accounting and how it can help your business grow.